Topic: Share your Money management strategy - page 3. (Read 1304 times)

People learn the money management techniques with the passage of time. Some people are miser by nature and they save and invest.
While the other people are more into technology and they like buying stuff which is not important - in both the case people have different mindsets and techniques. But the best is to have financial freedom as mentioned above.

Your advice is good, but it looks very ordinary to me because for now I am still running a strategy by working in two places (trading in crypto exchanges and also trading in traditional markets) at the same time in order to earn extra income. And it still allows me to be able to enjoy my time and also still allows me to buy things that I like with certain needs. Being too frugal can also torture yourself by limiting every desire you need.

It's just part of money management that you need to cut down your expenses and remove unnecessary things that you buy within your budget.

That's part one but if you can't cut them down then you need to improve your cash flow and add more source of income for you to sustain those things that you are not willing to cut down.

You choose with any of them and what you can afford to do. It's effective and if you're the type that you're not going to decrease your way of living, choose the latter.

The only thing one can focus on these days is to get finical freedom by cutting down extra expenses and focusing on the needful items only.
The best approach is to find the way of passive income and get some extra money to pay your bills and other expenses.

Each of us does have that luxurious desires but it would really be not bad if you have made yourself reach into the point which you dont have already that financial problem or does mind off on how to survive yourself on daily living or simply you do have everything or you could able to provide and sustain yourself despite of the inflation that we are experiencing.Its not bad to purchase those things but of course you should be
aware of on the things that could happen if you do buy too much without any plans of other sources of income.If you could sustain those spending then its good but if it do gradually kills your finances
then thats the worst decision that you had ever made because if you dont know on how to manage your finances well then expect the negative outcome that could happen in the future.

We got no choice but to manage our funds with the best that we can because the inflation rate is continuously increasing. We can mostly afford only our needs over our wants. Surviving this inflation is getting harder as days pass by so we really need to manage our finances the wisest way. We have to prioritize investment over our luxurious desires.

Once I got an advice from some - he said - take care of every penny and dollar will take care of you.
We ignore the small leaks in our wallets which make a big loss later. So try to take care of all the unnecessary purchases and you will be fine

My money management strategy changes with the time. Now we have reduced the purchase of clothes and shoes and decorative items. And only focus on the necessary items. The prices are reaching to the highest level and the people are very upset.

Yes that's right I think that's good advice and maybe we can apply it to save expenses,
sometimes it is difficult to reduce expenses and it usually comes from things that are not really important,
but what is clear is that everyone has their own way of managing finances wisely

It is indeed better to re-correct expenses if they are not needed, where without it we can still carry out normal activities, if we pay attention to the fact that the funds to fulfill a desire do not feel when they are spent, and finally we realize that expenses have swelled. I feel like I'm in this position after getting married, because right now I'm limiting my spending, just like I used to change motorbikes a lot, even though it's a shrinking asset.

Even with the slightest thing that you've been dealing with or trying to maintain would really be having those kind of expense which you arent that expecting for becoming relevant or big on yearly basis.

If you arent really that mindful about your spending and expenses you would typically spending on something but since these things are part of your wants or necessity then it wont really be that

much of an issue but if  you are really that eager or serious when it comes to cutting spending or expenses then you would really be mindful about this part.

Having an emergency fund is a common thing to do. I've heard it all from the finance experts as they say and it is what they're highlighting at most times. The span of emergency fund that one should have could be like 3 months worth of his salary but the majority that I've heard said that it should be 6 months worth of your salary. And the situation should be even if you don't work, you're going to last with that money until the said period of time. Buying unnecessary things will get you nothing, if it's like a craving or just something you want to have but you have no purpose or urge of using it, you're not spending wisely. That's why those subscriptions that you don't really use, cut them off and they're just sucking your money monthly. Instead of buying magazines, it's worth it buy a book that you're going to read and if it's related to finance and money matters, that will help you how to save, spend and invest better. It's just a matter of priority on what you must buy, it's okay to spend for things that you don't really need but don't do it at most times. Sometimes all you need is to reward yourself and you know it when you must spoil yourself, be it a hobby, an item, a collection or anything but you must save to buy it or use your profit from other source of income to buy that thing.

I work for a credit repair company and one good piece of advice she gave me is to create and emergency funds.
And remove all unnecessary expenses from life. Be it TV subscriptions or magazine which you buy and not read. This too was very helpful and i save some extra bucks.

After several months of such app usage, you will be amazed how much money you spend on crap or things you have bought under emotion. I was amazed when I found out, that I spent about about +1k EUR every year on a car even if wont drive it. Insurance, two parking spots (home and work), maintenance, tax - just because I own a car and I see in my window... This is just one of examples. Same goes to video games. I have completely cut my expenses on buying games physical copy, switched to buying digital or exchanging games. The amount saved is used for BTC purchase and holding.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

We have the same thoughts. Money management includes proper allocation of budget. While the budget may include the fund allotment for buying cryptocurrency, it shouldn't only revolve on that. Money management in general is the the process of weighing in the money you generate and the money you will spend. It also tackles about the ways how you save and invest.

This is really important and should be taught to anyone as much as possible, at a young age. That way, the values and knowledge will be instilled early on and will be practiced sooner.

It would be too rude to call that stingy and perhaps it would be more accurate to save expenses
I think we should be wise in managing money and use the money to buy primary needs,
Saving may be one of the things that need to be done now to think about the future

Money management and tired of going out are two different things but they have the same concept of not spending your money. lol
Not really the COVID that's stopping us to go out but the crisis in foods/stocks happening plus the lockdown that will make you to conserve food as much as you want due to restriction. Although it's a good thing that you can save it and not spend it to some leisurely life but money management should be the first you should do when in crisis. The crypto market also is starting to suffer from bear trend but it's not the end yet.

I think when it comes to money management, proper budgeting and allocation for each expenditure should be taken into account. Managing money does not equate to purchasing different cryptocurrencies at once even it may look like you are diversifying your portfolio. By managing your money properly, you know inherent nature, the research, and the background of each cryptocurrency that would support and help you when to cash them out in case of a contingency plan.

While the plans and techniques provided by OP are very useful, it is important to note that managing money does not equate to success in every way but it definitely contributes to proper allocation and expenditure.