Lesson 1- Getting Good with Money
Many feel that saving money is equivalent to depriving oneself of the nice things in the world. But they fail to realize that it is one of the sure ways to secure a future that will be free from financial stresses. We need to realize that the system is arranged against us. We live in a world that encourages us to spend wastefully, accumulate more than we need, and put off things like retirement savings until we are retired. It’s easy to look around us and see all the things we could be buying to become the person we want to be and treat financial responsibility as something not meant for everybody.
Being smart with money isn’t just about what you put in the bank, it’s about everything from the clothes you buy, to the food habits you have adopted, and so on. Surrounding yourself with people who make you better is key. Learning basic skills like how to install a shelf or picking a jacket that will last more than one winter can alter your life. The way we live today dictates everything about the kind of life we will have tomorrow. There is a popular saying that a dollar not wasted is as good as an earned one.
Here are a few basic tips to get good with money in a year-
- Create a budget- A budget will provide you with a chance of taking control over your money and getting it to do what you want. Study the pattern of your spending, track your expenses and sort them into a well-planned category.
- Keep an emergency fund- Secure three months living cost amount as an emergency fund to meet all unforeseen expenses as and when they arise.
- Credit card checks- Keep an eye out for how you spend your credit card. Be mindful of the bills that are due and make sure you have sufficient provisions for the same.
- Automate the needful- Certain payments like bills, rents and so on must be included in this category. By making these payments from your checking account, you will not use the money for any other purpose other than the one it is intended for.
- Credit scores- Make sure you keep a tab on your credit scores.
- Have a retirement plan- Lay down a retirement plan and to that end, open an account specifically for your funds after retirement.
- Career check-ups- Be sure that you are up-to-date in your field
Unlock Knowledge with Wizdom App
Explore a world of insights and wisdom at your fingertips with the Wizdom app.
1 Million+ App Download 
4.9App Store Rating
5000+Summaries & Podcasts
