Brian is a versatile freelance writer, copywriter, journalist, and affiliate Marketer.
Sometime back, I worked in a top media company. Earning six figures made my world awesome and terrible. Terrible, you said? Yes, terrible and frustrating.
“I don’t understand,” you say.
Well, I wasted my finances on gambling and excessive entertainment. Besides, I never took time for serious investments. At the time, I disregarded personal finance tips and could hear none of them!
Furthermore, I took huge loans to maintain my ‘fake’ lifestyle, which left me frustrated. Depression kicked in and almost killed me when I couldn’t handle the mess.
Allure explains that there’s a strong connection between debt and suicide. Debt is a result of failure to plan finances. The result is often suicide when hope disappears into thin air. That’s why you need to learn how to manage your financial life before you end up in the same direction as me!
Don’t know where to start? Read on!
Excellent Personal Finance Tips in 2021( That Work)
There are tons of boring and repetitive advice on personal finance on the web. But, most of these tips don’t work. Moreover, most of them are difficult to exercise and don’t yield many results.
That’s why in this section, I offer you excellent tips that worked for me. They’ll help you save money. Again, they’ll serve more than a money management plan to solve all your problems.
1. Don’t Let Bills Accumulate
Postponing paying bills is a fatal route that leads to financial impairment. If you’re the type of person who likes ignoring bills then, you need to think twice. Accumulation of bills means that you’ll have to pay extra costs.
As a result, you’ll be trashing every personal finance tips as you waste away. You’ll ask, “How do I get better at personal finance?” for the rest of your life. Further, you won’t make any progress in your financial life.
To avoid that, calculate all the bills that you need to pay. Additionally, mark your calendar to help you remember without fail. Also, remember to pay your taxes without fail. You don’t want hefty penalties to trample your efforts.
So, always make it a priority to handle all the bills without fail.
2. Invest Your Income
Did you know that investment is a solid yet simple money management plan? Indeed, investment can double or triple your income. Despite your location, whether you’re in the UK, Canada, or Singapore, consider investing.
But, you need to check your steps before starting. To do that, consider the following;
- Think of the needed capital
- Find a suitable economic gap
- Think about the required legal procedures
- Test your readiness to handle a loss
Then, put your investment into action while practicing practical personal finance tips for your business.
3. Learn the Art of Saving
It’s critical always to have a backup formula. Most beginners and some experts ignore the importance of saving. Further, nobody knows what could happen tomorrow. Thus, it would help if you thought of having a solid plan.
For this, you can consider starting an emergency fund. An emergency fund will help you battle challenging financial situations. Again, it’ll help you avoid taking loans with huge interests when struggles hit you hard.
Besides, you can also use this fund to pay for bills and taxes to prevent an accumulation. Also, consider authorizing automatic contributions. That’ll help you avoid postponing making the contributions.
4. Practice Self Control
Stop asking, “How do I get better at personal finance?” Instead, start practicing the art of self-control. Self-Control is part of the most amazing personal finance tips in 2021. But, you need to put it into practice if you want results.
For instance, let’s assume you came across your dream ride. But, you don’t have the needed funds to make the purchase. So, self-control will help you wait till the time when you have the required amount.
Yet, many people overlook this strategy. Indeed, if you never learned this art as a kid, then you’ll struggle as an adult. Failure to do so will leave your pockets dry as you make impulse spending.
5. Think About Your Financial Future
Imagine this. You are building a startup from the bottom with massive challenges. Decades later, your startup is now thriving while making huge profits. But, one day, you wake to find that an arson attack had consumed all your efforts.
What would you do? Would you cry and wail? Or would you start from zero again?
Sounds terrible, right? Financial matters are things that you need to check. You don’t want to die of stress due to an unforeseen event. That’s why you need to protect your future by insuring against all forces.
For instance, you could insure your property from fire and other terrible events. Insurance is part of excellent personal finance tips that don’t fail. Hence, take your time in thinking about your future and planning for it.
6. Consider Your Budget
Everything needs a budget. But, most people avoid this fact because they assume it’s tiring and time-consuming. What you need to do is make a compilation of all the expenses and incomes.
Again, you need to consider what you need to avoid, including unnecessary expenses. A budget goes a long way in fighting financial crises by helping you avoid unnecessary costs. So whether you’re looking for personal finance tips for the 20s or 30-year-olds, this is for you.
Personal finance tips are fantastic ways to help you manage your financial matters. Again, you don’t need to be an expert in financial affairs to do that. Also, you don’t need lots of education to sort your financial issues.
But, you need to put in place these techniques if you need to grab quality results. So what are you waiting for? Start and take charge of these tips and watch your efforts succeed. Best of luck!
© 2021 Brian Gitonga