W e all know people who never go through the January struggle. They always have it figured out despite having been on holiday in December. These people have certain qualities in common if you observe keenly. Well let’s look on how we can become better with money this New Year and habits to avoid.
Quit paying everyone but yourself.
We are quick to pay the landlord once the salary comes in, quick to pay for TV, internet and phone bills. I know the thought going in our minds is paying the bills before we can spend it in other ways. What we should realize is that we are paying others while leaving out the one person who worked for it.
Let’s do a calculation. How much money goes into your rent? Multiply that with 12 months and then get the amount you will have paid your landlord for 5 years or ten. Its possible people live in one place for that long. Include inflation to that amount and it’s crazy how much a stranger will have earned from you.
Stay updated on different avenues you can save in. If you reduce your rent and put in that money in a sacco religiously every month you will be able to take a loan at the end of the year. Depending on how much you put in and how much the sacco gives, usually 3 times your savings you can buy land and start planning for a home using the same sacco.
Plan for future certain expenses.
If you have a child or expecting one, the most certain expense you have is their education. Start saving up for that child’s education before it’s time to go school and it catches you by surprise. If you have a family a certain expense is the holiday in December, look for avenues to start saving for the same. If you know it’s an election year business may be slow so save up for that.
Stop getting caught by surprise by events you were certain would happen and needed financial planning.
Go get the money.
Easy come easy go, so does easy money. Go work for your money, if your main hustle isn’t enough get something you can do after working hours. Stop sleeping in on weekends and put your hustle mode on. Money loves to be chased and when you work hard for it you will use it well.
Loose that broke mentality.
Let 2018 be the year we use less of that phrase. Confession is possession remember, no you are not being honest, you are negative child. We can use better terms to describe moments we are having financial constraints. Sometimes we even say it because everyone is saying it hence it will be believable. “I am not taking uber because I work on a budget and that isn’t on my budget.’’ Instead of the “I am broke explanation.”
This I know I am taking to the bank.
Track your expenses
Take care of your expenses without overspending. I only have one tip here always remember if you pay people more than you pay yourself, it will show clearly in the future. Your debts, your savings and investments today will determine the kind of future you will have.
It is God who gives us the ability to create wealth as David reminds us in the psalms. When we make our coins, let us remember to take back the 10% for our tithes, as He says test Him.
photo credits: Pinterest