You might have noticed several posts about money in the blog lately, right? Well, that’s because I have realized how crucial it would be for us to help you manage your money.
If we intend to have a decentralized monetary system through blockchain and cryptos, we must learn how to deal with money, properly.
Cryptocurrency is opening an entirely new horizon for all of us, where we get to take care of our own money, but how many of us truly understand money? How many of us are ready to be our own banks?
Money management skills must be acquired now, before the expansion of blockchain and cryptos. Wouldn´t you agree?
So here we go, I’ve put together a list of 10 things that should help you manage your money. If you can keep up with this, for now, you will surely be ready for the decentralized future of money!
Let’s do this.
1. Create a Budget
I’m sure you were already expecting this, so, I picked it first to get it over with.
Do you find budgeting an annoying and boring process? To help you deal with it the best way possible, try not to focus on the process itself, but instead focus on the value of budgeting. If you cannot find in yourself the value of it, most likely you will not keep up with it.
Keep in mind, the first step to money management is to find all the great reasons why you are doing it.
2. Keeping the budget you created
Having a budget is useless if you don’t use it, right? Your budget should be accessed as much as possible, that way you can stay in tune with what you’re spending and how much you still have. There are several applications out there to help you budget! Find one that’s best for you.
3. Give yourself limits
You will need to give yourself some limits when it comes to spending off-budget.
Stick to your money management.
A vital part of budgeting is the amount you will have left after you have subtracted all your monthly expenses.
You will have to control yourself when it comes to spending what you have left, especially if it isn’t a lot of money.
Always consider double-checking your purchases, so it doesn’t interfere in you budgeting later.
4. Track ALL spending
Track every single purchase you make. It would be easy to discard your small purchases, but the truth is they add up.
This step will help you recognize where you may be overspending so you can manage your money better.
You can do this by saving all of your receipts. Then, you can organize them according to the category to make it easier for you to see where your money is going, and where you could make sure adjustments.
5. Recurring monthly bills? Don’t do it!
Your income might allow you to get certain loans, however, it does not mean you should accept offers just because it fits your budget.
6. Be on the lookout for the best prices
Make the best out of your money. Compare prices, and do not go around simply buying.
Discounts and coupons are always welcome.
7. Want something expensive? Save for it!
This is not difficult to understand as it is to execute. However, when you delay pleasure (gratification) you are giving yourself the time to see whether or not, you really want it or even need it.
Saving up will always be a better option than putting it in a credit card.
8. Credit cards, blah!
If you are not a controlled spender, you must be careful with credit cards, because they can be your worse enemies, and that’s if they aren’t already. CCs are usually used to buy things you can’t afford, the worse enemy of money management, so guess what? Avoid it.
9. Save, there´s no other way to put it.
Saving is a habit of the rich!
However, I wouldn’t recommend putting your money into a regular savings account. Although you are saving, and that is a good thing, you are also losing purchasing power.
Research to find out what is the best investment for your money. Search for investments to help you make more while it´s invested, but without losing purchasing power.
Hence, do not ask banks for their opinion, they make money out of your money, so they will convince you to put it into savings, don’t do it.
10. Practice helps you get used to it
You cannot just learn to treat your money right; it takes lots of practice until it becomes a habit.
Budgeting, planning, and putting off certain purchases is not easy at first, but eventually, the more you do it, the better off you will be.
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market. However, it is only our point of view and not legal advice. Therefore, it may be divergent from other opinions. So, please do not make any decisions without concluding studies of your own. Evaluate the profit possibilities and uncertainties involved at your own risk.