Finance Tips That Will Change The Way You’ve Been Thinking

by James Hendrickson on July 10, 2017 · 4 comments

personal finance, financial advice, financial tipsNo matter how well you think you know to budget and handle your money, it is always a good thing to read or hear a tip or two on this.

The secret formula to managing your money perfectly is non-existent. It is highly subjective and dependent on person’s needs and affinities whatsoever.

Nevertheless, check out these smart tips that will hopefully help you see a slightly different perspective and help you save a bit of your money at the end of the month.

1. Prioritize

The first and foremost thing (the only actual money-saver!) is making lists and prioritizing, i.e., planning how and where to spend your money.

If you are always aware of how much money you have on hand each month and how much do you need for decent living, it should never be a problem paying your bills and keeping a little bit on the side for emergency.

2. Take advantage of loans

Lots of people are backing up even when somebody mentions taking a loan of any kind. It doesn’t have to be a bad thing at all. If you are organized and responsible and if you already know how to prioritize (which I’m sure you know by now), then taking a loan when interests are acceptable can work out for you very well.

Whether we are talking about taking bigger sums from the bank or smaller personal loans from vendors, you should always be aware of ongoing interest rate fluctuations and ride the wave when interests are falling.

3. Don’t stack money

Give up on old traditional ideologies of stacking money without any real reason.

You won’t need it tomorrow more than you need it today. Also, you should know that money loses value as time flies. It’s called inflation, and that nasty thing will eat up all your money if you are holding onto it for too long. Don’t be that guy!

Spend wisely, but spend. Keep the money flowing.

4. Look for different ways of investing your money

While we are on the subject of spending money, why not consider investing it instead of spending on one-time products?

We are talking about keeping a healthy cash flow and multiplying your money over time. Educate yourself on different ways of investing money. There is lots of information available. Join community boards, read through numerous forum discussions. Don’t be afraid to try something new. Most of the time it’s trial and error, but hopefully, things work out well in the end for those who never give up on trying. So, never stop trying.

And there you go. Keep it simple and always keep a little something on the side, because, in the end, you do need cash to cover for ongoing expenses.

What we are talking about here is a never-ending flow of getting and spending money. Keeping the money moving is one of core things that you should learn to always get what you need and when you need it.

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{ 4 comments… read them below or add one }

1 RAnn July 15, 2017 at 9:20 am

Due to an accident we needed car a couple of years before we had planned to need one, and taking out a loan to buy it was, IMO, a smart financial move. We got a nice car (which we can afford and which we like), we can afford the payments, and while we could have liquidated assets to buy it, our portfolio is up over 10% since then, and the interest rate is 1.5%. Loans aren’t always the awful thing some finanical bloggers make them out to be.

2 Femme Frugality July 15, 2017 at 9:23 am

It took me a regrettably long time to acknowledge the third one. Compounding interest is your friend!

3 Mel @ brokeGIRLrich July 15, 2017 at 11:58 am

I like number 4. It does take a little risk to make money, but by actively keeping an eye out for opportunities, you never know what might turn up.

4 Jamie @ Medium Sized Family July 15, 2017 at 2:35 pm

I think taking out a loan can be fine, but not when your finances are a mess and you’re a recovering spending addict.

For people with good control over their money, I do think they can be a tool. Like RAnn said, when rates on car loans are as low as they are, you might be better off investing money than tying it up in a car.

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