Despite the famous saying that money is not happiness, financial stability significantly impacts a modern person’s moral and physical condition.
Afrinik has come up with a few guidelines to help keep yourself out of lack of money and avoid the constant agony of getting a livelihood.
1. Don’t buy unnecessary things
Many acquisitions in our life are made on impulse. As a result, in the future, it turns out that a completely useless thing was bought. Therefore, if in doubt about the need to make a purchase, immediately refuse it. Essential purchases are made without hesitation.
2. Refuse to purchase the first models
This step is illogical for two reasons. Firstly, new models (smartphones, cars, or TVs) always have significant flaws, which the first buyers find out. Secondly, all new models are sold at inflated prices.
3. Increase earnings and reduce costs
As income increases, many begin to spend more on purchases. However, creating a stock of available funds by keeping costs simultaneously will create investment capital. A competent investor can reach a qualitatively new level of life, significantly increasing the flow of finance to the personal budget.
4. Minimize your debts
The best option would be to abandon credit and debt completely. Otherwise, you can become a “slave of the bank,” always pursuing its interests in pumping money out of its clients. Try to make any purchase or opening your own business using your finances.
5. Limit your desires to your capabilities
There is never enough money. This common truth lies at the heart of an unreasonable race for prestige or more expensive things. Anyone, even the wealthiest person, has unfulfilled dreams that require huge expenses. Approach the issue of purchases prudently so that they do not undermine your budget.
6. Stop buying things in one category
A person cannot live in three houses at the same time or wear 40 pairs of shoes. Therefore, there is a rule of thumb for choosing 10% of the time you use 90%. Everything else is the overkill that your funds have gone to.
7. Carefully analyze the ratio of price and product
It is costly to buy a prestigious smartphone, but there are cheaper analogs with the same technical parameters. Therefore, when making a purchase, evaluate all the properties of the goods and choose the cheapest one offered by the market.
8. Invest in education
Self-development can bring not only moral satisfaction but also significantly increase your financial capabilities. Buy books, take courses or go to university; education will eventually pay off on the path to true financial freedom.
9. Don’t become a slave to money
In any case, finance is primarily a tool for achieving specific goals. Don’t make hoarding your purpose in life. Assess the impact of money on your morale. Solve the essentials first and be careful about spending plans for the future.