Money can change your life — and so can how you manage it. Your future- quite literally- depends on how you manage your money and how much money you make or spend. So, managing your money properly can be a huge factor in the way your life plays out. So, changing your financial life can change the trajectory of your future- for good or bad.
Here are fifteen personal finance tips that can change the trajectory of your future.
1. Budget
To no one’s surprise, budgeting will change your life. Without a reasonable budget, you might as well not have any other financial goals.
2. Spend 30% Of Your Income on Lifestyle Expenses
Budgeting for the fun stuff can bring you a lot of financial freedom! Spend about 30% of your income on things like eating out, and you’ll feel like you’re splurging and saving simultaneously.
3. Use Money Mantras
Pick a positive phrase related to your financial goals. Write it down, tell it to yourself in the mirror, and say it in your head until it becomes a realized belief.
4. Set Up and Smash a Small Money Goal
Sometimes, you just need a win to get going. Set a small, short-term goal you know will be attainable to boost your motivation.
5. Negotiate Your Salary
Make sure your job knows your value; learn about how to ask for a raise and just go for it.
6. Spend More on Experiences
Things are nice, but experiences are where the real happiness is. So, if you’re going to splurge anywhere, do it by making memories.
7. Shop Alone
If you have friends who always encourage you to overspend, this tip is for you: shop without the posse and save yourself some money.
8. Save Today
Start saving now. Like, right now. Whether it’s a savings account, retirement fund, or emergency fund, everyone needs to save money for something.
9. Watch Your Credit Score
Review your credit report as often as possible and monitor your credit score. Doing both will help keep you ahead of debt.
10. Don’t Save Through Your Checking Account
If you save money in your checking account, you’ll eventually spend it. Open a separate account so you don’t impulse buy because you have the funds.
11. Dodge Costly Fees
Fees are everywhere: investing, late fees, accidentally staying subscribed to a niche streaming platform — do whatever it takes to ensure these aren’t draining your expenses.
12. Track Your Spending
Budgeting is perfect for tracking your spending, but you’ll need to pay close attention to it. Keep a record of what you buy, either with an app, saving receipts, or writing it down, and review it to see if your spending aligns with your goals.
13. Wait 24 Hours Before Making a Large Purchase
Sleep on it. Trust us: if it’s vital, you’ll feel certain you need to buy it the next day. And if you don’t, then it was good you waited.
14. Recruit a Financial Accountability Partner
Is there someone in your life who also wants to change their financial future? Team up with them to hold each other accountable for your goals!
15. Educate Yourself About Investments
Investing isn’t for everyone, but you won’t know if it is until you learn about it. Even just exploring the basics could help you understand investing and give you the courage to build an impressive portfolio.
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