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Who doesn't desire to earn more money and accumulate wealth? Almost everyone hopes to be rich enough to lead a carefree life.
Sadly, the vision still exists only in people's imaginations for the majority of Canadians.
They keep putting up a brave fight to survive the rising inflation! What a challenging life that must be.
Exciting news for you, things are changeable!
Do you wish to make your life easy? Are you interested in maximizing your income? Do you want to learn magic, so you can safeguard your financial future?
Let’s find out how!
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Manifestation can do wonders to stabilize your mental health by giving you energy to work for your money goals. (Literally!)
Think short-term so that you won’t lose track.
Be realistic yet give yourself a margin to dream about your future.
No cap! It honestly does.
If you don’t have a solid base to walk on, it will be hard to even stay on the right path.
Desperate to buy a product? Give it a 30-day buying timeframe and see if you can resist getting it.
Folks, if you succeed, you don’t need it anymore!
Write your necessary items on a green paper, mid-priority on yellow, and avoidables on the red.
So, whenever an expense comes your way just check it on the papers and choose to spend your money wisely.
After you’ve done writing green, yellow, and red notes go ahead and make money packets for each color.
This can help you give a heads up of what budget you have for the things.
If you’re new to the money management world, you can take the initiative with this step.
It can help you cover or prioritize your unavoidable and avoidable expenses, savings, and emergency fund.
Be frugal but not cheap and see this video to learn some living hacks that guarantees saving money:
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The best money hack is to look for all the freebies you can get to save on every aspect.
Of course, we aren’t implying you go and try finding ways to loot funds from your relatives or people who worked hard for their hard-earned money.
But, what we are trying to say is you have to save where you can!
Every month, 1 in 3 Canadians spends their whole salary. So what will happen to those in the event of an emergency?
You guessed it, it will be difficult for them to get through the storm.
The best tip is to get rid of the cycle and try to save at least something from your every paycheque.
Now that also includes all the money you are making including from any of your part-time jobs.
Bonus: Learn How You Can Earn More Without Putting Much Effort!
Say, you saved $100 this month which you put into your cute little piggy bank. Great, at least you put something to it!
But, if you’re hardly making ends meet, it’s predictable that the $100 you saved last month will be gone for this week’s groceries.
Of course, humans gotta eat. Geez!
However, when you have a separate fund for your savings or emergencies, you’ll have to go an extra mile to take the money out of it.
In fact, experts advise to have a 6-month worth fund that can help you in your bad times. Imagine, if you use up all that you have, how are you going to survive life?
Yep, there’s no shame in using those even if you’re a pro. Needless to say, they might as well act as your budget and savings partner. ;)
Some of them may even save you from paying everything. Yes, they allow splitting household and other bills without the awkward conversation.
These are some of the good options you can use to set your financial journey.
Consider them as a financial guide in your pocket since they can assist with planning, budgeting, and keeping record of your expenses.
Which leads us to our last hack:
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Using a secured credit card can help you build your credit profile and manage all your necessary bills.
But what’s the point of having it, if you don’t evaluate your progress?
Yes, even if you use the top credit building card in Canada, but don’t have a habit of personal financial review, your efforts will be ineffective!
So, it’s evident to study and analyze how you are doing in the money management section to ensure you still can change things for the better.
Let’s watch a video of how you can manage money the expert way:
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Blindly following every money management hack and tip won’t do you any good.
Yes, you read that right.
Sometimes, (okay oftentimes), one has to be witty (in a good way, of course) and smart about their financial planning.
So, here are some money management tips you should absolutely avoid:
1. Nuts With Coupons!
Not every freebie and discount is right for you. If you have to spend $30 to get a $5 discount on your purchase, that’s best to simply ignore.
It also includes those you get online or from your credit card company. You don’t necessarily need to use it just because you have it.
2. Bulk Purchasing!
You might have read this somewhere in a top money saving and budgeting guide:
“Is something on 50% discount? Get it in bulk!”
No! Stop!
You absolutely don’t want to do that. If you don’t need something, stop buying it just because it’s on sale. Literally, that’s the worst money management hack.
Pro-Tip: Make a list of everything you need before going out.
3. Keeping Savings Money At Home!
As we said previously, you’ll be tempted to use everything you have at your home in case of struggling times.
So, you must create a separate account to save your money.
Note: You also can’t keep the money in your daily-usage credit account. It will make it hard to separate what you can use and what not.
4. No Planning For Retirement!
The best time to plan for your retirement is now!
In fact, you should begin considering retirement even if you are in your mid-twenties.
The reason is you can’t get all the funds you need if you start your planning at 32-years-old. Yes, you have to plan early to ensure your happy golden time.
5. Overspending!Now that’s a given.
The worst thing you can do with your money is using it where it’s not needed. You don’t want to do impulse buying which will make you a regretful mess at night.
In fact, Cathay Curtis, a financial advisor, suggests living under the radar if you have to.
It implies that underspending is far better than overspending which can hurt your savings and emergency fund.
6. Emotional Shopping!Something similar to impulse buying and overspending with the only difference of you being sad before spending money. :p
If you are feeling gloomy, you don’t need to empty your account to be bloomy!
Of course, you can treat yourself to a happy meal to set your mood or even buy a new dress to feel beautiful.
But, that’s about it!
Set your spending boundaries for the times you feel emotional or sad so you don’t disturb your budget or financial plan.
Do you believe you are already doing your best with your money handling? Surely, you’ll be proven wrong after reading this guide!
Don’t frown! We have covered all that you need to know to excel in your money handling and financial planning.
So, give this comprehensive study a go and decide for yourself!
Disclaimer: You will get to learn 5 hacks that can help you build your wealth and increase your income.
But, also 6 things you need to avoid to ensure you always have money in your account.