Category Archives: money management

Cultivating a Healthy Money Mindset is Hot in 2020

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Tips for staying on top of our money is trending on YouTube. This is really exciting. Probably it is just what I watch, so such videos are being suggested to me. I am here for it. I watched a YouTuber empty two gallon jugs of US $10 bills that she had saved up over the year. Wonder of wonders, she has saved over $3,000 buy doing this. I love how excited she was and inspired to keep going and challenging herself.

Every small bit adds up. With discipline and saying no to certain wants, we can all save something. I also enjoy the no spend videos and low spend videos on YouTube. If your goal is to do better with your money, get on YouTube and learn from all these people sharing different ways of budgeting that works for them. Much of it is delayed gratification at its best.

I am one who follows different budgeting channels because I like to see people getting out of debt, saving, enjoying life and just being financially independent.

This is a positive thing and I like that this is trending on Youtube and there is so much information out there. Knowledge surely is power.

I hope everyone who has the goal of having a healthy money mindset find success, this year and beyond.

How to Budget, Organise your Money and a live a Financially Healthy Life

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Change how you view and spend money

If we earn more than we need for the necessities we should be saving consistently. This is sometimes a struggle for some people because of the relationship they have fostered with their money.

It’s not enough to pay all the bills then spend what is left. Organising what is left after the bills are paid is a apart of living a financially healthy life. This is why having a budget and following it is important.

We are never too young to start saving for retirement.

We are never too healthy to save for illnesses.

We are never too securely employed to plan for rainy days.

Catch my drift? It often takes a mind shift to start budgeting, sticking to it and putting away money for the future (near and far). The money we earn is not merely to pay our bills and feed our temporary wants.

See what you earn as a necessary ingredient to help you attain different goals – debt free.

Organise your Budget in a way that gives you Freedom

Find what works for you.

Having a lean budget where all wants are not catered to does not work for many of us. It isn’t realistic.

Adjust savings targets for different goals as time passes or just because you want to.

Budget in your treats, the things that help you to live and enjoy yourself. A budget is not something to cause stress. For example, I budget for recreation every month because that is important to me. This may look like going out to eat with friends, doing so alone, going to an event and things of that nature.

Also put away something in the miscellaneous category because stuff comes up.

Reconcile your Budget as you Spend

Keep track of payments, all of them. Everything from gum to rent/mortgage. Line up all the items and check that what you plan for is what you are spending. This becomes habitual with time. I like to do this after paying each bill. I also use cash for things like groceries, lunch and utilities. I keep them in their own envelopes and return whatever is left after each transaction.

Using cash for some purchases may help to keep you on track. Some people use credit cards to get points I know. The goal should be to use it within the confines of what is budgeted and pay the sum off each month.

Develop the Habit of Saving

You truly pay yourself from what you earn by putting aside some money into savings. Each amount you add to your savings, helps you to develop this healthy habit of saving. This habit contributes to a financially healthy life. As I said in the opening, if you earn more money than you need to cover the necessities, savings should be a priority. Budget for savings.

At first it might be frustrating and if you are a spender you may be tempted to just use it all. A good way to motivate yourself is to have a list of short term and long term goals. Write down a desired amount to save over a period of time. Make it something like a challenge for yourself. You can put this on a poster or app and have countdown each pay period. I believe that once you start meeting different gaols you will become addicted to this practice.

Budgeting is something to talk about with families, friends and others. Share the value of this habit and help others to live financially healthy lives.

It Takes Money to Save Money

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It takes earning a certain amount of money to be able to save money. We can budget from now until the cows come home, but if we earn just enough to meet our basic needs or less, saving is terribly hard.

I know, I have been there. When I just started working and had to pay student loans and live, the ends had a hard time meeting. I was able to get some side hustles but not everyone can do the same.

There maybe a time in your life where you just need to fight it through and keep applying for a job that pays more. Don’t settle or give up.

Since it takes earning more than you need, to save, this may not be a priority when you are struggling to make ends meet. I don’t know who needs to hear this. Don’t give up, don’t stop dreaming and keep seeking out better opportunities and stay knocking on doors. Also surround yourself with others who understand and encourage you.

These are my few cents on this.

It’s Important to Teach Children how to Manage Money

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Managing money well is an effective skill that is of utmost importance.

How many children are actively taught how to budget and manage money? How many parents talk about how much they pay for bills with their teenagers? How many parents explain how they budget for different purchases to their kids?

Many schools do not teach students how to budget well and manage their finances.

How do we as people learn how to manage our money when we start to work? Many never learn and some do only after getting into debt and researching how to dig their way out.

I am passionate about budgeting and as a teacher I give mini lessons to my high schoolers on this important practice. I also explain why it is important.

We teach kids about all kinds of dangers in life. We however allow them to grow up and unknowingly fall into the abyss of debt when they could have easily circumvented this. Sadly, many adults do not practice good money management so kids see what they do and repeat it.

Isn’t a debt free lifestyle a wonderful legacy for everyone? By taking the time to research and teach kids about money management we are helping them to get ahead in life.

One easy way to do this is to talk to kids about budgeting their allowances. We can sit with them and help them decide how much they will spend and save. I know some parents may not be able to give their kids money regularly but this can be done from time to time. A mindset to save is important. This can be developed through practice and careful guidance by adults.

Another thing that adults in charge of kids can do, is to help them save up for significant purchases over a period of months. This is essential training, so that when they become adults, they know the value of saving to buy what they want and not jumping to take on debt.

Money management is relevant to children once they are aware of the value of money. We should show them step by step how to use money they get wisely. We ought to help them get into the habit of planning how they will use the money and let them know how important it is to save something.

If we really want to effectively equip children to do well, we have to teach them how to manage money early in life and continue to do so as they grow. There is no magic knowledge that drops into one’s head on how to budget well once they start working. The automatic response for many is to spend all their money and not save anything.

Children are smart and can soak up what we share about managing their money. We also should practice what we preach and demonstrate this in action for them.