Money Management Tips For The Post Covid Area

Posted by: KHTS Articles in News Articles April 5, 2021 - 10:39 am 0 351 Views

Covid has changed everything and hit most of us where it hurts the most. Our wallets. Although good news is on the horizon with the vaccines and all, there is still long ways to go.

So what should you do until then?

Well do what makes you happy and keeps you going, but it wouldn’t hurt to improve your financial habits. After all, money matters in a lot of areas in our lives. It shouldn’t be the one solution that you should dedicate your life too, but wouldn’t hurt to spend an hour a day on increasing your awareness about it.

Here we share some simple yet powerful money management tips that are bound to make you more confident in dealing with your finances.

Start Acquiring Financial Knowledge

These days, when everything is online, you literally just need to go on Google or Youtube, type in your query and then you’ll get an answer.

Same thing with your finances. In fact, youtube has some wonderful channels from financial experts like Dave Ramsey, Robert Kiyosaki, Suze Orman and a few others that may help you understand economics in general even further.

Also remember if it doesn’t resonate with you, just move on. Just because something worked for someone doesn’t mean it will work for you to. You have to ‘feel’ it before you can take action on it. In fact, the action will probably come naturally.

Another great place is on Kindle through Amazon where you can literally purchase ebooks on the spot and start gobbling down all the latest knowledge to improve your financial health.

So there are definitely some fun options out there. The best thing is to just sit with yourself for a bit and really dig deep on what is it that you really want. Then let that serve as a guide and see where it leads to.

Start Saving Right Away

Any real financial expert will tell you that before you start spending money mindlessly, you must master saving money. This is the first step. It will show you if you have control over your money or not. When you start saving money, you are telling yourself that although you have something, you will not go spend it for any reason. You are showing / teaching yourself that you are in control, not the other way around.

Besides this, the advantage of saving money on a consistent basis is absolutely incredible. As saved up money will allow you to get to a point where you can seriously invest into other things and watch your money multiply.

This is where the real fun starts.

The more money you have saved up, the more you can invest and the faster you can reach your financial goals.

Plus the peace of mind that comes from looking at saved up money in your bank account alone is just priceless.

Either way, saving money is the first step when it comes to achieving financial freedom. So you might have to save for one year or even more but after a few years, you’ll be in an awesome place. Then you can truly branch out by investing those thousands of dollars into something bigger and better.

Saved up money provides the necessary foundation for anyone to take their money game getting to the next level.

Have Multiple Bank Accounts

Most parents don’t even teach this to their kids this and it is one of the most essential things you can learn.

When you open up a bank account, do not just open up one. You should have at least two bank accounts within one single Bank. One for savings and one for chequing.

This should the financial basics that you should do yourself and teach your kids(s) as well. One account for all your daily use and another one just for you to save.

Also, when you’re opening up any bank account, make sure it charges zero monthly fees or something similar to it. Banks make most of their money through fees. They have various fees that sometimes don’t even make any sense (Minimum balance fee? Yeah right).

However, that is the reality that we have to face. So make sure, before you get a bank account that it is either charging zero monthly fees, or the minimum amount of fees possible.

Track Your Spendings, Manually

If you are tracking your spending, you’re basically making yourself aware of what’s going on. You will be absolutely astonished at how much you’re spending on something and in some cases, how much you can save on it as well. Once you see where your money is going, you can literally control it. It’s a pretty amazing thing.

These days, you can track your spending through various apps. You can simply download them on your phone and off you go. However, as convenient as they are, it is not an efficient way of tracking your spending.

When you are tracking money on a regular basis using an app. You are already using a lot of personal bandwidth. So when you’re using all your own energy, combined with the app usage, it can really take a toll on your eyesight and overall energy,

Bottom line, you might open your app the first couple times but then you will eventually quit.

We recommend the best thing to do is to grab a piece of paper and a pen and track your spending on a weekly basis. You can do this by getting a simple notepad through your local dollar store.

This simple practice will make you more aware of where your money is going.

If you stick with these simple tips, you’ll soon find yourself being in control of literally any money related situation.

Which is usually a great thing.