Talking Openly

An open discussion about money is crucial. Talk about what your families were like when it came to money, what are your long-term goals, and what are your values. These talks will lead to developing your budget in a way that benefits you both.

Joint Accounts

While more and more people decide not to join all the finances in marriage, having a joint account for rent, groceries, utilities, and vacations can help you both feel better about budgeting money as a couple. It doesn’t have to be 50/50, you can do it proportionally based on individual incomes.

Planning for Emergencies

Couples who have some money left for emergencies tend to feel more relaxed and secure. Prioritizing this type of saving over reckless spending is incredibly important for every couple. They know they can count on each other in case anything unpredicted happens. 

The post 3 Money Habits Happy Couples Share appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

It’s clear that the priorities are changing as this unpredictable event unfolds. You probably aren’t buying new shoes now, but what if you’ve been thinking about getting a car or a house before all this happened? There’s really no one answer that fits all; it totally depends on your situation.

In case you lost your job or are unable to run your business at the moment, thinking about purchases will only make you more stressed. Instead, focus on the basics like food and bills until the situation gets better.

In case you’re in a better situation and still have an income and perhaps something saved, you can be tempted to reach for retail therapy and make online purchases day after day. It’s okay to order something you really need, but don’t make it a habit.

Be realistic with what you can and can’t do right now and don’t stress yourself out by setting the priorities wrong. And when this is all over, you’ll be glad you’re not in debt.

The post How Safe Is It to Spend Money Right Now? appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Consider the Worst Scenario

This doesn’t mean you should let panic and anxiety take over your life. It means that you don’t have to be afraid of what might happen. Try the psychological technique called exposure therapy: think about the worst possible outcome and ask yourself what would you do if that happens. You’ll probably realize that there are many options at any point.

Reevaluate Your Spending Habits

Are you regretting some non-essential purchases you’ve made in the past? Don’t dwell on them, but think about how you can change your spending habits in the future. This is a great time to reevaluate your priorities and create life and financial goals.

Practice Gratitude

Go through your possessions and organize them. You’ll see that there’s plenty to be grateful for. Use what you have and be extra careful when you want to buy something new that’s not essential for your life.

The post Worried About Finances in the Time of Corona? appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Not Knowing When It’s Okay to Spend More

Saving and living frugally can be great, but if you pinch pennies everywhere, you may have to pay more in the future. For example, not paying for a dental intervention can cost you a lot in a few months when the problem becomes bigger.

Living From Paycheck to Paycheck

Never spend everything you have before the next paycheck arrives. Having a savings fund is a crucial thing for anyone’s financial health.

Not Investing In Knowledge

Taking a course and learning something new may not bring you instant gratification, investing in knowledge is much more important than buying a new bag or a pair of shoes, no matter how pretty they look.

Procrastination

If you’re not a stranger to spending countless hours on your sofa mindlessly watching Netflix or scrolling through social media, you’re losing valuable time that you could put into working extra hours or learning a new skill.

The post Habits to Avoid If You Don’t Want to Save Money appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Plan Ahead

Wandering through a shopping mall or mindlessly browsing your favorite online store can be fatal for your financial health. The key is to plan what you need and then look for those very items and avoid impulse purchasing things you don’t actually need.

Focus on Classics

It’s always a good idea to invest in classic pieces that will never go out of style rather than buying the latest trends you will only wear once or twice.

Watch the Sales

A sale can be a good thing if you use it to get the pieces you already wanted, just be careful not to fall into the trap and buy unnecessary things just because they are cheap.

Shop Out of Season

Whenever you can, shop outside of season. Everything is usually cheaper and you can get more value for your money.

The post The Best Tips for Smart Shopping appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

They probably didn’t live together as a couple before marriage and didn’t feel the need to. That’s why moving in with your partner is a smart move and these are the 3 most common financial mistakes you should avoid.

Lack of Communication

You should have an honest money talk and make sure you’re on the same page before making this decision. What will happen when you join your budgets?‌ Will you save or spend? Does either of you have any debt?‌ What about the future, the retirement?‌ Discuss it!

Dividing Expenses

The ideal case scenario says that you’re both working and making approximately the same, so you divide the expenses in half. But what happens if one of you is starting a business? Or one makes significantly more than the other?‌ How will you divide the expenses then?

Joint Account?

You may be tempted to just put all your money into one account and share it, but this is a risky move. It’s generally better to have a joint account you will use for bills and other shared expenses, but each of you should be able to control the rest of your own money individually.

The post 3 Common Financial Mistakes People Make When Moving in Together appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Impulse buying is destroying your wallet and your mental health, especially if you should be saving or putting that money toward something else so you keep giving yourself a hard time whenever you spend something. If you’re constantly on the look for the next thing to purchase, a no buy challenge may be the right thing for you. Here’s how to break it down to doable steps so it doesn’t get overwhelming.

Don’t Wait for Next Month

For starters, most people do a no buy month, but you don’t have to wait for the next month to begin in order to start. Just pick a date and challenge yourself not to buy anything for 30 days.

