Tag Archives: finances

How to Save Hundreds of Dollars – A Money Saving Tip That Many People Overlook

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When people talk about saving money, people think of the basic things such as cutting back on how often you go out to eat and/or pick up a coffee, shop when there are sales, focus on just buying your daily necessities, and one that many people dread to hear–create a monthly budget. While these are all great starting points when it comes to saving your money and things that I agree will help you save more money from month to month, there is something that people often overlook and never really talk about but it comes down to your consumption of your resources. The good thing is, this can apply to many things in your everyday life and it is never too late to start!

Think about it, if you used a smaller amount of your daily goods, you would not need to replenish them as often. This could include basic items such as your skincare products, shampoo, makeup, etc. If you used just a little lesser of an amount of these items or perhaps they are items that you use sparingly, then they would last you for a much longer time meaning that you wouldn’t need to buy them as frequently.

While I would agree that going out to eat can be costly, you can still treat yourself to a nice meal but that does not mean that you need to go overboard and buy an appetizer, main course, drink, a dessert, and etc. Maybe just getting a light appetizer and a drink is enough where you feel satisfied. Another thought is to get a meal that provides a large quantity and plan to only eat half of it so that you have the other half to take home which would provide you a second meal. This way, you paid for one meal but it will last for two meals.

When you are home, do you pay attention to the energy that you are consuming? If you are not using a light, then shut it off. The same also goes with your water usage where you can control how much you are using. If you do not really watch much TV, maybe it is a good idea to cancel your cable package or reduce it so that you just have the basic channels. In other words, there is no need to pay for more than what you need.

While many of us rely on cars to get to work, there are still ways to cut back on your gas costs. Maybe when you run your daily errands, try to coordinate it where the locations are within a closer distance to each other so that you are making fewer trips. If there are scenarios where you can carpool with someone, then you should. There are definitely little ways in which you could reduce your gas usage which could save you extra money each month.

At the end of the day, making the conscious effort to conserve your resources could literally save you hundreds of dollars in a month and within the course of the year! While it might take some discipline on your end, if you actually take the time to pay attention to how you use your resources and cut back on the areas that you could, you would be amazed with how you are are able to get more bang for your buck on your daily expenses. Even if you have financial stability or you are in a good financial place in your life, who doesn’t want to expand their savings even more and accumulate more wealth? Some of the wealthiest people who you know are wealthy because they know the secret of cutting back on their spending and already have applied these habits in order to increase their wealth. Again, if you can save more, why not? 😉

A Great Money Quote to Share – “Making Money Is Action…”

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I stumbled across this from a YouTube comment and looked it up to find that it is an actual quote. I thought it was valuable enough to share with my readers and something that I also agree with. In order to attract financial abundance, it is important to actually take action by going out there and working for it! Unfortunately for most people, money doesn’t just fall from the sky or land in people’s bank accounts for no reason. Often people complain that they are broke and if this is the case, then it is time to dig deep and find ways to take action to change this. This might mean that it is time to change careers or find multiple streams of income. There are unlimited opportunities in this world to make money and many that do not even require a professional degree. In other words, you do not always need a formal education in order to make a living and ultimately it all starts with taking action.

While generating an income is important, having the right habits and behaviors to ensure that you are saving what you can and not overspending is equally essential and oftentimes even more so. Meaning that no matter what you are starting with, you have the ability to control the way in which you spend your money and you can actually build up a good savings, even if you are not making a lot of money at the present moment. The best ways to go about this is to track your spending so you can examine exactly where your money is going, set savings goals to keep in order to stay hyper focused, and make a conscious effort to not spend beyond your means which might mean cutting back in certain spending areas in your life.

While the last saying in the image above is labeled as “growing” money, I would say another word that can work in place of it besides growing is investing. I would agree that this does take extra knowledge and research in order to find ways to invest your money in order for it to grow over time. While many people think for today, when it comes to your money, you need to think about your future many years down the line to ensure that you have money during all stages of your life which also means your retirement years. Even if that seems very far away from now, you still should start investing at a young age so that your money continues to grow abundantly.

