How To Become Financially Responsible – Being financially responsible is something we should all aim for. We have identified four key elements of financial responsibility that can be easily achieved.
The main driver of being financially responsible is the ability to earn. You can’t control what you don’t have. Therefore, it is very important that you build yourself a channel to generate income. You have to use your skills to have a chance to win.
How To Become Financially Responsible
If you are struggling to earn enough, you should look for ways to improve, either by asking for a raise, putting in overtime, starting another job in your spare time, or starting your own business.
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After winning, the next step is to spend! You need a plan on how to spend your earnings. The ultimate solution to controlling how much you spend is budgeting. You should set your budget for your needs and goals.
Needs are an important part of your everyday life, including shelter, clothing and food. Goals are medium to long-term financial goals that you dream about. These include retirement, home ownership, holidays and education.
You can create a spreadsheet to help you start budgeting. Once you follow your budget religiously, you’re on your way to being financially responsible.
Saving is the greatest element of all financial responsibility because it is the foundation of good financial management. Having a good savings culture is not only a tool to achieve your financial goals, but it will also be a good arsenal in case of unexpected expenses or emergencies.
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Your savings determine how quickly you can build your wealth. This is what determines your access to investment. Therefore, it is important for everyone to adopt a healthy savings habit on their way to financial freedom.
If you find that you don’t have enough money to save at the end of each month, take a second look at your budget to make sure you include savings as needed. This should be included in your monthly spending plan.
A great savings strategy is to add a dream or goal to different savings accounts. Websites like CowryWise allow you to make such modifications and tools available to the public with the goals of saving while enjoying good returns.
The importance of investing wisely to build wealth cannot be overstated. Sound, smart investments are a way to grow your returns in ways that outpace inflation and get you to retirement sooner. Always try to read Investopedia and Bloomberg etc and smart investing tabloids and be sure to ask questions about things you don’t understand.
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Don’t make investment decisions because everyone else is making them. Take your time, research each investment, seek professional help if you get confused, because it takes one small investment decision to make or break your financial journey.
CowryWise offers seamless savings and investment tools; We would love to help you take your big investment step. Download CowryWise HERE, register, plan according to your financial capabilities and you are on your way to financial responsibility.
Cowrywise is a fintech company that democratizes access to premium financial services by bringing these services to the mass market at low cost.
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You’re Using ChatGPT Wrong! How to Defeat 99% of ChatGPT Users Master ChatGPT by Learning Quick Engineering If this is your first time here, Molly’s Money is a series I write on this blog that covers everything related to personal finance. Do you have a question about money that you would like an answer to? Leave it in the comments below or send me an email!
It’s no secret that I’m really passionate about getting your personal finances in order. When your personal money is in shambles, it throws things away. You get stressed. You feel stressed. You become angry and frustrated. Some people even become depressed because of their financial situation. I know… I’ve been there.
I’ve learned a lot over the past 10 years, and there are things I’ve learned along the way that I realize are key to being a mature, financially responsible adult. So here is a list of 20 things I’ve learned and 20 ways to be a financially responsible mature adult.
1. Live within your means. It means living on less than you earn. That means don’t max out your credit card every month. That means getting extra money at the end of every month…even if it’s $10. If you have $10 left at the end of the month… you lived on less money than you earned that month.
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I realize I say this all the time…but I say it often because it’s important. Like really important.
) You should stick to your monthly budget. You need to know how much is coming out of your account each month and how much is coming into your account each month. Everything must be taken into account. And I mean everything.
3. Save for emergencies. That means you have three to six months of expenses set aside in your emergency fund or checking account in case you lose your job, can’t work, your heat pump goes out, need your car repaired, or if you break your leg. Everything. Emergencies happen and you need to save for them.
4. Save for the future. That means learning ways to invest your money…whether it’s contributing to a 401K, a traditional IRA, or a ROTH IRA…or maybe through a money market account.
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5. Pay your bills on time. All of them. Utilities, rent, credit cards, medical bills, etc. They have deadlines…and that deadline must be met. Seriously.
6. You should check your credit report. Annually. You should pull your credit report every year and make sure there is nothing strange or confusing. You need to know exactly where your credit stands. You could be a victim of identity theft and have no idea until you pull your credit report.
7. Learn how to shop for insurance. Health insurance and auto insurance aren’t the only insurance you need. You need life insurance. If you are an adult, you need life insurance. You need renters or homeowners insurance. Maybe even disability insurance…who knows? But you need to shop around and consider these things.
Totally going to one-up my husband here…but he’s great and sells life insurance. If you have any questions about life insurance or anything like that, let her know! It’s pretty amazing and very smart, I say.
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8. Learn how to manage your spending habits. Are you an impulse buyer? Are you obsessed with “sale”, “special” and “limited edition” products? Manage your spending habits. Know how to say NO to what you don’t need to buy. Save for the fun stuff…it will be more worth it in the end.
9. Get your debt under control. This is pretty self-explanatory. If you have debt, now is the time to get out of debt. If you have no debt or debt, stay that way.
10. Start buying smart. Unless you’re Bill Gates or some other rich person and you have more money than you know what to do with, it’s time to shop around and know what you’re paying for. Don’t buy a new car because it’s new… you can get the same car with less use for a better price. Clip some coupons, check your grocery store’s weekly specials, keep an eye out for promotions…you may find areas to save money easier than you think.
11. Get a job. Any job. Out of work? Can’t find a job? Is unemployment accumulating? Don’t be a victim. Trust me, I’ve been there. During one of the worst years of the recession, I was out of a job and I was broke and depressed and it was horrible. But instead of being a victim, I swallow it. I was college educated and felt like I had a lot of work to do… but I kept doing them. I was working FOUR jobs at once. FOUR. It was difficult. I was tired. But I got a job. YOU can get a job…it might not be an ideal job, but you can get a job. Works at McDonald’s. work
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