How to Actually be Good with MoneyMarch 30, 2015
As a career woman, staying good in terms of my finances is something that I am constantly working on. I will have days when I save and days when all I do is spend. I am not perfect and though I have a whole lot of posts talking about money management I still stumble in terms of owning my budget, committing on my financial goals and so on.
The idea of being good with money is a gift. In Christian we have the term called Financial Stewardship that simply explains that God gave us the anointing to take care of the wealth that He had blessed us. He is the one and only source of our prosperity and He gave us the ability to get wealthy. I believe that the topic on financial stewardship deserves its thorough explanation in another blog post or series.
How to be Good with Money in 9 Easy Steps
Step 1. Be aware of your current status.
If you want to be good with money then you need to be aware of your current financial status. Have you undergo a financial net worth yet? If not then maybe this is the right time to do so. Check whether your current status is a positive (you have more assets than your liabilities), negative (you have more liabilities than assets) and/or equals to (you have the same assets and liabilities).
One lesson I learned during the IMG Wealth Academy is the word “DISCIPLINE”. Each one of us should practice discipline in terms of our finances. Imagine if you spend 30pesos daily for a coke in can then that means you spend 900pesos a month just for the coke. Now if you stop drinking the coke and instead save and invest 900pesos on an investing vehicle that will give you higher interest than normal savings account then you don’t just save yourself from being sick (diabetes) but you will also save for your future. Discipline gives you the possibility to really create a bigger opportunity for savings.
Step 3. Save first and foremost before anything else.
The moment you had your first earning automatically SAVE. Do not let savings become an option rather treat it is a priority. What helped me the most is enrolling my BPI Express Debit Card for an Online banking and then I also applied for BPI Save Up and Insurance. Upon enrolling for BPI Save Up and Insurance then you can set how much amount will be taken on your debit card and the frequency. If you read my BPI Save Up Plus Insurance Update then you’ll know that automatic saving really does wonder in the finances.
Step 4. Talk to Person who are also good with money.
As the saying goes, “Tell me who your friends are and I tell you who you are”. Now if you want to be good when it comes to money then make sure that you surrounding yourself with people who will help you and will encourage you to stay financially fit.
Step 5. Track your progress.
If you really want to be good in terms of how you manage your money then you might want to start tracking your progress. How do you do this?! Secure a new or old notebook where you can record your monthly savings as well as your spending. You may want to do this so that you have a vivid idea on the growth of your money.
Step 6. Set your Personal and Financial Goals.
If I can just go back to the many posts where I mentioned the word “goal” or “financial goal” then maybe we will get more than five posts. I have always viewed goal setting as a great way to start the day. Once my goals are written down it is way easier for me to follow with action. Start creating your needed goals. Read my Personal and Financial Goals HERE.
Step 7. Learn from your mistakes.
If you are currently in debt then make sure that you are not dragging yourself more on bigger debt. Treat the wound while it is still fresh so that it won’t leave a scar in your financial life. If in the past you have an investment gone wrong then learn from the mistake and take think better this time in how you will invest your money.
Step 9. Increase Your Cash Flow.
If you really want to step up in your game when it comes to money management then learn to increase your cash flow. Do not be happy with just one source of income instead step up your game and find other means for you to earn. I have written blog post called How To Earn Extra Income in the Philippines and I believe the post could help you better in life.
I know that everyone wants to be good in terms of handling their money but just remember financial stewardship and you will surely realign everything. Let God give you the peace of mind that you need. Acknowledge Him on the good times and the bad times.
Be better in your finances. Save Now, Invest Now and walk your way to success. Sign up in my Email List and receive templates to get you started in your Financial Wealth. Follow me on Facebook and Twitter for better updates. Godbless.
Izza of SavingsPinay promotes financial literacy for the young and young at heart by providing insights and tips on budgeting, saving, investing and online entrepreneurship. Aside from this blog she also writes at www.izzaglinofull.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at firstname.lastname@example.org