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 !.

The principle is simple. 50% of your salary is for all the necessities you need to pay for on a monthly basis. It means that half of your salary should go for rent, bills, food, and transportation.

20% is what you save. It doesn’t matter if you’re saving for a big future investment or for rainy days – nobody can argue about the benefits of having some money saved up.

Finally, use the remaining 30% for personal expenses. Eating out, traveling, buying clothes, or anything else you want but don’t necessarily need falls under this category.

The best thing about the 50:20:30 rule is that it can be applied to any salary. No matter how much you earn, you can use it to improve your finances.

The post 50:20:30 is a Simple Money Managing Rule That Will Help You Stick to Your Budget 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 !.

Go Out Less

A drink with your coworkers after work here and there, a cocktail with your best friend, Starbucks on your way to work… it adds up. And while each individual drink you have while out doesn’t cost much, a monthly calculation can prove otherwise.

https://www.instagram.com/p/BhG5d89gU54/?tagged=coffeeshop

Drink Water When Eating Out

When you’re at a restaurant, don’t just look at the meal prices. Prices of drinks add up to the final bill, so if you can, choose water instead of beer or wine.

Get Rid of Debts

Before you start saving, clear any debts you have, such as unpaid bills, credit cards, etc.

Find Out Where Your Money is “Leaking”

You can track your spendings with one of many available apps to find out where you spend more than you think you do.

https://www.instagram.com/p/BeFDoixFWMP/?tagged=savingschart

Make a Reward System

To make sure you’ll stick to your saving plan, think ahead how you will spend it. Are you saving up for something you want to buy? Even if you want to save money just to be sure you have a financial buffer, you can think of a small reward to buy with a part of the saved money.

Gift Prepping

You’re at a store where wines are on sale, but you don’t need any as a gift right now? Buy it anyway, so you won’t have to when someone’s birthday or any other celebration is near and the sales are gone.

https://www.instagram.com/p/BhE6tGdHwjd/?tagged=giftwrapping

The post Struggling to Save? Here are the Best Money Saving Tips 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 !.

The principle is simple. 50% of your salary is for all the necessities you need to pay for on a monthly basis. It means that half of your salary should go for rent, bills, food, and transportation.

20% is what you save. It doesn’t matter if you’re saving for a big future investment or for rainy days – nobody can argue about the benefits of having some money saved up.

Finally, use the remaining 30% for personal expenses. Eating out, traveling, buying clothes, or anything else you want but don’t necessarily need falls under this category.

The best thing about the 50:20:30 rule is that it can be applied to any salary. No matter how much you earn, you can use it to improve your finances.

The post 50:20:30 is a Simple Money Managing Rule That Will Help You Stick to Your Budget 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 !.

Go Out Less

A drink with your coworkers after work here and there, a cocktail with your best friend, Starbucks on your way to work… it adds up. And while each individual drink you have while out doesn’t cost much, a monthly calculation can prove otherwise.

https://www.instagram.com/p/BhG5d89gU54/?tagged=coffeeshop

Drink Water When Eating Out

When you’re at a restaurant, don’t just look at the meal prices. Prices of drinks add up to the final bill, so if you can, choose water instead of beer or wine.

Get Rid of Debts

Before you start saving, clear any debts you have, such as unpaid bills, credit cards, etc.

Find Out Where Your Money is “Leaking”

You can track your spendings with one of many available apps to find out where you spend more than you think you do.

https://www.instagram.com/p/BeFDoixFWMP/?tagged=savingschart

Make a Reward System

To make sure you’ll stick to your saving plan, think ahead how you will spend it. Are you saving up for something you want to buy? Even if you want to save money just to be sure you have a financial buffer, you can think of a small reward to buy with a part of the saved money.

Gift Prepping

You’re at a store where wines are on sale, but you don’t need any as a gift right now? Buy it anyway, so you won’t have to when someone’s birthday or any other celebration is near and the sales are gone.

https://www.instagram.com/p/BhE6tGdHwjd/?tagged=giftwrapping

The post Struggling to Save? Here are the Best Money Saving Tips appeared first on My Daily Magazine - Art, Design, DIY, Fashion and Beauty !.