Money can be a powerful tool, but the way in which we use it is what truly dictates how it can affect our lives. If you are struggling with maintaining your finances, consider implementing these 3 money management hacks for abundance to help balance your budget by the end of the month. Fundamental changes are necessary to achieve success, so start with what you can control first – your spending habits. Use the budget hack that works best for you and stick with it. In due time, you will find yourself feeling more in control of your finances and less stressed.
1. Budgeting
Anyone who has never had to deal with the repercussions of not sticking to a budget should consider themselves lucky. The first step should be assessing how much money is coming in, and what is going out. Maybe there are expenditures that could be cut down. It is very possible that you are unaware of how much you are spending on certain things because it is done automatically. In such cases, it is time to take an honest look at your bank statements and credit card statements.
How much do you spend on food, gas, utilities, your car, clothing, and your entertainment? How much money do you spend on eating out, or on going to the movies? These expenses can add up. You might even be spending money on things you don’t even need. Taking 30 minutes to 1 hour to list everything so you can see it all at once can be the start to setting you up to be abundant financially. So, how do you do this?
Go through your bank statements and credit card statements and tally up your expenses. They should include food, gas, utility bills, clothing, entertainment, and health-related expenses, such as your car payment or your medication. Once you see what you really don’t need, simply cancel it. Just know the difference between a want and a need.
2.Saving
We usually associate saving money with deprivation. So, what’s the point of saving? The answer is simple: financial abundance. Saving money is an investment in your future, it can help you achieve your goals, and pursue your dreams. You are planning for the future when you save today, and we all know that we don’t want to live paycheck to paycheck. You deserve to live comfortably and freely. So, how do you save money? Start by setting small goals like saving $5 every week, and as your savings grow, set more ambitious goals such as saving $50 every month. Saving money is about setting goals and keeping to them.
Saving money can be overwhelming, which is why some people give up before they even start. It’s important to think about the future and set goals so you can save money for big things like a house or a car. When you do this with the proper energy attached, like feeling grateful and enthusiastic about the outcome, your money will multiply. Thus, producing more abundance.
3. Investing
The idea of financial abundance has changed over time. A generation ago, the idea of being “rich” was typically associated with having more money than your neighbors. Today, the definition of success has grown to include more intrinsic values, including health and happiness. With many Americans living paycheck-to-paycheck, it is likely that the definition will change again in the future. For now though, personal finance experts stress that it’s never too late to start investing for tomorrow.
If financial abundance is your ultimate goal, then Investing is a great way to build wealth. The first thing that you should know is that investing can seem complicated. This is not the case, as there are ways to make it simpler. A good place to start with investing is index funds, which are made up of hundreds of stocks. Index funds are low risk because they are diversified across many different companies, and they have performed well over long periods of time. The second thing you need to know is that you need to have a plan. No one should force you into investing. You have to find things that are in demand, and that you are comfortable with. There are people who manage their own investments, but they are rare. Unless you become an expert, it is recommended that you consult a financial professional.
The above are just a few basic hacks to set you on your way to financial abundance and a more abundant life. There are plenty more however, you must ask yourself how serious you have been about implementing any of the above. If you have been consistent and adamant, the results should speak for themselves. Otherwise, it is time to slow down, get focused, and begin to manifest financial abundance with some basic actions. Remember, hacking your way into an abundant life means to actually implement the methods that you learn along the way.
Are you using any of the above hacks to great effect? Have any of them backfired? Please let me know in the comments.
