Those of you following me on Instagram voted for a personal finance article this weekend; so, I’m going through 5 money management tips that have helped me through tough times.
Oh yeah, it’s getting personal.
Let’s get started.
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#1. Aiming to Increase My Income
Whether it was looking for a salary raise, a commission raise, or an increase in clients, aiming to increase my income has always been a career priority for me.
Increasing my income has been one of the most important money management rules I’ve created for myself.
When you increase your income, you increase your ability to increase your savings and be ready when you spot investment opportunities.
#2. Diversifying Income Streams
Another very important one.
Having an additional stream of income has saved my a** during rough patches and setbacks.
Whether it’s creating a side hustle, a side business, or an income generating platform such as a blog or YouTube channel, having an additional stream of income can go a long way.
Especially if your main income is going through a slump.
Building an additional stream of income also raises your household income; who wouldn’t want an additional $1,000 per month, right?
#3. Creating a Money Management Plan
This is a great one, and one most people never start with.
Begin by writing your money goals, literally all of your money goals.
How much money you want to make, how much money you would like to save each month, how much money you can see yourself investing in something else, and so on.
By creating a money management plan, you’re able to zoom out and look at what you need to work at, even if you’re currently in a tight spot.
Sometimes we’re so busy that we forget to just simply stop and set goals that are going to propel us forward.
#4. Learning About Money
When you get serious about your money, you start to look for ways to get your money right.
That’s why you’re here today.
Being involved in the world of money is going to make a huge difference in your life because you will constantly be taking in great money habits from those who have learned the ropes.
While you might not agree with every money guru or entrepreneur or investor, you can always take something from everyone, and use it to mold your own personal money management experience.
#5. Having a Killer Savings Account
Having a killer savings account has saved me from any type of financial setback or unprecedented expenses throughout the year.
The key to building a strong savings account is to first increase your income and then set the additional earnings aside.
The bigger your income, the more funds are made available for you to put away.
Avoid financing new cars or a new home as you increase your income.
These financial decisions will only set you back and limit how much you’re allowed to set aside in case of a rainy day.
These toys should be last on your list until you have a strong foundation and positive trajectory of where your finances are headed.
About Frank Nez
Frank Nez is an American entrepreneur and journalist with a background in startup development, marketing, and branding. He is the author of “Reaching the $10K Mark: How Perseverance Overrides Adversity” and founder of SoCal advertising agency Easy Marketing Concepts.