How To Take Control of Your Finances

A lot of people among us are not rich. And the reason behind that could be that you are limited on finances. And you are also not taking care of the savings.

Like this there could be many reasons you are not financially rich or in control. So you have to focus on the finances in such way that you have some sort of mental and the financial control over your money.

The thing that you would have to learn through this phase is that you end up with the better savings, better practices on spending the money, better control of the finances in overall well being.

So here I wish to take control of the finances and I wish to share that process with you. So the tone would be like instructional in nature so anyone apart from me reading it would find it informative.

Let's take a look at some of the practices to take control of the finances.

Add More Earning Sources

You will feel that lack of the earning sources is what contributes to not having the control over your finances. So let's assume you only have one source of income.

So how would you run the house if you have only one income or earning source? how would you have family, medicine, other expenses along the way? How do you manage that?

When you add more earning sources. You can give the direction to those earnings sources for the expenses or spending. So this way each earning source has a task to do as well.

So make sure to add more earning sources. Make sure to plan those earnings sources for your expenses and the sources for spending. That way you would learn along the way.

Assign Task for Every Income Source

Let's say I earn some money from the crypto. I make sure to save this money into mutual funds or say buy land or spend it on the stock market.

By assigning the task to that money. That money is now slowly moving and working towards giving you some sort of the return. So money should have a functionality like that.

Say when you invest into the dividend stocks, the money slowly keeps moving and also the income continues to come into the bank account. So this way the income source continues to move in.

So when you want to do this long term, assigning the income source with some sort of the task is a necessity. That's what most of the people do when it comes to the income source and management of the money.

Spend the Interest, Spend What's Left

When you start with the savings first, investment second, you will be left with some trickle of money. And that is the money you are supposed to spend. That's what the job of money is there.

Spend the money only which is you're supposed to be spending and what's left of it from your savings needs to be managed properly too. This way you don't spend it on wrong things.

Find out your expenses and the splurge habits and find out where you can invest the right way. That's what would give you a form of direction where the money needs to go.

So always spend the interest and use it to do the movement of the money that is going to be happening from onwards. Spend only what you can let go without damaging your savings and the investment.

Grow Your Money

How about you learn the habits of investment? That is the part we have not discussed as of yet. How about we work on the things that grow our money in the process?

Like why not invest into the dividend stock? Why not invest into the crypto? How about delegate or stake your funds in the system where it earns some weekly, monthly or yearly return?

That's how you grow your income and it should be helping you get out of the money stress and also make sure to build your overall foundation that could help you along the way.

What do you think?

This is just my cut-throat approach for the saving, investing and growth of the money. The job is basically to get out of the financial limits that we end up into by not doing investment.

I'd love to know your approach on this, do post in your comments :)