Having money does not come easy to most people. You work hard, you save, spend, and the race continues. There are ways to build new financial goals and habits while still enjoying your life and saving for your future. Continue reading for some proactive suggestions you can implement in your own life today.
Add cryptocurrency to your portfolio
If you are interested in diversifying your portfolio and have never dipped your toes into the crypto waters, now is the time. As a beginner, it can be stressful to figure out the best path forward with something new, especially when you are putting your hard-earned money out there. That is why subscribing to a blockchain mining specialist such as NGS Crypto is a sound solution. By doing this, you are essentially using their high-powered machines to mine, paying a small fee for the right to use it, and then profiting from the efforts.
Even though cryptocurrency has been around for a while, everything surrounding it can seem very confusing, even overwhelming for many people. At its core, the crypto mining process creates new cryptocurrencies by solving incredibly complex math equations or puzzles. Once this part of the process is complete, the newly formed cryptocurrency receives proper validation on the network of blockchains. Finally, as the miner, you receive the mined cryptocurrency on your personal ledger.
Have a no-spend month
A no-spend month is exactly as it sounds. You select a month, ideally the very next one on the calendar, and you do not spend anything extra beyond your predicted monthly bills. This may be a real eye-opener for you as you may not realise how much money you spend.
If you have pre-planned events such as dinner with friends every Thursday, or ice cream with your little ones after soccer, go ahead and keep those items on your calendar as they are important to everyone, and you do not want to miss out. Purchases such as that new pair of shoes or gym bag you do not need are the expenses that a no-spend month is going to make you more cognizant of.
Look at this video for one woman’s perspective on why she did a no-spend challenge and how she went about it.
Track your expenses
Keeping track of your spending means writing down every single penny you spend. The best way to begin this process is by gathering your paper bills, account numbers, user names, and passwords. Now is the fun part (for some people). You get to create a spreadsheet, download an app, or write everything in a notebook. You need to decide what system will work best for you so you do not set yourself up for failure at the inception.
Once you have your expected bills and income documented, it is time to begin tracking. Whenever you make an online purchase, buy a pack of gum at the shop down the street, or go out to eat with your friends, you need to track what you have spent. You can do this by bringing the receipts home to add later, taking a photo with your smartphone of the amount at the gas pump, or entering the total into an app on your phone right away.
Regardless of the process you choose, the most important thing is that you do it consistently. At the end of each month, review your income and expenditures. This is an easy way to find areas where you can spend less to save more.
Establish your goals
Putting goals in place is not synonymous with elevating your finances on the surface, but it is an integral part of enhancing your relationship with money. When you have an established financial goal, such as paying cash for a new car or paying a percentage in cash for the car, that is something tangible you can take action and work toward.
A good rule of thumb is to save anywhere between 10 and 15 percent of your monthly income. If you are already investing 10 percent for retirement, try putting 5 percent into your savings account. Earmark this account for your goals. As time passes and as you can, use that money for your targeted purchases you should set new goals and continue saving.
Rethink how you spend money on others
Having a lot of people in your life from family to friends is wonderful. Nonetheless, all of these important people and your desire to give them gifts on holidays and birthdays can make a considerable dent in your efforts to maintain a sound budget.
Try a different approach to gift-giving going forward. Some things you can do include the following:
- Talk with your loved ones and suggest drawing names instead of giving everyone in the group a gift.
- Decide not to exchange gifts at all this season. Host a potluck instead to save money.
- Go on a family trip in lieu of presents. This may add up to more than you would spend on someone, but if you plan to travel anyway, you can check two boxes off your list and save money in the end.
- If you have a lot of grandchildren, instead of buying them individual gifts that accumulate quickly, give each one a $20 bill along with a small item they will appreciate.
Being smart with your money is not always linear. Sometimes there are curves and bumps in the road. The important thing is for you to get back on the road to making good decisions with your money throughout your life because there will always be something on which you can spend your money.
You must log in to post a comment.