Is There Such a Thing as Being Too Frugal?

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When it comes to money, I always tell people that money management is an essential life skill. If someone makes a good salary but does not know how to keep the money in the bank, then this is definitely not in an ideal financial situation. It is for this reason that people should get better at saving their money and cutting back on their everyday spending. However, is there such a thing as being too frugal? I think too much of anything typically is not a good thing and that it is smart to find a balance with both of your money saving and spending habits.

While it is important to conserve your money, you also do not want to do so to the point where you are depriving yourself of living your life to the fullest or having everything that you desire. It is healthy to spend money on the things that you value and/or mean something to you which is why you should make it a point to do so. If you are constantly depriving yourself, that is also sending the wrong spiritual message out into the Universe that you are not deserving of nice things. Furthermore, it also on a subconscious level is hindering you from attracting abundance into your life if you are obsessed with saving every little penny because putting such strong limits on yourself comes from the belief that you cannot afford things or that you are not worthy of having something which is the total opposite of an abundance mindset. If you are faced with a lot of debt that needs to be paid off, then I would say that this is a situation where it is crucial to live within your means and to stay disciplined until you can get back on a good financial track again. There could be instances where being overly frugal might have to be the reality but it should only be a temporary one as opposed to a permanent one because as I mentioned, you are deserving of a full and happy life! 🙂

My Thoughts on Inflation and What Can Be Done About It

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It is no secret that inflation is at an all time high right now. It is said that the rate of inflation has not been this high in about 40 years. While there are many contributing factors such as the pandemic, supply chain shortages within many industries, the war in Ukraine which affects the global economy, and many other things that are not within our control–there is something that we can all do to control the situation. The answer is: ADAPT. While I know on the surface, that might come off as ignorant because not everyone is in a good place in life or have the financial means to simply “adapt” but what I want to address is the point that we as individuals have to take life as it comes. People are so quick to complain about exterior things or to blame the outside world for the problems that we face or how we are impacted on a personal level. While I admit that I by no means am in favor of inflation, I do not let it get the best of me and you won’t hear me make an issue of it. Why? For one, in the grand scheme of things, it is the least of my concerns in that I choose to put my mental focus on the positive things in life and what I am most grateful for. Internally, we all have control on how we react to situations and it is best to not let the outside world bring our lives down. I know that might not seem easy at times but it is something that we all can consciously get better at. As I mentioned previously, it is all about how we choose to adapt to situations.

Although I am not a science person whatsoever, I do want to point out the basic principle that what goes up must come down. While this explains gravity, this concept actually applies to so many things in life! Inflation is inevitable but the high elevation rate in which we are experiencing right now is only temporary and is not sustainable. Eventually prices on certain things such as gas and real estate will eventually have to drop in price. People have to learn to stay positive and hang in there during these uncertain times because things are bound to level out over time.

If you are someone who is having a tough time keeping up with the rate of inflation as far as your finances are concerned, my advice is to take this as a time to level up your life. That might mean putting in more hours of work a week, picking up a second job, finding an extra source of income, or cutting back in certain areas of your life if it comes down to that. It is easy to blame inflation for not being able to keep up with daily expenses but I look at it that the underlying issue in this situation is SELF and not inflation. In other words, the money issues probably existed before inflation so rather than declaring that as the problem, it is better to take a deeper examination of self and find ways to develop better spending habits and finding ways to make more money so that you can live a more comfortable lifestyle that does not leave you struggling during these times of uncertainty. It is essential to both save and invest your money not only for a brighter future but also when unexpected emergencies arise such as situations like this where having extra funds as backup is incredibly beneficial.

How to Cut Spending Without Feeling Deprived

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I haven’t really written a financial related blog in quite some time and I feel that while this is always a topic of interest, proper money management is also a much needed life skill. As important as it is to amp up your salary or to find multiple streams of income, someone can make all the money in the world and not know how to manage it or overspend it where they do not have much money at all. That is why it is beneficial to know how and when to cut spending but to do so without feeling deprived so that you can still live your life in abundance.

