6 Personal Finance Hacks To Start Now
Having total control over your finances can give you an amazing sense of freedom. It’s a goal for everyone and you don’t need footballer’s salaries to score on that one!
It takes a bit of focus and application for you to be able to achieve this. Here we will share some of the most useful tips that you can start right now to live a better financial life.
Build multiple sources of income
Whether it’s through your business, a side income, or investing, building your financial network can help to secure your financial future. Starting early means you can compound over a longer time period and can take on more risk as you have more time to recover from mistakes (we all make them!)
Grow your savings
Understand your cash inflows and outflows so you can work out how much can be set aside as your savings. It is recommended that you set realistic goals and have a concrete plan to reach your targets. If you’re not yet ready to make investments, at least have your current affairs sorted.
Avoid bad debt
Bad debt is something that leeches money from you over the long-term, including credit card debt or interest for late bill payments. It is also important to note that too much bad debt can impact your credit score and prevent you from borrowing in the future. Avoid at all costs.
Set aside an emergency fund
Your rainy day fund, which could be around 6 months worth of your living expenses, should be one of your priorities. Even just saving 10% of what you get each pay-cycle can eventually get you to that target amount.
Live below your means
Living below your means requires suppressing your desires at a certain point. This is probably the most underrated personal finance skill, but one that actually works.
You may be tempted to show off your peacock feathers to keep up with your peers. However, those who enjoy enduring financial success have a propensity to not care about what others think or what others are doing with their lives.
Dream big, meditate and manifest!
Jack Canfield is a great teacher in wealth creation. He uses the Law of Attraction.
His advice is this: ‘Decide what you want, believe you can have it, believe you deserve it, believe it’s possible for you, and then close your eyes everyday for several minutes and visualise what it is that you really want. Feel the feelings of already having it. Then come out of that and focus on what you’re grateful for already, enjoy it. Go into your day and release it to the Universe trusting that the universe will figure out a way for it to manifest.’
This financial meditation by Abraham Hicks could be a good place to start.
Expert Financial Planning
Once you’ve adopted good money habits and learned how to discern what works and what doesn’t for you, you’ll see that all your efforts are worth it.
If you want to chat more about financial planning or growing your income streams, drop us a message so we can schedule a one-on-one consultation.