We all wish we could save more money and we wish we could make more money too. However, many people are unsure of how to do this and merely accept their place in the world.
As you grow older, you want to be financially stable and ensure that you can pay off debt, save up, and use your money for doing what you want to do.
As a child, you no doubt dreamt of financial independence, but that isn’t so fun when you find yourself scraping and saving every last penny just to make it to the end of the month.
So how can you stay in control of your finances and actually start enjoying your money again?
Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.
The idea of bills is something that you might not have concerned yourself with for a long time. But moving into the real world and becoming independent means that you need to start focusing on regular monthly payments.
If you have an apartment or are renting, keeping an eye on the heat/ac and making sure you turn off lights when you leave a room will have a huge impact on your monthly utility bills.
If you are a home owner, you might have a little bit more flexibility when it comes to choosing the most efficient way to power your home.
When it comes to your energy bills, you might have noticed a trend where people are moving further from the traditional heating systems and adopting something much more modern. This can prove to save you money when you choose to switch electricity and gas operations to something more sustainable.
Going the renewable energy route will not only help save the planet, but your bank account, too!
If you have a talent for anything, anything at all, then you can find ways to start making money from it!
Using your talents to bring in some extra cash on the side is one of the best ways to make a side hustle. Have you ever looked at someone making money doing something they love and thought “Damn, I wish I could do that!” .
Well you can!
The fact is that anyone can sell their skill and it’s something you should take advantage of and can be used to build up a portfolio if you ever feel the call of going full-time with it as a career.
Websites like Fiverr are a great way to showcase your talents and bring in some extra money while still keeping your 9-5.
Or you can simply sell your creations online!
Many people have taken advantage of platforms such as Etsy and Pinterest to get their work and their name out there and build a reputation from there. And using social media to add in some much needed promotion is always a good idea.
Get ready for some harsh truth.
You can’t have everything you want.
There are times when you are going need to make compromises if you ever hope to save money better. This may take time, and it’s hard to get out of the habit, but your wallet will thank you in the long run!
Moving away from treating yourself to take out a couple of times a week, or even every day if you can never bring yourself to prepare lunch, and any other luxury costs can have a massive effect on your financial health. While a couple of dollars here and there doesn’t seem like much, this adds up over the year!
And it’s considered a compromise because these are the sacrifices you have to make. Instead of buying a morning coffee, make a coffee at home. Instead of going to the local cafe every day, plan your meals at the beginning of the week and prepare them on a Sunday, so you feel you have to eat them.
All of those purchases you forced yourself to resist will begin to make sense and you will be rolling in cash that you can spend on something you have always wanted. Instead of living paycheck to paycheck because of your spending habits, now you will have a bit of extra cash on the side to fund what you want to do and not worry about getting into too much trouble.
It can be all too easy to follow the crowd when it comes to working out your finances. But what you need to understand is that everybody’s financial situation is different!
What may work for them may not benefit you the same way.
Making sure that you don’t follow the crowd can work out better for you in the long run. Look at the recent bitcoin craze where everyone and their goldfish was buying, buying, buying, only to see it fluctuate and drop like the experts said it would.
Understanding your needs and going from there before taking others’ advice will also help you to become more independent. There are countless young people who are starting out for the first time on their own but don’t know what to do because their parents controlled their bank accounts in the past.
When it comes to money, knowing is half of the trick, so do your best to get in the know!
Just because you have the money now doesn’t mean that you can splurge it all in a mad blaze of glory.
Having a savings account can help you out during rainy days or unexpected bill payments and will give you a nice little cushion if you need money for repairs or any other unforeseen circumstances.
Plus it will ease any stress of worrying about something going horribly wrong, and allow you to tackle it with confidence.
It can be easy to look at your finances and feel overwhelmed by the amount of debt you owe or the cost of living.
I mean seriously, who doesn’t!
But what a lot of people fail to consider is the act of compartmentalizing their problems into smaller and more manageable sections. The most obvious example of this is through budgeting, where you can work out where the money goes and designate essentials, luxuries, and utilities from there.
However, it isn’t always this easy and some months will be easier than others. While following a basic budgeting plan is essential, you still need to consider other factors that could affect your finances.
Looking at what you love to do, be it buying video games, travelling, or eating out can help you prioritize specific activities and put money aside solely for these. We all have to deal with debt and bills, so they should be high priority. Doing this will chop your money into different chunks and allow you to work with smaller numbers, instead of looking at one large number and worrying too much.
Take Back Control Of Your Finances!
Don’t let your money run the show.
You run the show!
Get in control of what’s going on, be in the know, and build a life that you’re proud.