Unleash the Money Guru in You

kai

1 March 2007

Economics, Home & Household, Maturity

8 views

No Comment

Print This Post

Admit it—money doesn’t come easy these days. Impulsive spending, bill payments, clubbing and partying, shopping sprees, and car maintenance can burn lots of holes in your pocket, it’s almost impossible to scout for another source of moolah or at least live on a tight budget. Well, fret no more, for here are some tips for the financially-challenged and financially-dependent alike:

1. Make it a habit to set aside at least 10% of your allowance/salary.
This applies to both students and working people. Setting aside a reasonable percentage of your money—be it your allowance or your salary—will shoo the rainy day blues away.

2. Plan ahead of time.
Whether you plan to visit Bangkok next summer or to go clubbing with your friends this weekend, it is important to set up a fund for that getaway as early as possible. This will eliminate the possibility of blowing up that chunk of budget which is really intended for your dental check-up you have scheduled last week.

3. Where have those garage sales gone?
Keeping stuff which are still in good shape but obviously do not fit you anymore or things which you haven’t used for quite a long time, do not need to take up space in your house. Come on, you have a dozen picture frames and a gazillion dinner wares, so what are those age-old crystals in the cupboards doing there?

4. Savings-savvy, not salon-savvy.
Women are vain. That’s a universal truth and nobody would dare argue with that. But vanity can be ugly if it drives to you the brink of your financial sanity just to get through that habitual salon visit. Manicures, pedicures, and foot spas are salon services which can actually be done at home—if you have the proper skills, that is. Investing on a good Revlon manicure/pedicure set, in the long run, will come out cheaper than to have your fingers be pampered professionally. Exfoliating scrubs too are readily available, so you have no excuse to cancel next month’s salon appointment.

5. Open an account when you have saved enough.
Many people who are already members of the job force still have not set up a bank account for themselves. The 10% savings you made in #1 can easily be swept by temptation, so might as well put it in a safer, interest-earning place. Make it a rule that this account shall only be touched in times of emergency.

6. Squeeze money from things you are good at.
Well, your varsity basketball days can pay off, after all. Why not apply as a coach at your local neighborhood or even at your alma mater? Missing those cheerleader moves? High schools might be needing your services as a choreographer! Just because you have graduated doesn’t mean you can’t go back to your first love, right? You’re back to what you love to do and earning money at the same time! Can it get any better than that?

7. Think twice, thrice, not fries
Be it food or things, whenever you buy anything, think thrice before doing so. Always ask yourself questions like: (1) Do I really need it? (2) Is the price reasonable? (3) Will it be beneficial to my health? (4) Can I maximize its use? (5) Can I save more in the long run?

When it comes to food, always talk out cravings with yourself. You know that that whole blueberry cheese cake will add to your hips later on, so why not go with just a slice instead?

There also comes the hole-burning vices. Take for example the very infamous cigarette. If you will only take time to compute the amount you spend on that life-snatching pack for one year and take time to consider its long term effects, then you might discover how rich you can become if you ditch the habit—in terms of money and of health.

8. Movie freaks can be businessmen too.
Come on, you know that you won’t watch that Pirates of the Caribbean DVD again even though it has the gorgeous Johnny Depp in it. Lots of movies are coming out and you find yourself buying a new DVD every week! So many movies, so little time! You can sell your once-only-viewed DVDs for less. Or, if it breaks your heart seeing your Pirates Collection being sold, why not just have it for rent?
These are only a few things you can do in order to give your wallet its much-needed resuscitation. You just have to toy with your creativity for a while and look at the things around you to get that financial vibe back to its good shape again!

You can leave a response, or trackback from your own site.