Money is a bitch.
One minute it’s all flowing nicely; you’ve got money in the bank, you’re making extra money on the side and you got a bonus at your day job. You feel like you are on the right track.
The next minute you get your credit card bill in the mail, an unexpected expense came up, some automatic payment you forgot about caused you to overdraft, your bank is charging you 30 bucks for said overdraft and you haven’t had time to make the side hustle work for you.
Believe me, it happens.
When things start to go awry in the money department we can get very stressed out very fast. Granted, some people are okay with being thousands of dollars in debt, others (like myself) cringe at having any sort of balance on the AmEx. But for the most part, money scares the shit out of people.
The truth of the matter is this: we have to remind ourselves that we are in control of our money before our money turns around and controls us.
Complaining about not being able to save? Cut back on the frappuccinos.
Saw some weird charge on your statement? Call your bank ASAP.
Wondering why the balance on your credit card never seems to go down? Try paying more than the minimum payment.
Granted, as someone who is trying to make a business profitable, investing in some hefty training and short on time for the side hustling these days – I understand that the money factor is more complicated than just saving a few bucks here and there; but we have to start with the basics before we dive into how much money we want to make and what our purpose for it is.
First we need to figure out our shit as it stands right now.
How much do you have coming in from your day job?
How much do you have coming in from a side hustle?
How much are each of your bills? Telephone? Rent? Car? Gas?
What are you putting on credit? (Break this one down into categories so you see exactly where your money is going)
How much do you have left over?
Then we need to look a bit at our money personality.
Are you spending money before you have it? (BIG ONE!)
Are you comfortable with debt or are you more risk averse?
Do you spend money on things you don’t actually need?
Do you spend according to your emotions?
Do you make it a priority to save?
Simply take note of your behavior and then start to rework it to your ideal. For instance, if you’ve noted that you spend money before you have it, keep your credit card locked in a drawer. If you spend money on things you don’t actually need, wait a few days before touching your new paycheck. If you’re an emotional spender, take a step back and recalibrate before spending money. If you don’t make it a priority to save, come up with a savings plan that works according to your budget.
At the end of the day our money doesn’t have to be funny and we don’t have be stuck in the cycle of make and spend. By reworking our financial habits we can cultivate wealth in a number of ways, and it all starts with baby steps.