Browse Your Stuff

If shopping is a habit of yours, you’ll probably feel tempted to shop multiple times during your no-buy month. When you feel that urge, go through the things you already own and you’ll probably find something you forgot about so it will be as if you got something new.

Focus on Long-Term Goals

It would be too easy to spend the money you just saved on something else rather than shopping, such as dinners out, right? Don’t fall into this trap. Stay motivated by setting long-term goals that will be easier to achieve if you stay disciplined.

The post Are You Ready for the #NoBuyChallenge? appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Rich people have a shared trait we should all adopt – they know exactly where their money comes from and where it goes. Without planning the spending, it’s easy to blow away all the money you have before the next paycheck arrives. That’s why you need a perfect balance between saving and spending.

https://www.instagram.com/p/BicM289B3Ve/

Here are the spending habits of people who save.

• They know the difference between needs and wants. Setting the priorities straight goes a long way. When thinking about buying something, always consider if you really need it or you just want it.
• Budgeting is essential if you want to save and still spend on the things that matter. Track your spending and set a budget for the future. Plan in advance. It’s much easier to set aside a smaller amount for Christmas gifts every month than to go crazy in December.
• Use cash whenever you can. You will be much more aware of the money you spent on something when you actually have to physically count it and hand it to the cashier on the register.
• Use the 30-day rule: when you find something you want to buy, snap a photo of it and walk away. After a month, when you browse your gallery, it’ll be much clearer which items you still want and which would just end up collecting dust if you had bought them impulsively.

The post How to Spend Money When You’re Trying to Save appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Pay in Cash Whenever You Can

When you’re used to swiping cards at every purchase, it can be difficult to understand how much you are really spending. Giving cash makes you more aware of how much stuff costs.

Don’t Obsess About Your Investments

You got some extra money and decided to invest it in some stocks. That’s great, but don’t obsessively check the market every few hours. Three times a week is plenty.

Spend on Experiences Rather Than on Things

It’s scientifically proven that spending on experiences is making you happier than spending on stuff. You’ll be left with a lifetime of memories if you invest in some fun times, but the new, shiny things you buy become old and boring very quickly.

https://www.instagram.com/p/BlEMvD9FHKE/

Consult an Expert

It may cost you some money up front, but a financial expert can help you make the most out of your money, so it’s worth a shot.

Budget In some Splurge Money

After you’re done budgeting the housing costs and groceries, set some money aside for splurging on things that make you happy. You don’t have to spend it every month; let it accumulate and have some crazy fun in a few months completely guilt-free!

https://www.instagram.com/p/BlFZAkon8Ga/

The post 5 Ways to Feel More Relaxed About Money appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Talking Openly

An open discussion about money is crucial. Talk about what your families were like when it came to money, what are your long-term goals, and what are your values. These talks will lead to developing your budget in a way that benefits you both.

Joint Accounts

While more and more people decide not to join all the finances in marriage, having a joint account for rent, groceries, utilities, and vacations can help you both feel better about budgeting money as a couple. It doesn’t have to be 50/50, you can do it proportionally based on individual incomes.

Planning for Emergencies

Couples who have some money left for emergencies tend to feel more relaxed and secure. Prioritizing this type of saving over reckless spending is incredibly important for every couple. They know they can count on each other in case anything unpredicted happens. 

The post 3 Money Habits Happy Couples Share appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

It’s clear that the priorities are changing as this unpredictable event unfolds. You probably aren’t buying new shoes now, but what if you’ve been thinking about getting a car or a house before all this happened? There’s really no one answer that fits all; it totally depends on your situation.

In case you lost your job or are unable to run your business at the moment, thinking about purchases will only make you more stressed. Instead, focus on the basics like food and bills until the situation gets better.

In case you’re in a better situation and still have an income and perhaps something saved, you can be tempted to reach for retail therapy and make online purchases day after day. It’s okay to order something you really need, but don’t make it a habit.

Be realistic with what you can and can’t do right now and don’t stress yourself out by setting the priorities wrong. And when this is all over, you’ll be glad you’re not in debt.

The post How Safe Is It to Spend Money Right Now? appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Consider the Worst Scenario

This doesn’t mean you should let panic and anxiety take over your life. It means that you don’t have to be afraid of what might happen. Try the psychological technique called exposure therapy: think about the worst possible outcome and ask yourself what would you do if that happens. You’ll probably realize that there are many options at any point.

Reevaluate Your Spending Habits

Are you regretting some non-essential purchases you’ve made in the past? Don’t dwell on them, but think about how you can change your spending habits in the future. This is a great time to reevaluate your priorities and create life and financial goals.

Practice Gratitude

Go through your possessions and organize them. You’ll see that there’s plenty to be grateful for. Use what you have and be extra careful when you want to buy something new that’s not essential for your life.

The post Worried About Finances in the Time of Corona? appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Not Knowing When It’s Okay to Spend More

Saving and living frugally can be great, but if you pinch pennies everywhere, you may have to pay more in the future. For example, not paying for a dental intervention can cost you a lot in a few months when the problem becomes bigger.

Living From Paycheck to Paycheck

Never spend everything you have before the next paycheck arrives. Having a savings fund is a crucial thing for anyone’s financial health.

