5 Money Tips I Wish I Have Known Sooner

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In terms of my journey to financial literacy, I can bluntly say that I am late. I have known a lot of my peers who started early and clearly demonstrated success in their finances. Yet as they say, journey to financial independence is a marathon. And one is never too late.

If there’s one thing I regret, it would be not being financially literate when I was younger. If only I could have bumped into these sayings way earlier, I could have established and earned more in the process. If you are reading this, you are in luck as I am sharing the money tips that have moved me and enlightened me towards my financial journey. If you are still young, you are in a very good position my friend. I should say you take these tips to heart.

Save Now

We often fend savings to a later time in our lives simply because we are still enjoying the life. We are young and got a regular job, why bother saving now? Isn’t savings just for retirement? The best time to save is now. Start saving small. You don’t have to put your entire salary in your bank account. You can even allot even just 5% of your net income to savings. That wouldn’t hurt right? The key here in order for you to save right away would be to automate your savings. Let your bank get a specific portion of your salary every pay day. At least you won’t bother depositing and lining up in your preferred banks just to save. Since you would still be young, you can put your saved money to investments that have higher risks yet higher rewards. You can put this in insurance or even build your stock market portfolio.

Use credit card wisely

Credit cards can either be your friend or your foe. It can help you in times of need and it can even ditch you during hard times. This was also the reason why I got into debt. When you have this piece of plastic with five digits or even six digits credit limit, it is always tempting to spend big. You have easy access to funds in the first place. Then you swipe it every now and then. You failed to realize your debt is already mounting up and you begin to see you can’t afford paying it anymore. So you pay the minimum amount. The next month, you get your bill and there’s already an interest. And it will never be an ending cycle unless you put a sudden stop to it. Use credit cards only when necessary such as emergencies. Learn how to control yourself when you are using it. Don’t let it overpower your buying decisions.

Have insurance

Insurance companies based their premiums on your age and body condition. The younger you are, the smaller would be the premiums, the more time you can let your money grow in the process. When you are already old and have diseases, they can charge great premiums and more so you might not even be qualified for insurance. That is why, as early as now have one. This is a good way to protect you and your investments.


You don’t need to write your budget in order to remember it. It is important that you know how much money you are making and where it should be going. Do not develop a budget when you already spent half of it. Develop one the soonest you got your money. Allocate from there where the money should be going. Set aside money for your savings, then to pay off debts and buying necessities. Making a budget and realizing it are keys to achieve your financial goals.

Don’t keep up with the trends

In today’s changing consumer world, we cannot deny the fact the temptation of buying the newest in the market. This would be in terms of gadgets, clothes and more. While there is nothing wrong with it, it is hard to keep up with the trends especially if you have a limited amount of funds every month. These trends can be considered as wants. And always tone down your wants and be financially smart. You might not have the latest phones in the market but hey at least you got money in the bank right. More so, at least you were not in debt just to own one. As they say, do not keep up with the joneses.

Knowing these money tips have been essential to my financial shift. And whatever age you are in, it is never late to begin. In the end, “you” are going to benefit from all of these. And nothing could be great than being financially smart and financially free.

P.S To those doing the 52 Week Money Challenge, it is Week 21 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.