“The easiest way to manage your money is to take it one step at a time—and not worry about being perfect.”
― Ramit Sethi, I Will Teach You To Be Rich
Managing our finances can be effortless if we know the inner workings of the financial world and automate the flow of our money. Know where your money is spending its time and choose your bank accounts wisely. If you have credit card debt, now is the time to get rid of it with a disciplined approach.
When you prepare your budget, make sure you have a plan to spend consciously. This can be done by spending on things that you really want to and reducing the expenses in the categories that are not important to you. Changing behaviors can take some time so be patient and set yourself mini-goals. Tiny wins will keep you on track and help you develop consistency.
The best way to get the money working for you is by investing. Setting up a retirement account is a good place to start. The amount that you save and invest every month doesn’t matter, but it’s the habit formation that will change your game. Automation is a lifesaver! Have a fixed percentage of your savings and investments automatically withdrawn from your account. Automating your recurring expenses and bill payments will also free up a lot of your headspace.
Taking charge and simplifying your approach will eliminate your anxieties and worries about money. When you’re done, all you have to do is sit back, relax and watch it grow!
PS: If you found this insight useful, I encourage you to read or listen to my book Daily Wealth (The Daily Learner, Book 1). This short book is an attempt to distill the life-changing ideas from the best books on finances, money management, and investing in clear and concise daily meditations. I can confidently say that your money game will reach a new higher level in record time if you put the principles mentioned in this book into practice.
You can order Daily Wealth here:
- eBook: https://books2read.com/money-meditations
- Audiobook [NEW]: https://www.chirpbooks.com/audiobooks/daily-wealth-by-parth-sawhney
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