Not Investing In Knowledge

Taking a course and learning something new may not bring you instant gratification, investing in knowledge is much more important than buying a new bag or a pair of shoes, no matter how pretty they look.

Procrastination

If you’re not a stranger to spending countless hours on your sofa mindlessly watching Netflix or scrolling through social media, you’re losing valuable time that you could put into working extra hours or learning a new skill.

The post Habits to Avoid If You Don’t Want to Save Money appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Plan Ahead

Wandering through a shopping mall or mindlessly browsing your favorite online store can be fatal for your financial health. The key is to plan what you need and then look for those very items and avoid impulse purchasing things you don’t actually need.

Focus on Classics

It’s always a good idea to invest in classic pieces that will never go out of style rather than buying the latest trends you will only wear once or twice.

Watch the Sales

A sale can be a good thing if you use it to get the pieces you already wanted, just be careful not to fall into the trap and buy unnecessary things just because they are cheap.

Shop Out of Season

Whenever you can, shop outside of season. Everything is usually cheaper and you can get more value for your money.

The post The Best Tips for Smart Shopping appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

They probably didn’t live together as a couple before marriage and didn’t feel the need to. That’s why moving in with your partner is a smart move and these are the 3 most common financial mistakes you should avoid.

Lack of Communication

You should have an honest money talk and make sure you’re on the same page before making this decision. What will happen when you join your budgets?‌ Will you save or spend? Does either of you have any debt?‌ What about the future, the retirement?‌ Discuss it!

Dividing Expenses

The ideal case scenario says that you’re both working and making approximately the same, so you divide the expenses in half. But what happens if one of you is starting a business? Or one makes significantly more than the other?‌ How will you divide the expenses then?

Joint Account?

You may be tempted to just put all your money into one account and share it, but this is a risky move. It’s generally better to have a joint account you will use for bills and other shared expenses, but each of you should be able to control the rest of your own money individually.

The post 3 Common Financial Mistakes People Make When Moving in Together appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Impulse buying is destroying your wallet and your mental health, especially if you should be saving or putting that money toward something else so you keep giving yourself a hard time whenever you spend something. If you’re constantly on the look for the next thing to purchase, a no buy challenge may be the right thing for you. Here’s how to break it down to doable steps so it doesn’t get overwhelming.

Don’t Wait for Next Month

For starters, most people do a no buy month, but you don’t have to wait for the next month to begin in order to start. Just pick a date and challenge yourself not to buy anything for 30 days.

Browse Your Stuff

If shopping is a habit of yours, you’ll probably feel tempted to shop multiple times during your no-buy month. When you feel that urge, go through the things you already own and you’ll probably find something you forgot about so it will be as if you got something new.

Focus on Long-Term Goals

It would be too easy to spend the money you just saved on something else rather than shopping, such as dinners out, right? Don’t fall into this trap. Stay motivated by setting long-term goals that will be easier to achieve if you stay disciplined.

The post Are You Ready for the #NoBuyChallenge? appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Rich people have a shared trait we should all adopt – they know exactly where their money comes from and where it goes. Without planning the spending, it’s easy to blow away all the money you have before the next paycheck arrives. That’s why you need a perfect balance between saving and spending.

https://www.instagram.com/p/BicM289B3Ve/

Here are the spending habits of people who save.

• They know the difference between needs and wants. Setting the priorities straight goes a long way. When thinking about buying something, always consider if you really need it or you just want it.
• Budgeting is essential if you want to save and still spend on the things that matter. Track your spending and set a budget for the future. Plan in advance. It’s much easier to set aside a smaller amount for Christmas gifts every month than to go crazy in December.
• Use cash whenever you can. You will be much more aware of the money you spent on something when you actually have to physically count it and hand it to the cashier on the register.
• Use the 30-day rule: when you find something you want to buy, snap a photo of it and walk away. After a month, when you browse your gallery, it’ll be much clearer which items you still want and which would just end up collecting dust if you had bought them impulsively.

The post How to Spend Money When You’re Trying to Save appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.

Pay in Cash Whenever You Can

When you’re used to swiping cards at every purchase, it can be difficult to understand how much you are really spending. Giving cash makes you more aware of how much stuff costs.

Don’t Obsess About Your Investments

You got some extra money and decided to invest it in some stocks. That’s great, but don’t obsessively check the market every few hours. Three times a week is plenty.

Spend on Experiences Rather Than on Things

It’s scientifically proven that spending on experiences is making you happier than spending on stuff. You’ll be left with a lifetime of memories if you invest in some fun times, but the new, shiny things you buy become old and boring very quickly.

https://www.instagram.com/p/BlEMvD9FHKE/

Consult an Expert

It may cost you some money up front, but a financial expert can help you make the most out of your money, so it’s worth a shot.

Budget In some Splurge Money

After you’re done budgeting the housing costs and groceries, set some money aside for splurging on things that make you happy. You don’t have to spend it every month; let it accumulate and have some crazy fun in a few months completely guilt-free!

https://www.instagram.com/p/BlFZAkon8Ga/

The post 5 Ways to Feel More Relaxed About Money appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.