Can’t Afford It? Think Again: Money Management For Everyone
Discover How To Live The Live You Want Without Sacrificing Your Finances
It’s an unfortunate truth — not everyone can afford to live comfortably. Everyone from millennials to retirees are often working extra jobs to scrape together money for bills, so we can all relate to the feeling of the never ending tug of war between income and expenses. But let me tell you, it doesn’t have to be this way. I learned this through my own financial hardships, and I’m here to share with you my advice on how to break out of this vicious cycle of never having enough.
The first thing I want to stress is that you need to change your mindset. So often, I hear people doubting their capabilities when it comes to money management. If you tell yourself you can’t do something, then it’s almost a guarantee that you won’t even try. But if you stop and remind yourself that you can make budgeting and money management work, you’ll find yourself suddenly full of motivation! Money management and budgeting aren’t complicated or intimidating if you just take the time to learn and understand it — so go into it with a mind open to learning and don’t give up.
It’s easy to think that money management isn’t worth the effort, particularly if you are living paycheck-to-paycheck and just trying to get by each month. But successfully managing your money can provide so many added benefits such as cutting back on expenses, increasing your overall financial security, and creating the ability for larger investments. Plus, changing the way you think about money can help you to appreciate the things that you have more and free up more money in the long run.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” -Robert Kiyosaki
The next step in successfully managing your money is to take a close look at your expenses. You don’t need to look at every little expenditure, but it’s beneficial to look at where the majority of your money is going. For example, if you find that you are spending a lot of money eating out, you could try investing in meal prepping to save on food costs. Additionally, if you find that streaming services like Netflix take up a lot of your monthly budget, suggest a streaming party with your friends and family to share the cost!
You should also start to question whether certain purchases are absolutely necessary. Ask yourself questions like “Do I really need this?” and “Will this value add to my finances in the long-run?”. It might sound like a trivial task, but it can help to make sure your money is being used as wisely as possible, and that any unnecessary expenses are eliminated or at least cut back.
Another thing to consider is to start diversifying your income streams. Whether it’s though a side hustle, freelance work, or investing, having multiple streams of income can help you build long-term wealth. One of my favorite methods of making money is to start a blog. It might not bring in the big bucks right away, but it’s a great passive income stream and can eventually bring in a steady flow of guaranteed income. Plus, having multiple streams of income can also provide more security should your primary job fail.
What’s more, there are plenty of quick and easy businesses that you can start in your spare time and don’t require much money in the first place. From selling items on eBay to starting your own Etsy shop, there is no limit to where your creativity can take you. Even if you don’t make major profits, these side hustles can generate some extra income in addition to your full time job or give you the financial freedom to quit your job and pursue a career that makes you happy.
With the right money mindset and psychology, managing the money you have can become easier and less of a burden. All too often, people forget about the importance of budgeting and money management — it’s not taught in school, and it’s not exactly something that comes naturally. But once you become aware of how much money you are actually spending each month and how you can use budgeting and money management to increase your savings and create a better financial situation for yourself, it can be a life-changing experience.
I know what it’s like to live paycheck-to-paycheck and to feel overwhelmed by the bills that come in each month. I’ve been there, and so have millions of other people, but I’m here to tell you it doesn’t have to stay that way. The best thing you can do is to be open to learning and experimenting with new ways of managing your money and budgeting — I guarantee that if you take the time to do this, you will come out stronger and better off in the long run.
