In an age when technology is changing everything at the rate of Moore’s Law (which states that the number of transistor on integrated circuits is doubling every year), the future looks increasingly promising. Already we’re seeing the emergence of self-driving cars and the growing momentum of the Internet of Things (IoT), whereby our devices will be having their own conversations to help us manage our lives better.
Although the future may look far better than anything the human race has ever experienced, we’re still a long way from living a life of comfort, ease, and reassuring predictability. Money is still a significant part of our reality. This means that unless you get good at making and managing your money, you’re still going to be enmeshed in a life of struggle and strife.
Let’s take a closer look at how you can pull yourself out of a bad spot, how you can manage your money better, and how you can master the habits that will assure you a prosperous future.
Tip #1: How to pull yourself out of a bad spot.
Circumstances may dictate that you need to find some quick cash to cover something unexpected like a car that broke down or an illness that kept you from being at work.
Here are some options out there for things like these:
- Get a quick loan.
While you might be tempted to try payday loans for a quick solution, a smarter option is to look for fast payday loan alternatives. A lender like BlueTrustLoans can give you a personal loan up to $1250, which you can pay back in installments. All you need to qualify is a social security number, an active checking account, and a verifiable source of income. In short, the eligibility requirements are minimal, you receive your money quickly, and you’ll be able to arrange a flexible repayment schedule.
- Borrow the money from family or friends.
Borrowing money from people you know well can be awkward. Besides the risk of rejection, you also have to swallow your pride and admit that you’re not doing as well as you’d like them to believe. In some cases, none of these inhibiting factors come into play. If, for instance, you’re close to your parents, they might be more than happy to give you the money you need to put your problems behind you. Regardless of whether borrowing money from family or friends is awkward or easy, the most important thing you can do is pay off the money you borrowed as quickly as possible. This will build trust and reinforce the harmonious relationship.
- Sell an asset.
You may have things that you can sell that will help you raise the money you need, ranging from cars to collectibles. This idea might work if you can find a quick way to sell something valuable without incurring a loss because you had to discount it for a fast sale.
Tip #2: How you can manage your money better.
Budgets are not easy to do. This is not because it’s technically difficult. It doesn’t take much effort to sign up for a budget app like Mint.com or download a spreadsheet budget template, and it doesn’t take much time to learn how to fill out a budget. The difficulty is a psychological one. If you’re making your own budget, then you’ll feel the angst of your financial situation as you trim expenses. You might beat yourself up for not completing that degree and under-earning or for spending too much. If you’re sharing the responsibilities of budgeting, then you’ll have to come up with a lot of agreements and be willing to compromise on touchy expenditures.
Tip #3: How you can master the habit that will assure you a prosperous future
While there are many ways to increase your income and getting better at financial management, your best-laid plans will come to naught if you don’t acquire the habit of thinking about money the way the wealthy do.
Here are two wealth habits worth adopting:
- Always pay yourself first. “A part of all you earn,” said George Clason in his famous book, The Richest Man in Babylon,”is yours to keep.”
- Be honorable about money—pay fair wages and pay back loans—because your most important asset is earning trust.
Getting good at making and managing money is a life-skill, and these three tips will point you in the right direction.