Which leads me to the point that although it sounds like an oxymoron to preach about having an abundant life but then you have to cut back on spending money, the truth is that you can actually do both at the same time. For one, it is important to be thankful for what you currently have because practicing gratitude actually attracts more abundance into your life. Also consider that if you are happy with what you have, you will likely be spending less money on things that are not a true necessity which is a good thing because that means that you will be spending less money on things that you do not need.

Everyone has different areas in their lives that they are willing to spend more money on and things that they do not care about or prioritize as much. I would suggest establishing what areas that you can cut back on and the ones that you are willing to splurge on. For example, for me personally, I think it is a waste of money to buy lunch all the time or to purchase coffee daily so I do not spend much money on these items as I prefer to save the money and make my food and coffee at home. On the other hand, I know that there are people who find it to be quite enjoyable to buy their lunch and/or coffee on a daily basis because it is a luxury to them and just makes their lives more convenient. My point is, what I might label as a “waste of money” might be something that is very valuable to another individual so that is why I said that everyone needs to determine what they like to splurge on and then what areas that they can save their money on. This way you will have a balanced approach to your spending where you can have the things that you really care about but then you can also save money as well by cutting back on the things that are not essential to you personally.

5 Ways You Could Be Investing in Yourself Today

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I truly believe that the greatest investments are the ones made towards investing in self–whether it be self development or improvement. As wonderful as we build our lives to be, let’s be honest, there is always room for growth and ways to make life even better than it is today. That’s the beauty of life, it is constantly in motion where we are experiencing, creating, learning, and becoming our best versions of self each and every day. This cannot be done unless we make the proactive choice to invest in our selves and thankfully, there are many ways in which we can be doing just that.

Continue to Educate Yourself – Your school days might be long over but that does not mean that learning has to stop forever. There are ways to continue to educate yourself in just about anything so I recommend picking up a self improvement book or taking a course to learn a completely new skill or perhaps improve upon a current skill set. It is never too late pick up a new personal hobby or profession and thanks to places like YouTube, you can also watch videos on just about anything nowadays to learn something new.

Create a Balanced Diet and Exercise Regime – Balance is the key to everything and will most certainly work in your favor when you take the time to invest in your health through both diet and exercise. If you don’t really enjoy working out in a traditional gym, there are still ways you can remain active by finding physical activities you love and staying committed to fitting them into your schedule. In terms of a healthy diet, the best way to really stay on track is to literally track what you eat which will train you to become more conscientious of not only what you are eating but how much you are eating. Remember that it is your personal responsibility to maintain optimal health by making the self investment through both eating well and staying fit.

Expand Your Financial Resources – I labeled this as “expanding your financial resources” because the way in which you go about this can look very different from individual to individual. For one, this could mean working for a big company and working from the bottom up in terms of obtaining a higher position for a company over time. For someone else, it could mean running one or multiple businesses. Another person might go about expanding financial resources by investing in real estate. There are unlimited ways of growing your personal economy in today’s world and this should absolutely be a top priority as a way of possessing financial freedom and security. In addition, by focusing on increasing your wealth, this provides you the opportunity to contribute money towards a retirement fund while also putting money aside for big purchases such as a house, nice car, and/or a dream vacation.

Set Goals and Execute Them – I emphasize goal setting quite often as we should constantly be setting goals for ourselves as a way to create new challenges and to hold ourselves accountable for placing higher expectations upon self. Even if you think you currently have it all, I challenge yourself to dig deeper and to reconsider ways you can still strive for more. Life is much more fulfilling when you are climbing towards achieving bigger goals as opposed to just staying in a state of stagnation.

Build the Right Social Circle – As much as I am for solitude and personal growth, that does not mean that you should ignore spending your time with others. It is important to invest in others who also invest in themselves and are like minded individuals with the same core values as yourself. It is also beneficial to surround yourself with people who are positive, successful, and who ultimately support you. There is no room for holding onto negative, miserable people and those who only bring you down which is why it is essential that you choose the right people to be a part of your social circle.

