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Rules are what keeps us aligned with our personal goals. When it comes to my financial goals, I have three money rules that I live by most importantly during pay day. Even more, these money rules made me realize on how I should control my money and more so my spending.
If you don’t have a money rule or two, you might just squander whatever blessings you might have. Even more, you can’t even prioritize the money simply because you don’t have anything to live by. That is why, it is very important that you set ground rules with regards to your money. Remember, this is your money and this is your life. Do something about it and the rules will keep you in check.
Hence, let me share these money rules that I live by. Who knows, this might be your money rule too.
Money Rule 1: Save, save, save.
I always save every pay day. As much as possible, I set a specific amount every pay day to save. And currently I am saving 50% of my total salary. If there are extras like bonuses and extra money, I see to it to save it as well. I tend to automate my savings so that I don’t need to go to the bank in order to save. What’s entered to my ATM would be the money minus the savings. This hands-off approach is easy. I just tend to set and forget it. At least there won’t be any hassles and I won’t have any excuses not to save at all. Plus, I can force myself to budget what’s left.
Money Rule 2: Prioritize needs and wants.
I always see to it that whenever I shop, it would be something that I need. Even more, it must be prioritize as well. Yes we all need food however there are also extravagant ones. That would be out of the priority hence we shall not spend our money on it. Expenses must be geared towards needs but it must also be the “needed” needs. Well if you already stash some for your savings you will really be required to budget what’s left. And you will be geared towards prioritizing what you really need.
Money Rule 3: Don’t keep up with what’s trendy.
What got me in debt years ago was me trying to keep up with the joneses. I would always want the latest cellphones, the trendiest clothes, the designer labels that I know I can’t afford. The consumerism grew inside me and most of my salary and my credit card all goes to it. That is why I got into that huge debt. And being in a lifestyle you can’t afford, you will really plummet. Enough comparing yourself with others who have this and that. You only need to think of your life and your lifestyle. Ignore what’s trendy and what’s new. Do not be desperate to fit in and be in debt in the process. Get out of debt and the rat race. That will make you stand out. Just because someone looks like they can afford anything doesn’t mean they can.
These are the money rules that gave me a whole new money perspective and how to handle my money. That is why, I would love to share these as well in the hopes that it will be in your system too. Learn to live by it. You will notice a huge difference in your finances.
P.S To those doing the 52 Week Money Challenge, it is Week 22 already! Did you deposit the next amount yet?
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.S I am also sharing my stock market secrets and information via these resources.
P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.S I am also sharing my stock market secrets and information via these resources.