How to grow your finances.

Hi,

Today I looked at the goals I made for 2021 and the one thing that topped my list and made me extremely excited was my money management improvement, my savings and flexibility towards earning and income channels. Too long, yeah, this is me saying I improved my money skills and earning channels.

In this article I will be talking whist sharing some steps I took to becoming better at earning money, saving money, how I kept money flowing and things I have learnt that will be implementedor are in progress for the next half of the year. Lets do a bit of back story, while growing up, I never had so much knowledge about what money should be or what money was, the good, the evil (knew about the evil from the religious end), but still there were things, basic things everyone should know about money. I was reckless with money and other vices but the top of the list was I did not understand what money really was or what it could do.

I learnt later as I grew but its best late than never and I put in conscious and daily effort to becoming better at my finances, staying through to my savings and other necessary things. I will be writing about few steps I learnt over the years that really helped me in achieving my goals and I am positive it will definitely help you.

1. Prioritize your spending.

    We tend to spend on unnecessary things, especially ladies, buying things we do not need or guys, buying clothes or gadgets we do not really need, I would understand if its work based but still putting things in order of priority helps you in keeping track of your expenses, not spend unnecessarily and have savings. There are certain essentials that we need to have for our daily existence and comfort, these things should be provided for adequately, and cut back on unnecessary expenses that you know you can and should leave out. 

 P.S If you can afford some luxury items and it wont disrupt your savings, emergency savings and other necessary save keeping, you are good.

 2. Have different channels of income.

      This is my latest favorite and one I am implementing at this moment. Heres how it goes, have different channels of income paying for different things. This is the most versatile thing that I know certain people have unlocked and is working well for them. You can have your earning from read.cash over a period of time pay for something and increases as your earnings increases. Having different income channels allocated to pay for certain needs is a good way to save stress on the main income source, lessen responsibility, enable smoother savings and lots more. This is gold I tell you.

 3. Keep emergency funds.

      Lets face it, being an adult is all about spending and spending, it is an endless loop. New and some urgent things spring up that needs to be taken care of almost immediately and most times, we cannot dip into our savings or borrow. This is where emergency funds come into the picture, having a stash for rainy days, cause it will definitely fall. I have read some rules on keeping 30% of your earnings for emergency funds but if you are not a salary earner or do not have a stable income, I suggest keep amounts you can afford, do not stress yourself unnecessarily.

I really hope some of these things I listed down helped you a lot, let me know your thoughts or if you have tried anything that worked well for you, I am eager to hear from you.

 Thank you.