3 Qualities Needed to Attract an Abundance of Wealth

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Most people want more money and strive for financial security; however, many find themselves in bad financial situations. That could include having endured a hefty amount of debt, barely being able to pay the bills, or simply not being in a position to save and/or invest their money. No matter what your situation is right now, there are ways you can change your financial fate and be on the path of attracting more wealth. This first comes from within and examining your money mindset while adapting these qualities that can help you accumulate more wealth over time.

[Money] motivation– It is one thing to be motivated in various areas of your life but to become wealthy, you specifically need to be money motivated. By this, I mean you are driven to want to earn a lot of money, not simply being comfortable with having enough to get by each week. People who are money motivated are not interested in just having enough money to survive and often times you will never see someone who is money motivated ever broke. Why? They are so money motivated that the idea of being broke is not even an option or way of life. In their minds, it is an unacceptable so things never get that financially dire. Now a person might start off not having much money or perhaps poor which would propel this person to become money motivated. As a result, you often find these people to really maximize their money earning potential because it stems from their deep money motivation.

Responsibility – Responsible people tend to have the ability to save money and large quantities of it. Being able to save means more money in their bank accounts. I strongly believe that it does not matter as much how much a person can earn but how they ultimately manage their money. People who make less money still have the potential to accumulate wealth by simply being exceptional savers which means it might take them longer to become wealthy but at least they’re on the road to financial security. Whereas on the opposite spectrum, there is a reason why you see millionaires and lottery winners go bankrupt. This is a classic example of poor money management. Which translates to irresponsibility which is why it truly is essential to be responsible when it comes to your money.

Discipline – Discipline applies both ways when it comes to your overall money management. It applies to how you save and how you earn. If someone has enough money to buy something but says no, that requires a high level of personal discipline. This could apply to very expensive items but also inexpensive items that by not spending, a lot of money is getting saved over time. I always say that every dollar counts which is why it is important to save on both the little things along with high ticketed items. In regards to making money and elevating your earning potential, you also need a good amount of discipline to put in the time and work that is needed to make the money. You might feel overworked or just want some personal time off but thanks to being disciplined, you recognize the reward of earning the money than being lazy and not working for it. Discipline essentially requires a no pain, no gain mentality. You do what you have to do to earn the money but also preserve it by saving and investing it as much as you can, even if that means giving up material goods and services that you would normally spend your money on.

[On a final note, I can tell you from my personal life experience, that having these three qualities are highly effective in building wealth. I would not necessarily classify myself as rich (yet 😉 ) but I can tell you that I live a good life where all my essential needs are met along with having both an emergency savings and retirement funds that I continue to grow thanks to having money motivation, responsibility, and discipline].

Traveling and Dating – Who Should Pay for What?

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I actually have had this question asked a few times in regards to wanting solid advice on what is the right thing to do in terms of how couples should handle expenses while on vacation when they are ‘just dating’ (not married and perhaps have only have been dating for a short time). To be honest, there really is no set answer to this one because there are so many factors involved and each dating situation is different. For example, are we talking about a weekend getaway or full week vacation overseas?

I think that if one person (usually the man but hey, it’s 2020–anything is possible nowadays) is paying for all or a contribution towards your travel expenses such as the flight and accommodations then it can be expected that once you arrive at the destination, you can pick up a good amount or at least some of the food and entertainment tabs. Personally, it just feels good to reciprocate if someone is that generous to pay most of or all my travel fees up front.

