5 Tips on Growing Your Money
In a society where everyone wants to be there own “Boss” often times people forget some major key points. One of them being money doesn’t grow on trees, you have to put the work in and make your money grow by setting yourself up for success with the right tools. Its easier said then done when you have your mind set on a mission to make things happen but, realistically you could ultimately crash and burn if you aren’t focusing on or prepared for some hurdles that lay ahead in the financial department. Millennial's today often jump the gun when it comes to trying to obtain financial success but there are a few tips that can help make or break your journey to financial independence if you take a second to implement them in the appropriate manner.
1. Separate Business From Pleasure
When it comes to your finances being able to separate funds solely for your business and whats for you own personal use will be the determining factor on how you will be able to maintain your lifestyle ahead. Even tho we fancy the ability to be able to go out and splurge on a night on the town to grabs drinks, those drinks can start adding up if its on a frequent basis. Knowing how to separate your money for specific usage will keep you out of the danger zone when you need to purchase that new high tech camera for you VLog or when you need to pay for an assistant to help you get errands done. If you learn to separate money for yourself and your business the things you need for your business and want to engage in will never be a battle for you to pick and choose on. If you don’t have a personal savings account try an app like Digit, Chime, or Clarity Money to help maintain the balance between business and pleasure funds.
2. No New Cars, No New Homes
Society puts pressure on us to feel as tho we need to have certain things by a certain age or point in our life but, think about this if you aren’t financially secure and you have a hard time saving why would you invest into a car that's value will depreciate as soon as you drive it off the lot. Whats the point in buying a home you can barely afford to furnish or that you can handle the upkeep on. Think reasonable, Think “used". As fun it is to brag about that brand new car how about you save money and buy a used car, outright cash, that will ultimately save you money down the line monthly and also it’ll keep you out the poor house from living check to check just to pay off a new car you really cant afford. How about renting a affordable and comfy place to live where you don’t have to worry about the upkeep because you have maintenance available to fix whatever you need not to mention the added amenities that most apartments or condos come with. Think Smart.
3. No IOU’s , Just Pay You
When it comes being a young entrepreneur saving will become your best friend. When you learn to pay yourself and put money away in an Emergency Fund for a rainy day, that time when you get a flat tire on the road will be a breeze to fix. How about that brand new website you want to invest in and update? if you learn to pay yourself and save money aside the things that are unforeseen and the things that are predicted will not hurt you pockets as much because you have money saved and put away only to use for instances that are needed in your current life.
4. Track It
Tracking your spending will be a lifesaver. I know it may not be comfortable to bring to reality how much we really spend in a month or a weeks time but it is beyond necessary to survive in this age. There are so many Apps and tools readily available to us in todays society that can really help keep our feet planted firmly on the ground and keep our head out of the clouds. Knowing what is necessary to scale back on will not only keep us mindful out what we spend money on but, also how we spend money as well. If you know that there is a concert you want to attend and you know that the vendors are typically over priced and drinks are watered down, how about you grab some grub for your place and a bottle of your favorite wine and load up on drinks and food at home before you go it’ll save you a good $40-$60 versus trying to figure out why you went over budget this month. Apps such as Mint, Acorns, and You Need a Budget can help assist with keeping tabs on your lifestyle and purchases.
5. Pay Off Debt
There will come a time when you are in better financial state to purchase a brand new car and buy that home that you can now afford. But you the one thing thats gonna kill your pockets, is the interest rate. Money will not always solve all problems but, being in Good standing with Student Loans, Credits Cards, and Car Loan debt can certainly cut down on a headache to come with unresolved debt. Start by establishing an affordable payment plan with Sally Mae or whoever your student loan is under that way your in good standing as far as your credit report goes. Also eliminate credit card debt by paying your past due balance on time every month at the same time it’ll show you are responsible and that you can handle the credit given to you. You want to keep your credit card limit under debt under 30 %. That means if you have a $500 credit limit you should always have no less than $150 available before your statement period closes and they report to creditors. Only use your card for minor things like groceries, gas, or toiletries, things that are easy to budget in and pay off. Set up a auto-draft for you standard monthly payments on your debt and that will keep you in a good position to help prioritize whats must important.