So, it is finally the time to get your paycheck and you have already planned out how you are going to spend it all. Well, if you do that every month, we are sorry to say that you are one of those men who are not spending money wisely. Your earnings are not just about making your ends meet. Your life can get much easier when you have good financial skills. No, you do not need to be great at mathematics for it; just a bit of addition and subtraction is required for it.
How you spend your money impacts your credit score and the amount of debt you end up carrying. Struggling with money management issues leads to living a life where you are living to paycheck per paycheck and no savings. The truth is that even if you are well off and making a lot of money, it does not mean that you will be equally happy as well. A study published in the ‘Nature Human Behaviour’ by Purdue University acknowledges that for emotional well being, earning beyond $75,000 does not make much of a difference. Similarly, spending money does not correlate to your happiness either.
If you are one of those men who has no clue about managing his finances and spends money without thinking twice, you are at the right place. Have a look at the different ways of how you can spend money wisely:
Draw a Budget
Most men do not take the pain of drawing a budget for their finances, thinking that it is a boring process and just spend without giving it a second thought.
Whether it is a car they plan to buy, an engagement ring for their partner or something as small as headphones, they just go for it and then regret later when they are out of money. The best way to not let that happen is to draw a proper budget, listing out expenses, adding up numbers, and making sure everything lines up. This is quite important for a man if he is bad with money and spends it all without a thought. Spending a few hours of working a budget every month will only help you save some money as well as track your finances at the same time. Paying your bills will not be a hassle for you anymore.
Set a Limit for Unbudgeted Spending
Once you have drawn a budget for your finances, saving money will not be an issue for you and every month you will be having some extra money for fun and entertainment. However, this does not mean that you spend all the saved money on the recreational activities and save nothing. You need to set a limit while spending money on such activities so that you are able to save and invest as well. Going on a solo trip to New York? Set a limit. Want to go skydiving? Set a limit. This is how you will be able to save money while enjoying your life as well.
Save for Big Purchases
Most men would opt for taking a loan when they are making a big purchase such as buying a house or a car. However, that is how you end up in a bad debt and are perhaps never getting out of it. If you do not just want to make ends meet and want to stick to your budget, then it is very essential that you save up for such big purchases. We would never say that you do not make such big purchases. We do not imply that. However, suddenly going for that SUV out of nowhere, will land you in a huge debt. Plan it out and start saving up for that big purchase and in some time that dream car will be yours.
Start Investing Money
When we talk about spending money wisely, it is not just about avoiding the unnecessary purchases but also investing the money that you have saved up to reach your financial goals. Saving money is fine, however, if you are not investing it well, it is not going to help you out later on in life. There are a lot of ways of investing money that you can opt for. One of your options is gold, while the other option is real estate. Apart from that, you can go for stock market, mutual funds as well as Fixed Deposits. Do your research and then choose one or even more than one of these options to invest your money wisely.
Do not Try to Impress Others
Most men usually make expensive purchases to impress other people. Whether we talk about fancy cars or branded clothes, all of these are usually bought by men to impress other people, which is certainly not required. This is a trend which has taken over almost all the men in society. Most men believe that their branded suits and luxury cars will impress others, however, it takes a toll on their finances. No matter how well off you are, spending money to impress others should not be your aim.
Money is earned after a lot of hard work, sitting in the office for hours, listening to your boss’ demands. Spending it all over things which are of no use is just wasting money and money should be respected, not wasted. One should not forget how essential it is for survival in today’s era.
If you follow the above given tips, you will certainly be spending money wisely, while saving a good amount and will be able to enjoy your life as well. So make sure you keep these tips in mind and do not spend money without giving it a thought.
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