“The way to stop financial joyriding is to arrest the chauffeur, not the automobile.”
~ Woodrow Wilson
You can find financial advice from every corner of the globe. Everywhere you look, someone has one trick or another of the trade to make your finances grow. Almost all of the time, the financial advice costs you an arm and a leg, and never works.
Many people choose to get rich by promising others a too-good-to-be-true finance scheme which is drenched in empty promises. Why do these schemes still work in the digital age? Surely people have caught on to the fact that if something sounds incredible and far too simple that it’s usually a waste of money and time. They work because a large percentage of the world population want to be wealthier than they are.
If there was a way to effortlessly grow your wealth, wouldn’t you take it? Many people would answer yes to this question. Unfortunately, money does not grow in trees, fall from the sky, or turn into billions by buying into a scheme. There are ways to make your money work for you though. The three most successful methods are the ones that we will discuss now.
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Successful Money Method #1 – Know All the Details
How aware are you of your financial position? Are you aware of the interest being charged on your accounts? Do you know which grocery store is cheaper in the long run? Do you live day-to-day, or do you plan your shopping ahead of time? Are your bills actually correct or do you have to scrutinise them every month to ensure that you are paying for what you have received?
So many people simply pay and never look at the finer details, they never question if an amount seems a little out of place, and never shop around to find the best bargains for their money. This is so important if you want your money to work for you.
You need to make sure that you place those hard earned rands into places where you are really benefiting. You also need to know your money. Understand what interest is being charged by your bank, and if it is higher than another bank, move. Comfort zones are a difficult thing to leave but remember, just because a bank says it’s the cheapest, does not mean that it is. Look at everything, and always be on the lookout for where your money can grow better.
Successful Money Method #2 – Plan Everything
Budget, plan and become the master of your money. Planning only benefits you. Budgeting is planning, it’s keeping a watchful eye on your money. Planning also prevents you from making decisions which will hinder the growth of your finances. If you plan your days and budget your money, there will be nothing but extreme emergencies that can throw you off. If, of course, you are in the habit of planning, you would know to begin an emergency fund. This means that not even an emergency can throw you off target.
Planning also means that you organise outings, holidays, and extracurricular activities well ahead of time. You make sure that you place these in the budget and that you are not taking money from something like a debt repayment. This way you are certain about your expenditure, and you are able to enjoy life, knowing that you have control over your money and not the other way around.
Successful Money Method #3 – Take Emotion out of the Equation
Many money decisions are emotional. It is because of these emotional decisions that so many South Africans are in financial predicaments with debt. And many have difficulty gaining control over their finances again.
Emotions cause financial chaos. You need to be realistic and logical about your money. It may sound a little cold, but if you do not have money to give to the charity standing at the Checkers, then don’t. If it means that you will suffer at the end of the month, you cannot assist someone else. You need to look after your own financial position first, then you can help the world as you see fit.
The family member, friend, colleague, or person at the robot does not have control over your finances. However, when you allow emotions to take over, you are handing the control over to someone or something else. Guilt is a massive money thief. It allows you to make debt on behalf of someone else with nothing but a promise of repayment. At the end of the day, it is you who is responsible to repay this amount, no one else. Money should be handled by logic and never by emotion. Logically look at your finances and become the master of your money!
Your financial position in life is a serious aspect of your existence. It can make or break you. Mastering your finances is paving the road to achieving your financial goals. Of course, while we are on the road to mastery, we may need financial relief to get us there. If this sounds like your position, then contact us to see how we can be of service and lessen the impact of those monthly debt repayments on your budget. If you liked this content, why not sign up to our newsletter where you get a weekly email jam-packed with the greatest financial tips and tricks to grow your wallet.