Money Tips

On this post, I’ll be sharing a few money tips that we should all have, and they will help you improve your finances!

1.Have an Emergency Fund

Emergency funds are crucial! Slowly start saving towards it. Make a realistic goal of how much you want to have in your emergency fund until the end of the year and start putting money towards it.

2.Have a Side Hustle

Have some sort of extra income every month. You can take surveys, sell services, teach online, sell your creations on Etsy, etc.

3.Have a Budget

Always know where your money is going. Having a budget will help you get control of your finances.

4.Pay Off Debts

If you have any debts, then your priority should be paying them off. Write down a plan of action, and soon you’ll be debt free!

5.Don’t Get into Debt

Don’t get yourself in debt for things you should save and pay in full. For example, cars, clothes, trips, etc. Just know that getting into debts for businesses, education or to buy a house is perfectly normal!

6.Keep Learning

Read all the financial books you can get, listen to podcasts, read blog posts… Just make sure to be constantly learning about money and about the best way to manage it.

These are all the tips I have for you today! I hope this post was useful.

Thank you for reading it, and I’ll see you in my next post.

What you should teach your kids about money

Unfortunately, money management isn’t something we learn in school, and because of that, most of us made a lot of managing mistakes when we reached adulthood. To prevent our future generations from making similar mistakes, we need to make sure they have the right knowledge to make their choices.

Here are 4 things you should teach your children.

1.Budgeting

This is something they should start learning from early on. This will not only help them in the future when dealing with their money, but it will also make them be more organized.

2. Type of Lifestyle

We grow up seeing people buying cars, houses and even lifestyles they can’t afford. This equals to debt! What kids should always have in the back of their minds is that they should only buy what they can afford. We need to show them that living under their means while they’re young, will bring them a better financial future.

3. The Importance of Savings

This goes along with the previous tip. Saving for what want will keep them away from debts. And savings also help when there’s some sort of emergency in our lives.

4. The Right Mindset Towards Money

People usually look at money like it’s a horrible thing. They always complain about paying bills and taxes, this is a quite negative money mindset. We need to teach them that money is an amazing thing that helps live a happy life, and paying bills and taxes is a good thing because it means we’re making money!

There are so many games on Pinterest to start teaching young children about this. It’s definitely something that will change their lives. I hope this post was useful.

Thank you for reading it, and I’ll see you in my next post.

What you should do to stop being broke

This could happen to anyone. Sometimes, things don’t go according to what we previously planned, but it doesn’t mean everything is lost. You can take this as an opportunity to learn and grow new habits.

Here are 6 tips that will help you get out of your reality.

1.Write down all your expenses

Know exactly where you’re spending your money on. Write down every single item that you buy during the month.

2. Divide them

Divide all the items into two categories.

Wants: all the things you are perfectly fine living without.

Needs: all the things you can’t live without.

Also, make sure to figure out how much you spend on each category.

3. Cancel your subscriptions

Cancel all the unnecessary subscriptions, for example, your Netflix subscription or your gym membership. This step will make you have more money on the side.

4. Sell items you no longer need

This is a fast way of making some extra money. I have a post that goes a bit more in debt about this tip.

5 simple ways to make extra money”.

5. Downsize your lifestyle

Try to move to a smaller house so you can pay a lower rent or, move back to your parent’s. Be aware this is only a temporary situation, so don’t be afraid to live with them for a while.

If you’re paying a car debt, you could try to sell it, pay off your debt and get a cheaper one or, instead, you could use public transportation. Again, this is temporary.

6. Get new habits

Start cooking your own meals instead of going out to eat. Clothe shop only when necessary. Quit outside coffee and snacks, bring your own coffee and snacks with you. Make, the start of an emergency fund, a priority.

These are all the tips I have for you. I’d like to highlight the importance of an emergency fund. It’s definitely something, that in case of losing a job or any other unpredictable event, will help you get back on your feet.

Once you move forward from this moment and are finally back on you’re feet, make sure not to stop doing some of the steps on this post. Continue to stay on track of your expenses and don’t live above your means. For example, save money to buy a car instead of getting a loan. This will completely change your reality.

Thank you so much for reading it, I really hope this post helped you and, I’ll see you in my next.

Different types of savings everyone should have!

In all of my budgeting posts, I mention frequently the importance of turning a big portion of your income into savings. This is a habit we should all have because if we hustle and plan ahead when we are young, our future will be more peacefully and we will be able to enjoy every moment with the people we love.

If you’d like to learn how to budget your income then you should read the posts I’ve written about it: How to budget your income, Beginners guide to the “Cash Envelope” system and the Beginners Guide to the “50/30/20” method.

These are the types of savings we should all have.

1.Emergency Fund

This an extremely important saving you should have. It will help you “survive” in a crisis. If, for some reason, you are left without a job or can’t work because of an illness or you might need to assist a family member, then having this money will make things less stressful.

It should be 6 months to a year worth of bills and debt payments, as well as groceries and other needs.

2. Investment

Having money on the side for future investments that will make you more money, is actually a really good strategy for the future. For example, it could be money to invest in a property so you can rent it and make it a source of passive income. It should be something to start thinking once all of the more urgent savings accounts are more secure.

3. Long-term Savings

This type of savings is meant for something that you know you are going to want or need in the next 10 years. It could be, for example, a house, certain debts covered, university funds for your children, etc.

4. Short-term Savings

If you’re planning, in the next 5 years, upgrading to a new or bigger car/house or for example you want to renovate your space, or even a holiday this is exactly the type of savings account you’ll need.

5. Retirement

This is probably the most important one because we know this is inevitable, we are going to retire someday and we’ll need a fund to live off. Since it’s something more down the road it means we have more time to save but it also means that we have an opportunity to save more and make our retirement less stressing and more enjoyable.

So these are the several account savings we should have. I know not everyone has an income that can cover all of this, but what I want to transmit to you is that even a small amount of money towards them, will have a really positive impact on your future.

Check 5 simple ways to make extra money if you’d like to have a few ideas to earn extra money.

Thank you for reading it and I’ll see you in my next post.