Money lessons I wish I knew
Lately, all I have been thinking about is how to generate more money daily, I sleep and wake up just thinking about money😔
when I was in school because I was so sure that all I needed to make good money was my certificate I focused so much on it and as long as I had my parent whenever I needed anything I was comfortable and happy not bothered about the future and what is to come...
Now I under that When you are not financially responsible for yourself it is always difficult to look beyond the Now, I wish I knew better because making money and saving money is hard...
There are so many lessons I wish I knew about money and which anyone had told me sooner, I would drop them and I hope it helps someone with their money journey.
1.TRACK EXPENSES I wish I knew I needed to track my expenses so I know if I was living above my means.I spent money as it comes, impulse buying, getting things I didn't have use for because everyone was getting it. Maybe because it wasn't my hard-earned money I didn't care as much but If I had known I am sure I would have spent wisely by tracking my expenses.
Now monthly I check my account statement and categorize my spending and earnings like things I didn't need to buy-impulse buying, and ensure I do better the next month and for items I paid for in cash I use an expense tracking app on my phone
If you are wondering how I have become so deliberate about my money and spending, it is parenthood, raising a child is expensive, emotionally and financially so nothing can be taken for granted anymore.
you don't have to wait for a child before you get serious with your finances like I did
START NOW
2 BUDGETING AND SAVINGS I use to tell myself I wasn't a budgeting kind of person. Hahaha, I lied to myself. Finding a way to budget is important sometimes I even set my budget down before I get the money so when it arrives I know exactly what it is going for rather than buying as I go
Budgeting would also determine the amount that can be saved at least now you know how much is for what, so saving would be easy, not the saving you would easily run to withdraw after a few days but deliberate saving.
I also wish I knew that It was ok to say No to people most times, we don't have to impress anyone with our money because when the money is gone, there will be no one to pick us up most times except yourself
You do not know everyone's pocket financially they could be broke and just being bankrolled by someone, so no need for comparison and trying to fit in with the little you are building.
financially BE you
3.INVEST You have to do more than just save your money, I wish I knew how to invest or what it was, sincerely I am still struggling with investing because in my head I have to earn enough first before I invest and besides when it is hard to save investment is totally out of the picture but that shouldn't be the case.
I am Still Making my investment research but immediately I find one I would share my journey with you.
4 SIDE HUSTLE Having multiple streams of income, because one may fail you...the only business I had ended due to the lock down and it's being hard getting it back but if I had other means of income I would have been better....now I know better.
Let's not settle for one job or means of income, turn a hobby to cash or even try out passive means of income meaning ways to make money while you sleep.
There are so many ways to make extra income online, I have been making so much research I found some ways that I am venturing Into oh how I wish I started earlier well better late than never right!!
These points may be things we already know but if we don't Implement them now, over time you will end up seeing them like life lessons too.
So what money lessons do you wish you knew earlier? Or what lessons would you like to share so we can benefit from? I can not wait to read your response
Thank you for reading till the end
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