If both people are paying separately and in this case for me as the woman, the man I am dating is not paying anything towards my personal travel expenses, then I do not really expect to pay for meals or much during that time away. In a normal situation when I’m NOT traveling, I do expect a man to pay for most meals (unless it is a special occasion or I am asked to pay the tip). Why? I firmly believe in gender roles and that they should still exist. Whereas I know not everyone might feel the same because the counter argument could be that most women are in the work force today. If a woman has a stable career/job and can pay for meals as well, why is she not paying those bills? I totally understand this way of thinking, it makes sense to me as well but it does not change the principle or belief that I have which is that a man should want to pay for the dates. It actually for me has nothing to do with money being spent but to do with showing a woman that he wants to take care of her along with being chivalrous and conveying his financial strength. Especially in the early stages of the dating game, if a guy is asking the woman to go 50/50 or to pay for dates, then my immediate thought is, “Next.” I do not mean that in an entitled, conceited, or stuck up kind of way. I might still stay to get to know the guy better but I am not going to invest too much of my time because I have been in the dating game long enough to know that this is the golden standard (if you ask most men, they actually do want to pay) and there are an abundance of men who would never ask a woman to take her wallet out. So why would I make an exception now or settle for someone who is a 50/50 kind of guy? I actually do not encounter those kind of men in my life because I set my standard from the start what my expectations are (which mind you, I don’t think is even much to ask) and if this were to be a problem, my response would be, “Then don’t date me.” In other words, I am not going to lower my dating standards as I could keep it moving at that point. However, with travel, I recognize things can add up fast depending on where you go and how long you are away in which I think offering to pay for things from time to time is classy and often appreciated.

Note for Men: I think it is extremely important to consider, if you do NOT plan to pay for much during the trip or expect a more equal contribution financially with how money will be spent throughout the duration of the vacation, then you absolutely need to have this conversation and set those standards. Just as it is important for women to set standards, men should be doing this as well. I have had many male friends complain to me how they do not like having to pay for things all the time when they are dating–especially if there is not a relationship status or if they are unsure how much they like the other person. I ask if they have expressed that to the person they are dating and often times the answer is, “No.” Most women would not know this is bothersome unless it is brought to their attention. Chances are, they would be more than willing to contribute or to pay for things too. Like anything in life, you just have to ask.

Why Couples Should Have Separate Bank Accounts

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It has been said that one of the most common reasons for a relationship or marriage to end is due to financial matters. This can range from having two people with completely different spending habits to someone making substantially more money than the other person which can cause some level of resentment over time. (On the other hand, for some couples, this might not even be a deal breaker–it really depends on each person’s values). Before getting too seriously involved with someone, it is important to make sure you are financially compatible with someone. By that, I mean that you have some sense of how they value their money (ex: are they better at spending or saving?) and how much they have (not exact figures but things such as approximate salary, debts, etc.) Knowing this information is valuable along with discussing financial expectations as people’s views on money management can be radically different.

Once two people have established they are relatively on the same page financially, I advise to always keep bank accounts separate to prevent financial problems to arise later on within the relationship.

Each Partner Can Still Maintain Financial Independence – This is probably the most important reason for keeping things separate as it allows for both people to make their own money and do what they want with it. When there is a joint account, often times there could be arguments such as, “Why did you spend that much money on going out this week?” When both people have access to the account, there is less control on how the money is spent causing one person to get mad at the other on how the joint money is spent outside of their monthly bills.

Both People Can Take Financial Responsibility – It is good for each partner to be able to contribute financially on some level. Although it is easy to just split everything down the middle, this often times is not the case. By assigning certain monthly bills to each person to come out of their own individual account, this holds everyone accountable instead of relying on one person to be completely in charge of the finances. Although this can successfully work in certain relationships where one person is fully in charge, the downside to this is that if something happens to this person, this leaves the other person incapable of managing the finances on their own or at all.

One Person Makes Significantly More Money That the Other – If one person is making much more money than the other person, I think it is only fair for there to be separate bank accounts as the person who is making more should be entitled to be able to keep some of it for themselves as well. If everything is put together, the person who is not contributing as much could take advantage or feel a sense of guilt if they are unable to level up to their partners financially. When accounts are kept separately, this avoids potential problems or tension to build up over time.

There are pros and cons to everything including the subject matter of whether or not couples should have a joint or separate bank account. In the long run, the benefits of having a separate bank account typically outweigh the benefits of a joint account in today’s modern world, especially now where we live in a society where most households are two income households. Of course everything is situational in which it is important to have these conversations with your partner to see where each person stands on finances and what option is best for each partner.