Have you ever looked at a wealthy person and wondered what nuggets of financial information they have rolling around in their head? Most people with money have advanced to where they are in life by being extremely savvy with their finances. Here are a few tips that you should definitely know if you want to be money savvy too.
Name Brands Don’t Matter
Money savvy folks aren’t worried about designer labels or chasing brands. They’re focused on finding good deals. They’re also focused on finding quality items that will last for a long time. Quality over quantity is the motto for people who are excellent with their finances.
Experiences Over Things
Studies have shown that people who are money savvy prefer purchasing experiences over material items. They would much rather take a trip, go to a concert, see a movie or go to happy hour. These activities mean more than a material item you might want to show off. When you shift your focus away from buying the latest and greatest things, you’ll begin to rethink where your financial priorities should be.
Work with what you Have
No matter how much you make, you can still be money savvy. Part of leaning into a frugal lifestyle is working with what you have. An article written by Liz Knueven for businessinsider.com explains, “Rather than saying they can’t, people who are good with money see anything as a step in the right direction. Someone who is good with money would say, ‘If I can just save, even if it’s $25 a month, that’s better than nothing,’ rather than, ‘Why bother saving if I’m only saving $25 per month?’ It doesn’t take tremendous wealth to manage your money well — whether you’re saving $25 or $2,500 per month, anyone who’s good with money knows how to work with the wealth they have.”
Invest in Financial Help
Financial professionals are a tremendous asset to saving and building wealth. If you haven’t met with an accountant, financial planner or money manager, it’s time to do so. Those who value their money and want to continue to see it grow recognize that seeking professional help is an investment that will pay for itself in the long run.
Budgeting and Saving are Habits
If the word ‘budget’ is a trigger, you still have some work to do in order to become more money savvy. Those who have mastered this habit share how crucial it is to building and maintaining wealth. It’s automatic and ingrained into their day to day lives. It becomes routine. If you struggle with budgeting and saving, challenge yourself to improve. It takes practice and discipline to become great at both of these skills. Even if you don’t feel like you’re contributing much, continue developing these awesome habits.
Anyone can be savvy with their money. When you utilize the above mentioned tips, you’re working to ensure an abundant financial future.