Managing my finances has always been a tricky subject.
Especially, when I was younger.
I remember landing my first full-time job and blowing my very first paycheck on the same day I got it.
This behavior even continued for months that it eventually turned into a bad habit.
A bad habit that was jeopardizing all my financial plans.
I mean, I just got so used to living that lifestyle that saving money just became too difficult.
It just became too close to impossible that when an emergency came up, I was scraping every penny I could find – trying to make the ends meet.
I tell you, living that kind of lifestyle did not do me any favors.
In fact, it just buried me in so much stress and problems.
And that’s the thing about habits since we just get so used into doing them, we rarely take the time to consider the consequences of our actions.
I learned that the hard way.
When all the consequences of my unnecessary spending started to build up, I had to take a step back and really look at my spending habits from a financial perspective.
That’s when I knew that if I really wanted to achieve all my financial goals or to even be eventually financially free, I had to change my lifestyle.
I needed to start taking better control of managing my finances.
I needed to take charge of my own money.
And after having to quit my job, I started to explore difference financial hacks that’ll help us pay all the bills and still be able to save money even though we were now living on one small income.
And I wanted to share those with you too in the hopes of making your journey towards financial freedom easier.
That’s why today, I have decided to gather 6 Brilliant Financial Hacks to help you achieve your Financial Goals.
Some of these hacks has seriously been a complete lifesaver for us!
So, check them out!
Always Pay Yourself First
I used to blow my paycheck on unnecessary spending.
Buying clothes, eating out with friends.
It was fun.
It made me happy for a while until I realized that if I continued to live that life, I would be broke and live paycheck to paycheck until I’m 65+.
If you want to be able to achieve all your financial goals and dreams, paying yourself first every payday is the best course to take.
Doing this will help you make savings a priority instead of it just being an afterthought.
That’s why, every payday, make it a priority to set aside a portion of the amount that you’re earning for savings.
Doing this does not only take the urge and the temptation to spend, it will also force us to mindfully save and learn to live on what is left.
But don’t forget to reward yourself once in a while.
Paying yourself first doesn’t mean that you are no longer allowed to have fun.
Try setting up a specific amount for entertainment or whatever splurges you fancy.
After all, everyone deserves a treat every now and then.
Set Goals
I was never a good saver.
I just find it too difficult to motivate myself each month to really commit to it.
Setting a goal solves that problem.
Knowing the specifics of the benefits that I will reap for the sacrifices that I’m doing now, gives me a strong purpose and enough motivation to stick to it.
Also, I’ve realized that the reason why we often easily take savings for granted it’s because we don’t really have a purpose for doing it in the first place.
That’s why it’s just so easy for us to set it aside or give up on it because we don’t have a clear concept on what we’ll get out of it.
So, take the time to really sit down and list all your goals.
It doesn’t matter how small or big it is, just write them down.
Trust me, doing this will give you the push that you need to start taking control of your finances.
Plus, that feeling that you’ll get once you’re able to achieve your goals will only leave you more motivated to attack your next goal.
Start building an Emergency Fund
Building an emergency fund is an essential step towards financial security.
I made a huge mistake of taking this step for granted.
I’ve always thought that since I was paying all my bills on time, I was earning, I was doing okay.
But I was wrong.
Though we are not hoping for it, we’ll never know when those emergencies will pop up.
Mine was having to quit my job because of mental health reasons.
Having zero savings and no emergency fund left me in a full-blown crisis mode.
You can only imagine the amount of stress and panic that I was in every day.
So, save yourself from all that stress and start building an emergency fund now.
Start small and just work your way up.
And here are some brilliant tips to help you get started on that journey!
Save whenever you can
Always choose to save rather than spend.
Recognize all your unnecessary spending and start making wise decisions that will benefit you more in the long run.
Take the time to sit down and really look at all your monthly expenses.
Recognize those things that you can cut off or downgrade to save more money.
Just remember that all the sacrifices that you’re willing to do now will help you achieve all your financial goals a whole lot faster.
Don’t be Afraid to Start Investing
Investing sometimes is this huge step that we are often too afraid to take.
And that is completely understandable.
I mean, that is our money and we don’t want to lose it just because of a bad decision.
But a coworker once told me, that you can never be rich by just working.
Investing is one of the key steps to financial independence. Investments are a crucial part of wealth building.
It’s basically how the rich get richer.
And once you start investing, you will then see how important it is to have your money work for you and the benefits it brings that’ll help you achieve financial freedom.
I know that investing can become too overwhelming, so start by talking to your financial advisor to help you get started.
Stay out of Debt (as much as possible)
Burying yourself in debt will never do you any good.
Sometimes it’s just too easy for us to get ourselves into it but then it gets too difficult for us to pull ourselves out of it.
I have been down that road.
And it just seemed like this never-ending spiral.
So, try getting into a habit of only spending what you can afford.
It’s not bad to use our credit cards but we just have to make sure that we are able to pay off the full balance when the due date comes.
We don’t want to waste money on paying those interest rates.
Regardless of what your financial goals are, achieving them is always possible. We just have to recognize the fact that sometimes it’s not easy and we may have to make a few sacrifices every now and then, but all the sacrifices and the choices that we make now will only reward us tenfold in the future.
So, keep that motivation going, focus on your goals, be consistent and of course, don’t give up and you will certainly make it!
What are some of your favorite Financial Tips? Let me know in the comment section below or send me an email, I would love to try them!