When it comes to finance management, it may be a good idea to think about three domains: Spending, Saving and Earning. Depending on your personal circumstances, you may want to look more closely at reviewing your spending habits and making adjustments, or investing heavily in sourcing an additional income. Whatever your situation may be, here are a few tips to improve your personal finances:
1. Stay in control.
Don’t let the money run you. Make sure you have good understanding of where your money comes from and goes to, and be willing to say No to certain things. Set priorities and track your expenses. Ideally, you want your spending schedule aligned with your life goals. If it is not supporting your objectives, then it is time to make a change.
2. Create a budget.
Yearly, monthly, weekly, perhaps even daily – try to stick to your plan. There are always ways to optimise your spending, such as avoiding late charges or taking advantage of seasonal sales, to name a few. Be proactive in planning your shopping needs and try to avoid impulse purchases.
3. Start a side hustle
Discover what ticks your heart, what you are passionate about and happy to do without getting paid. Is it painting, knitting, or writing? Perhaps, you are willing to learn a skill that you can later commercialise? Either way, pick something you love to do, invest a consistent effort outside your work hours and other commitments, and you may soon find that doing what you love while earning has a positive impact on your financial flow.
~Novel Serialisation: Heavens Fire~
4. Get an additional job
If the idea of entrepreneurship, with its risk and unknown income, does not excite you, find a part-time job to attract additional money, such as taxi driver, parcel delivery or shop assistant. At the end of the day, it is all about your preparedness to invest your time and effort in financial exchange.
5. Build up your savings plan
Spending and earning drive your financial health, whereas savings help you balance the two when unforeseen circumstances arrive. Whether you decide to open a savings bank account or invest, an emergency fund strengthens your financial security and develops a good habit of money management.
6. Upskill
As the popular saying goes, you should always be on the search of a job while working. What it means is that even if you are comfortably employed and not looking to change a job any time soon, you should take this opportunity and acquire new skills that add value to your resume. Perhaps, you can complete additional trainings offered by your employer or pursue further education in your field. This will give you more confidence to secure a good job if your circumstances change, and put you in a better position to negotiate a better salary with your current employer.
By Julie Medeiros
BIO:
Julie Medeiros (MMrktg, BEd) is a founder of Miss M Online Classes (www.missmonlineclasses.com) – an educational business project for kids 8+ about marketing, entrepreneurship and financial literacy basics to help children become financially resourceful and develop confidence to monetise their talents and innovative ideas to benefit the future world.
