Do you want to practice better money management skills? These 7 money management habits will lead you to financial success.
At university, I received a multitude of scholarships and bursaries. I also had a steady, part-time job and other sources of income. I was definitely blessed. However, at the same time, I did not establish proper money management habits.
After university, I was thrust into a world of limited cash. Overdrafts become the new normal. I realized that I had to regularly check my bank account to see my balances.
Are you struggling with money problems? It’s never too late to master money management skills with these 7 easy steps.
1. Save at least 10 percent
Whenever you get paid, take ten percent from your paycheque and put it in your savings account. This will be extremely useful for a rainy day and will give you a sense of being in control of your money management.
2. Pack Lunch
I was notorious for justifying my daily booster juice drinks on campus. The way I saw it, my brain had to be at a 100 percent capacity during times of duress (exams, assignments etc. ). It comes at a price. I would also go to all “healthy” places. Eating outside is expensive. Think about the hundreds of dollars you could save if you make your own healthy lunch and smoothies.
3. Switch the Booze for a Nutri – Bullet
Not everyone is a social drinker but for those who like a glass of wine or two, pub nights over time can cause a financial toll. Instead, invest in a Nutribullet. Not only is the much healthier option, but you will be saving money as well.
4. You don’t need that many clothes
Buy a few good quality timeless pieces and alternate. You can use a white crispy shirt, a good pair of jeans, little black dress and smart looking jacket to make various outfit combinations.
5. Consider Substitutes
You may really like Stila collection from Sephora. However, if you want to save money, the drugstore makeup can make your eyes look just as great at a fraction of the price. I like to do extravagant hairstyles, but I am also learning how to style my own hair. Do you need to see the latest movie in 4DX or can you forgo the movie altogether and enjoy the great outdoors? Always think about the more economic substitutes.
6. Stay Organized
I always had someone do my taxes. However, it’s important to keep track of your expenses and pay cheques/stubs. When tax season comes you won’t be scrambling around trying to find the most “random” receipt. Learning how to do your own taxes is beneficial as well.
7. Budget
Maintaining a budget will help you see what expenses you can reduce. Budgeting will help you stay organized. Who knows, with proper budgeting you can even save enough for a trip!
Any other money management tips? List them below!