Start With Savings To Achieve Your Financial Goals
You work hard to make money. You have expenses and you want to ensure financial security for yourself and your family. You love your family. You have responsibility. If you have no one to take care of, maybe you don't feel the urge to start saving that you feel now.
Even when you leave this world forever, you want your loved ones to live happy life. It is not just you, it is for the people you love and care about.
When you have a burning desire, you can set specific goals. Then you work and do your best to achieve that. Achieving financial freedom is your goal. You make money working for others or working for yourself.
After making money, the most important thing is how you manage your money. You definitely spend your money. So will you spend all the money that you earn? If you do that, you may go backward from your goals. You have to start with savings.
Prioritizing your expense can do magic. There are things that you don't need and you can live without them. In order to improve your finance, you have to take action and be consistent on that.
You should create a budget. It will include all your expenses and since you prioritize your expenses, you know exactly how you spend your money. Tacking expenses can give you a clear picture of your spending habits.
You may be surprised to see that you spend too much money on something that you do not need. You can spend the same amount of money on something that has more utility and fulfills your demand. When you have control over your expense, it gets easier to save money.
Instead of keeping money on hand, you can find opportunities where you can get interest. It will earn more while saving money. You may get little interest in keeping money in the back.
You can find better options in cryptos. You can convert your fiat currency into Stablecoins. In spite of the market movement, Stablecoins prices usually remain stable. You may get high interest in Stablecoins.
But you should be careful and consider the risk you are taking. For example, you will get 20% interest on UST. You also take the risk while putting your money on UST. What if Stablecoins fail to keep its price stable? Right now UST price just went below $0.70.
There is no alternative to doing your own research and analysis. If you feel comfortable with something, only then put your money there. It does not matter what other people think of something. What you get from your research and analysis, that matters most. You can check out HBD Stablecoin which gives 20% APR and it holds its price close to $1.
You start savings so that you can invest your money that will generate income. Your money will work for you and you will make more money. You can follow your investment strategy to make investments. No matter what you plan to do with your money, if you want to achieve your financial goals, it starts with savings.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
About Me
Hi, I am Rezoanul Vibes. I'm a content creator and passionate learner. I write about lifestyle, finance, martial arts, and digital marketing. I'm glad to meet amazing people all over the world.
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All things I need to do more of. This is the year for me to take control of my money instead of it controlling me.
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When we have money, we desire to get something. You think differently before getting the money. Let's manage our money so that we can use it to have a better life.
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I don't really budget things and I separate things into what is essential and what isn't. The essential stuff is things I can't change like rent, food, gas, and other things like that. The rest of the essentials end up staying there for a few days before I buy. If I still want it after a few days, then I get it.
As for investing, it took me some time before getting confident enough to put that money to work. Maybe it's because financial education isn't taught but I used to think that parking that money in a bank was enough. I did change over time and I don't mind investing for the future now though.
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The way you separate your expenses, that shows what is important and needed. There are fixed expenses that you usually cannot change and there are variable expenses that can be changed.
That's a pretty good idea to figure out what you actually need. You just don't buy something instantly out of temptation. Thank you @jfang003 for sharing your thoughts! :)
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Budgeting and examining all expenses is the way to build a business and a secure financial future. We pay taxes on income, not on savings.
So true. You have control. Your decision and action can change your financial situation.
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