Everyone wants a little bit more money, no matter who they are. However, in this consumer culture where we are bombarded with advertisements 24 hours a day, unfortunately for many of us, money disappears in a flash. But it doesn’t have to be that way. If you are money-minded and willing to make a few changes and take a little risk, you can become much more money savvy. If you are able to do this, you will find that benefits come in so many forms. Least of all, having more disposable cash, but your mental health and well-being will increase as a result. So let’s have a look at a few ways we can become more money savvy:
One surefire way of never having money is to spend it non-consciously. Some people will almost in a robot-like state, walking into a shop and buy whatever takes their fancy at that time. They tap their card like nothing is happening. Nothing could be further from the truth. If you want to become savvy, start by increasing your awareness. Try an break the habit of picking gup lunch by making sandwiches instead, for example. Take a look at your bank statement regularly to find out where and when the money slipped through your fingers. If you can make small incremental buy positive changes to your habits, you will have more money at the end of the month for the things that matter.
Debt is Not A Lifeline
You may think that using a overdraft is a great way to help you out in a time of crisis, but most people eat into this every month for non-essentials. When you are not in need, you should try to get out of your overdraft. This form of debt does not save you. It drags you down. It is the first step towards getting pointless loans and falling further and further behind. You are probably better off not having an overdraft on your account, so the temptation is not there.
One way to increase your awareness of your spending is by using cash. This way, it is far easier to monitor how much you are spending. Perhaps, when you get paid at the beginning of the month, take out your budget for that month and only use that.
Invest Your Money
If you want to be really savvy and have some cash saved, then investing is a sound way to make your future brighter, financially speaking. There are so many ways to invest, such as the stock market, cryptocurrencies, funds, bonds, etc., to name a few. When it comes to investing, you need to be wise. You have to do your homework. Research and read as much literature as you can on the investment you intend to make. Make sure you are avoiding herd mentality in investing as that can drive the value down and many other pitfalls. Maybe it is in your best interests to discuss investing with a financial advisor. Whatever your intentions, make sure you understand what you are getting into.