Spending money comes easiest than making it, but it is only right that as we grow we learn habits and make rules about how we spend.
While most people have the perception of letting go of cash as soon as they get it, women in their 20s and 30s should be a lot industrious and sensitive about their cash flow. Here are some rules that you could use as you try to change your cash habits.
- DON’T SPEND BEYOND YOUR EARNING:
You have been told this over and again, always calculate your daily earning, and then divide it by the hours you spend trying to get that lump sum. This would help you figure out if what you are spending on now is urgent and important, or if the cash would be used to get something more valuable. Don’t be pressured into making purchases beyond the accumulation of your earning, because it is the fashion trend.
Most people get this wrong. The goal of an investment is to have a backlog of funds that can be tapped into when least expected. Thus, it is important to realize the risk involved and measure it vis-à-vis the end goal. Make sure to set aside funds for your running-cost before you dive head deep into any form of investment whether be it long term or short term investments. However, always invest both in people, projects and schemes as best as you can. The golden rule is to look good and feel good despite tying down funds.
- EMERGENCY FUNDS:
It speaks no good of you as a woman; when you are stuck on some avoidable situations as people often raise their brows about you. The truth is that get and emergency trust for yourself in case of unforeseen circumstance is not negotiable. You have to create a plan to actively source and an emergency fund for any situation that you could find yourself as it saves you more than just the stress of seeking help, but also the harassment that comes with needing help. Always remember, life is full of surprises, never be caught off guard.
- GET AN INSURANCE PLAN:
Get an insurance back-up for every valuable item that you own, because in the case of any unforeseen circumstances you’re rest assured that you have been saved a lot of recovery cost.
- SAVE FOR YOUR RETIREMENT:
You might think that you have a lot of time on your hands, but the earlier you begin the better and more effective you get at saving for your future. Take this as a principle that you would get to save more as you earn more, giving you the desired life you want when you retire.
- HAVE MULTIPLE STREAMS OF INCOME:
This is the time for you to work more than one job at a time. This gives you an avenue to earn more, and to save more – at least twice as much as you earn. Please n0te that while at this you, you have to pay attention to your mental and physical well-being.
- NO MUMMY AND DADDY BANK:
As you grow older, it becomes important that you begin to make deliberate actions about your financial independence. You have to quit running back to your parents for financial rescue when you are stuck. Therefore, this is the time to get on your toes and own your finances.
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