Be in Control of your Money

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By Miguel Dos Anjos 

1- Spend less than you earn:
The key to prosperity is to live below your means. This rule applies if we make 30k a year or 80k a year. Our spending habits can get so crazy that a person making 80k or more does not have enough money for all of his or her expenses and somebody making 30k a year can have a retirement savings account and much more.
Understanding where your money is going allows you to know where you can cut. Together the latest gadgets, a new phone every 3 months, a newest (expensive brand) car or a huge house for example will break the bank. For sure some of these things are important to us, and we deserve to have them, but at what cost? If at the end of each month we feel like the rope is on our necks, stressing out with payments, the rewards for having material things starts fading away. Peace of mind and being stress free is more rewarding, than, having a big house we can't afford, to show off to people that do not even care. Not having the dream car today does not mean we can never have it. Adequate planning will get us there. 
Developing a budget will help stay on track and realize where money can be saved. For example; instead of buying that daily $5 Starbucks coffee, we can brew our own coffee at home or go for a more affordable option. Five dollars, five times a week, equals over $100 a month.

2- Allocate wealth:
Once on track spending less than we earn, we should start seeing cash flow coming in. This is the time to work on the emergency fund, having money saved that you cannot touch, remember it’s for an emergency; broken car, layoff, etc. 
Sorry, the new Marvel movie that came out or the Apple iPhone 12 will not qualify as emergencies.

3- When you can’t save anymore:
When you can’t save any more increase the amount of money coming in. 
Ask at your job for a raise or a better paying position or become more skilled increasing productivity, or acquiring a skill that will be higher rewarding.

4- Multiply savings rate:
Once running out of time, around 40 hours week, find ways to get the money to work for you. Here is where we need to educate ourselves, so we can invest on things we fully understand. Schools teach us so many things that many times we go our entire lives without using. As of today we do not get any financial education unless we take a business course in college.      
We study all our lives so we can get a daily 8 hours job that will pay our bills, but beyond that we need to educate ourselves on how to use the result of that 8 hours daily work to our benefit, instead of just blowing that money away.
Becoming knowledgeable allows us to develop strategies and investments that will grow the money, such as a high yield account or money generating assets.


I’d love to hear from you. Let me know what was it that you did or intend on doing to cut down expenses to help  you achieve your financial dreams. Was it that expensive cup of coffee, or changing a movie night for streaming night?

My video on this subject: Be in Control of Your Money!

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