10 money management insights to help you survive in 2016

Well, here are a few financial tips that will come handy in 2016, no matter your age.

1. Join a Saving Club

This is not a club where you save your money. This savings club is supposed to be with close friends and family who will all aim at cutting expenditure and helping each other save some money.

“Go on a spending freeze with your partner, colleagues or best friends,” “Create a support system, and help each other. And, of course, make it fun!”

For example, “instead of having a girls’ night out at that new bar on Friday night for $12 cocktails, have an even better girls’ night in,” said Lapin. “Eight-dollar wine from Trader Joe’s, some snacks and some good company go a long way.”

2. A Plan B Is Absolutely Necessary

Your financial situation can spiral out of control when you’re taking reactionary steps to handle money problems. Robert Kiyosaki, the best-selling author of the Rich Dad, Poor Dad personal finance book, explained why millennials can never be too prepared when planning their finances.

“Having contingency plans makes us feel less vulnerable and exposed if we find ourselves facing a setback. This preparation would include cash reserves, in the event of job loss or a decrease in income, as well as a Plan B. That Plan B could be a part-time business that supplements income from a full-time job to help create a cushion in the event of unplanned expenses or any type of financial setback,”

3. Don’t Get Stuck In A Dead-End Job

You probably spend 40 hours a week at your full-time job. But if your job won’t take you where you want to be next year, stop wasting your time.

“My No. 1 tip for Americans as we approach 2016 is if you are in a job you aren’t completely satisfied with, shop the market,” said Clark Howard, host of The Clark Howard Show and New York Times best-selling author. “If your employer is being cheap about giving raises, there are tons of companies out there that are offering great opportunities right now. So shop yourself in the market, and find a better job that’s better for you and your family.”

With 57% of millennials surveyed in the Millennial Money Mindset Report stating their biggest financial challenge is not making enough money, the new year is the best time to avoid complacency and take proactive measures to ensure you can save money and reach your goals.

4. Quit Being Passive About Your Money

Being proactive also requires millennials to stop feigning innocence and acting like they don’t control how their money is spent.

Dave Ramsey, host of The Dave Ramsey Show and author of countless best-selling personal finance books, got straight to the point when asked for his No. 1 money tip for the new year.

“Tell your money what to do, instead of wondering where it went,” he said. “People know what they need to do with their money, but they just don’t do it. Be proactive with your money — do a budget, get rid of debt and save.”

5. Change Your Perspective

Your parents, childhood coaches, counselors and possibly even friends have likely preached the mantra, “the glass is half full” during your lifetime. But this mantra can help you with your financial goals by making you see the positive in a seemingly negative situation.

Jeanette Pavini, couponing expert at Coupons.com, explained that a simple mental shift can help millennials reach their goals next year. “Remember that you have the power to give yourself a raise,” she said. “That’s because spending less can be like making more. Get rid of the $150 a month cable bill, and it’s like giving yourself an $1,800 after-tax raise.n

6. Invest in Yourself

Josh Felber, entrepreneur and GOBankingRates’ 2014 Best Money Expert winner, said millennials who want to get out of debt should “take action, start investing in yourself to grow and obtain the knowledge to start a business. Add multiple streams of income, and make sure your financial output is not more than your intake.”

7. Tap Into Tech Tools

If traditional bank accounts and setting aside dedicated savings under the mattress isn’t your style, turn to websites and mobile apps to help you make smarter, money-saving decisions. Kyle Taylor, personal finance expert from ThePennyHoarder.com, suggested using apps to take advantage of discounts and coupons at popular grocery stores, like Kroger and Whole Foods.

8. . Emergency Saving Is Priority No. 1

According to the Millennial Money Mindset Report, 68% of millennials said their primary goal in the next five years was to “save for a vacation.” If you have the same goal, best-selling author, analyst and innovator Whitney Johnson said your priorities might be misguided.

“No matter how much money you are currently earning, save for a rainy day,” said Johnson. “At least six months’ [worth] of what you spend monthly [should be] in the bank. Period.”

While saving for your dream vacation will undoubtedly bring you immediate gratification, an emergency fund is a pivotal tool to help you survive through financial obstacles that might pop up in 2016.

9. Never Lose Money — You Can’t Afford It

“As we head into 2016, one thing is guaranteed: We don’t know what’s going to happen, and chances are that we may even be wrong,” said Tony Robbins, a New York Times best-selling author and entrepreneur. His No. 1 core principle — whether you’re investing money or simply working through the best way to manage your money — is to avoid losing money.

10. Money Is Just The Beginning

You might have successfully amassed a decently sized savings. But if the environment you’re in isn’t right, you still might not be able to achieve your ultimate goal. Tim Ferriss, investment and money expert, said, “The lifestyle value of each dollar you have is determined by your control of two other currencies: time and mobility.”

Without a solid understanding of when the timing is right, the amount of time you have to work toward a goal or the ability to act on that goal within your defined time period, you’re essentially unable to make any moves to become successful.

It’s unreasonable to put all of the above money tips into action as soon as Jan. 1, but taking steps to commit to even one change for the new year puts you on the right trajectory to weather financial challenges in 2016.

10 money management insights to help you survive in 2016

With the new year comes aspirations for growth and success. Making more money forms a greater part of such aspiration for young people in their 20s and 30s.

Enhance Your Pulse News Experience!

JOIN OUR PULSE COMMUNITY!

Recommended articles

Train accident photo posted on my social media pages is a photoshop - Peter Amewu

Court jails truck driver 6 months for causing Ghana's brand-new train accident

609 Ghanaians died in first 3 months of 2024 through road crashes - NRSA reveals

Joseph Addo files nomination to contest as NPP Parliamentary aspirant for La Dadekotopon

Dumsor: ECG board members reject PURC GH¢5.8m fine

Woman who claims to have been taken to another world by dwarfs shares experience

Organised Labour threatens to strike May 2 over Tier-2 pension arrears

Nana Addo assures he will prioritize the welfare of cocoa farmers

Truck driver arrested for allegedly causing train accident on Tema-Mpakadan railway line