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7 Strategies the Wealthy Use to Manage Money
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1. Automate Saving/Investing
Benefits of automating your investing and savings:
- More time
- Less stress
Automation will help you:
- Stick to your plan
- Remain consistent
- Not miss any due dates
Consistency is key.
Benefits of automating your investing and savings:
- More time
- Less stress
Automation will help you:
- Stick to your plan
- Remain consistent
- Not miss any due dates
Consistency is key.
2. Don’t Spend Money on Stuff you Don’t Need
This "stuff" typically includes:
- Fancy cars
- Fancy clothing
- Excessive vacations
- Eating out every night
Use that “saved” money for:
- Paying off debt
- Building up your emergency fund
- Investing and saving for retirement
This "stuff" typically includes:
- Fancy cars
- Fancy clothing
- Excessive vacations
- Eating out every night
Use that “saved” money for:
- Paying off debt
- Building up your emergency fund
- Investing and saving for retirement
3. Make Budgeting a Habit
That means:
- Push yourself to budget
- Improve your budgeting practices
- Discover new budgeting techniques
- Consistently track your income and expenses
The hardest part is the first step.
Check out my guide and start today https://themillennialmoneywoman.com/how-to-create-a-budget/
That means:
- Push yourself to budget
- Improve your budgeting practices
- Discover new budgeting techniques
- Consistently track your income and expenses
The hardest part is the first step.
Check out my guide and start today https://themillennialmoneywoman.com/how-to-create-a-budget/
4. Cash Only Budget
That means no:
- Checks
- Debit cards
- Credit cards
Cash only budget benefits:
- Limited spending
- Simple psychological mind trick
- Great method to get out of credit card debt
That means no:
- Checks
- Debit cards
- Credit cards
Cash only budget benefits:
- Limited spending
- Simple psychological mind trick
- Great method to get out of credit card debt
5. Avoid Credit Cards
Trust yourself before you spend yourself.
In other words:
- Trust yourself with credit cards
- Don't get knee-deep in debt
Practice discipline and self-control.
Trust yourself before you spend yourself.
In other words:
- Trust yourself with credit cards
- Don't get knee-deep in debt
Practice discipline and self-control.
6. Divide your Monthly Income Per Day
- Calculate your monthly income
- Break it down into days
- Set a spending cap
The daily spending cap could apply to:
- Entertainment
- Groceries
- Supplies
- Travel
Religiously stick to that spending cap.
- Calculate your monthly income
- Break it down into days
- Set a spending cap
The daily spending cap could apply to:
- Entertainment
- Groceries
- Supplies
- Travel
Religiously stick to that spending cap.
7. Managing Commission Income
The key here is to:
- Aggressively save at the beginning of the year
- Use your lowest-income month as a baseline
- Use that baseline as your spending cap
- Use the extra money to invest
A conservative player can win big in the game of finance.
The key here is to:
- Aggressively save at the beginning of the year
- Use your lowest-income month as a baseline
- Use that baseline as your spending cap
- Use the extra money to invest
A conservative player can win big in the game of finance.
Manage Money Before it Manages you.
It's time to level up.
Follow The MMW today
https://themillennialmoneywoman.com/
It's time to level up.
Follow The MMW today
https://themillennialmoneywoman.com/
