Hey there, so, picture this – a mate of mine was having a good old vent about money stuff. She’s been grafting for like forever, making decent cash, but it’s like the money’s pulling a vanishing act. Sound familiar? Well, fret not! There are some nifty tricks to bossing your money game. And hey, just ‘cause they’re simple, doesn’t mean they’re a walk in the park!
To jazz up your money mojo, you gotta tighten your belt and then go on the offensive.
Check out these 5 Essential Money Hacks for Young Pros that’ll turn money management from a snooze-fest into a total blast!
Set a Goal & Make a Plan
Dream big, start small, and take action now. Figure out what you want in life and what you need financially to make it happen – whether that’s reaching complete financial freedom, ticking off your bucket list, or repaying your parents that hundred quid you borrowed. Keep in mind, money is a tool for your goals, not the goal itself. If you’re facing debt, tally up what you owe, set a timeline to clear it, and calculate how much you need to repay each payday to make it a reality.
Pay yourself first
Paying off debt is awesome, but remember, paying yourself comes first! Us humans often spend, save a bit, and invest last. The hitch here? There’s hardly anything left for saving, let alone investing! The trick is to flip the script – save first, invest next, and spend last. Aim for putting away 20% of your pay into savings and investments (that’s the ticket to funding all your dreams). Even if you start small, it works wonders! This strategy does three cool things – builds a safety net, sets you up for future investments, and shifts your money mindset to boss mode.
Invest in yourself
Let’s shift from ‘playing defense’ to taking the lead! Elevate yourself by boosting your skills and earning potential. Dive into courses, classes, books – anything that enhances your work or hobbies. Learn about money and investments to build a strong foundation. Consider a coach or mentor for a speedy success track. Save a bit from each pay into a special fund – even a small amount can kickstart a book-a-week habit. This could be your top-notch investment move!
Automate
Once you’ve sorted the above, let’s get automatic! Allocate a % from your earnings to zip straight into your savings, investment pot (yes, like your super fund), and a special ‘personal growth’ stash. Sort out your debts by automating payments from your bank, all scheduled for the day after payday. Create a nifty account for munchies, bills, and rent (if you’re a renter) – set aside a fixed sum from each pay to cover it all. With this in place, you’re free to enjoy the rest of your money while your finances ride smoothly on autopilot.
Reward yourself
It took me a bit to figure this out, but we can push ourselves further by celebrating the little wins along the journey, not just at the finish line. Those small rewards really do the trick – mark mini milestones on your way to the big dream and treat yourself a little (but no swiping those credit cards or After Pay antics!).
These steps are kept simple for a good reason. To master anything, it’s about doing a handful of things a whole lot of times rather than dabbling in loads of things just a few times. The same goes for handling your cash – nail the basics, and you’ll be the boss of your finances, checking off those bucket list items in no time!
