Continued from Top Money Tips for 2016: Part I
7. Educate yourself financially
If you can get a realistic idea of how finance works, and how it’s not always icing on the cake, you will understand that it’s essential to strive and hold onto your goals if you believe in them strong enough that it can lead you to success.
Even if it’s time-consuming, it is time well spent when you dig for financial information whether it’s in magazines, books, podcasts or a TV show, try to educate yourself because sources like these, they not only give the top money tips for 2016 but have various success stories and even stories of businesses and entrepreneurs who failed several times before launching their dreams and becoming wealthy.
8. Design the lifestyle you imagine for yourself
If you want to feel secure moneywise and also be able to call yourself wealthy, you need to stop spending money that doesn’t exist or spending money that exists but not for the things that you’re buying.
When you really commit to something and work hard, you can create a lifestyle where you might want to ditch the societal norms that you’ve been following daily, such as the 40-50 hours you work per week from morning to afternoon, following the same regimens over and over again, not having enough time for yourself.
Realistically you should create a lifestyle you feel comfortable with and which can stabilise your future finances. Having a lifestyle that allows you to do a happy job and make time for yourself at the same time can greatly improve your mood and add balance to your life.
Try something new if you’re able to, maybe it’s time that you don’t sweep away your ideas and start your own business.
9. Think about how to bring in more money
Whether you cut your spendings and boost your earnings by saving up or doing side jobs, it is possible to bring more money into your life.
24-year-old Brooke Saward, the creator of successful travel blog called World of Wanderlust shares some great money saving tips in one of her posts. She highlights that reducing things like phone bills, Internet subscriptions, switching to home-cooking rather than ordering take-out or skipping the expensive takeaway coffee can save a lot of money which can be an extra reserve for something else later on.
Additionally, there are many side job opportunities that you can do in your spare time or if you get time next to your other job, to bring in those extra dollars.
Anything from selling your old stuff online, pet-sitting, garage sales, cleaning or freelancing can help you to bring some extra cash to your life.
10. Operate Your Savings
If you successfully save money every other week or month, you should perhaps start thinking about trying automatic savings in your bank accounts. You can do this for example when you receive your paychecks. The earnings don’t just happen to go and get “saved” every now and then as one single payment, instead, they automatically get transferred from each paycheck to your savings account even if you only increase the amounts by a small percentage, it still makes a great difference.
11. Prosperity is not only about having money
Being wealthy is not solely determined by how much money you have. Yes, it can lead to comfort and joy but according to the famous blogger, Tim Ferriss, the value of money lies in the lifestyle you created for yourself by sacrificing every dollar to time and mobility.
Ferris himself is not only wealthy by doing a job he loves, but also because he devised his time and flexibility in a way that leaves time for other things, such as writing great books like the famous “4-Hour Work Week”, and also doing public speaking, interviewing several people and many other activities. You can learn from this that wealth highly depends on how much time and flexibility you put into planning a lifestyle that would make you happy and rich both emotionally and materialistically.
12. Don’t lose your money.
You don’t know everything that’s going to happen in the future and therefore, you may not be prepared for a possible financial crisis or certain financial factors that may positively or negatively affect your life. However, whether you want to keep the money, manage it or invest it, do it wisely because there is no worse thing than losing money superfluously without knowing the problems it may cause in your way of living.
Looking at the top money tips for 2016 may not be the shortest process and it might be difficult to go forth with a decision in terms of your personal finances.
However, if you put valuable time and energy into it and acquire the knowledge needed for managing your finances and set the necessary goals, it will put you on the right track to make smart financial decisions this year.