Why Is Personal Money Management So Important To Your Success? 53

Personal Money Management

The following article is a guest post.

When it comes to staying in a fit state of financial health and independence, budgeting is an activity that many people don’t seem to fully understand. Although the concept of living safely within your means should be obvious enough, the fact of the matter is that many people still seem to ignore the various warning signs of an impending financial shortfall until it is nearly too late to do anything to prevent it. For this reason, it’s very important to take due care to budget your spending so as to make sure that you are solvent during the times when unforeseen events make this an absolute necessity.

Personal Money Management Is a Sadly Underrated Activity for Most People

An entire segment of the industry is represented by companies, such as Fisher Investments among many others. Personal money management is therefore a serious activity that more people should be taking due notice of. When it comes to setting and realizing realistic goals for your business and personal lives, this is one aspect that should never be underrated or underutilized. Even if you are not currently working with an investment firm, you can still learn the basics of personal money management in order to keep yourself in a state of full financial liquidity and independence.

Learning How to Budget Your Life Correctly Should Be Your Main Goal

When it comes to living your life in a state of preparedness for any potential hard times that may be looming just around the corner, companies like FI and others can certainly give you valuable tips and advice. However, you should know that there are plenty of steps that you can take in order to keep even your personal life in the black. The fact of the matter is that learning how to budget your day to day life correctly should be your main goal. Many of the most effective budgeting techniques don’t even involve the assistance of an outside adviser, but can be practiced with a pen and notebook.

Personal Money Management Should First Begin In Your Personal Life

Personal money management should first begin in your personal life. If you have never kept a personal balance sheet, now is the time to master this seemingly minor but, in reality, critically important skill. All you need to start with is a pen and a piece of common notebook paper. Simply keep an accurate record of each and every expenditure that you make during the week. This includes everything from buying a cup of coffee in the morning to filling up your vehicle with gasoline for the drive home. Keeping this tab running for the week should give you a fully accurate idea of your average expenses.

It All Adds Up: Noting Your Expenses versus Your Profits

Once you have an accurate idea of what your expenses are for the week, you can cross check this figure against your average profits for the same period. This will give you a working idea of just what expenses you need to cut back on in order to maximize your profits. This is the first step in mastering the concept of personal money management. From here, you’ll be well on your way toward reaching a comfortable level of financial independence.

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7 Quick Tips on How to Be More Successful in Everyday Life 6

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Everyone dreams about being successful. But what is success?

For you, it could be building a company, getting promoted at work, generating wealth, or more humble ambitions, such as being the best parent or partner. While success looks different to each person, we all have an innate desire to achieve.

No matter how you define success as an individual, here are some habits you can adopt to become more successful in everyday life.

1. Be Focused.

There are distractions all around us, from social media and smartphones to friends and family. While everyone needs some ‘me time,’ to be successful, you also need focus. As such, cut out distractions and set aside time to work towards your goal.

Remember: There is always something productive you can do.

2. Aim to Learn.

It can be easy to get hung up results but being successful is about more than the outcome. The key to being truly successful is about learning. This allows you to grow and adapt, changing your approach and leading to improvements. As such, make learning a goal. This will also help to keep you motivated, too.

3. Be Prepared.

Being prepared is essential to increase the chance of success. This can be applied to almost any situation. Whether you are expecting your first baby, have an upcoming exam or interview, or are considering CFD trading, all require research and preparation.

4. Stop the Excuses.

When something goes wrong, it can be easy to dig your head in the sand, but this is not a habit of a successful person. Instead, take responsibility. Stop your excuses, work on your weaknesses and make improvements. The onus is on you to be successful so step up, set challenges and drive yourself forward.

5. Be Happy.

You may be focussed on earning more money, or you may have a goal to buy a flash car. But if you’re working a job you cannot stand, putting in too many hours and sacrificing time with the ones you love, you could quickly start to feel miserable.

Increase your happiness and make it a marker of your success, even if it takes longer to achieve your goals.

6. Feel Grateful.

Success is often less about material possessions or goals than it is about changing our perceptions.

This is why it is important to start recognizing the good things around you. Recognise and feel grateful for what you already have and you will soon feel very successful indeed.

7. Start Failing.

This may seem counterintuitive, but failure is a big part of success. It helps to highlight the things we do not want and essentially provides clarity. A little failure never hurt anyone. After all, no one has ever become successful without first experiencing failure.