What Is the Importance of Money Management?

Creating your budget is crucial, but managing your budget is arguably even more important. You cannot just write down a budget at the beginning of the year and never look at it again. You must continuously manage your money with an updated budget to monitor your finances for every month.

Moreover, this budget will guide your plans to achieve your long-term goals. On that note, let us discuss the definition of Money Management.

What Is Money Management?

The process of keeping track of your finances is called Money Management. This includes your spending, savings, budgeting, and investing behaviors. It is the key to helping you save money to accomplish your personal goals. You need to find a management technique that works for you as everyone manages their money differently.

What Is the Importance of Money Management?

There are multiple reasons why managing your money is important to your life. Firstly, it helps you to stay on top of your finances. You will be able to tell whether you are overspending before you get hit with overdraft fees. Money management also helps you to avoid incurring too many fees on your credit card bill.

Secondly, money management helps you plan for your future. My partner and I recently got married. To help save for our wedding, we made some down payments to the suppliers through careful monitoring of our cash flow. Managing your money increases your knowledge of savings and aids in accomplishing your financial goals.

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Thirdly, money management keeps track of your expenses. How much do you spend on rent and groceries? Perhaps, you can cut back on some unnecessary expenses such as your monthly subscriptions.

Lastly, money management increases the sense of security. There is nothing worse than feeling overwhelmed when it comes to your finances. Reduce the unwanted feelings and be able to pay off the next bill by closely monitoring and managing your cash.

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From passion projects to full-time hustles: Why it’s worth it

a painting process

You’ve probably heard the saying, “do what you love and you will never work a day in your life.”

While that might be a little bit of an exaggeration for some, following your passion can indeed lead to a lot of happiness and fulfillment. And if you’re lucky, it might even lead to a full-time hustle.

But starting and running a passion project is no easy task. It takes time and energy, not to mention dedication and commitment. That’s why you should only consider embarking on a passion project if you’re truly ready to commit.

Why you should have a passion project

You should have a passion project for various reasons.

Maybe you’re looking for a way to express yourself creatively, or maybe you want to learn a new skill.

But the best reason of all is that having a passion project can help you turn your dreams into a reality. It gives you something to aim for, and it can be the starting point for something much bigger.

Think about it—most successful people don’t become successful overnight. They started small, with a passion project that eventually turned into a full-time hustle. And you can do the same thing. All it takes is dedication and hard work.

How to find the time to commit to a passion project

It can be tough to find the time to commit to a passion project when you’re already balancing a full-time job. But it’s worth it.

Here are a few tips for finding the time to make your passion project a reality:

  • Make a schedule and stick to it.
  • Dedicate specific days or hours of the week to working on your project.
  • Tell your friends and family about your project so they can help keep you accountable.
  • Set some rules for yourself—like no checking social media when you’re supposed to be working on your project.
The benefits of turning your passion project into a hustle
smiling woman working on her laptop

Image Credits: unsplash.com

You know that feeling when you’re so obsessed with something that you can’t stop thinking about it? That’s the feeling you want to aim for when it comes to your passion projects.

When you’re truly passionate about something, the work doesn’t feel like work. You will be so excited to start working on it each day and you will be determined to see it through to the end.

When you commit to your passion project and turn it into a hustle, here’s what you can expect:

  • You will be more productive because you’re working on something you love
  • You will be motivated to keep going, even when things get tough
  • You will learn new skills and hone your talent
  • You will be more fulfilled in your work
Things to consider before turning your passion project into a full-time hustle

Here are a few things to consider before making the leap to turning your passion project into a full-time hustle:

  • What are the risks and rewards associated with this project? Weighing the pros and cons is a crucial part of any decision-making process.
  • What are your goals for this project? Are you looking to make a little extra money on the side, or do you eventually want to turn it into your full-time job?
  • Do you have the time and energy to commit to this project? Running a business takes a lot of work, and it’s wise to be realistic about how much time you can dedicate to it.
  • How much money do you need to make this project sustainable? This is an essential question to ask yourself because it will help you determine the investment you need in the long run.

So you’ve got a passion project—something you’re excited about, but you’re not sure if it’s worth it to turn it into a full-blown hustle. Maybe you’re worried about the time commitment, or whether people will take you seriously if you’re doing this “for a living.” Here’s the thing: go with what feels sound for you. If you’re excited and passionate about your project, then it’s worth your time and effort to pursue it. Think about what steps you need to take to make your passion project a reality. There may be some things you need to learn more about or some people you need to connect with. Whatever it is, don’t be afraid to take the plunge and start turning your dream into a reality.

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Walking meetings: The new way to get down to business

colleagues talking while walking

You might be thinking, “walking meetings? Are you kidding me?”

But before you write them off, let us explain why you should at least give them a try.

We’re not saying that walking meetings are the right solution for every business, but there are various good reasons to consider incorporating them into your routine.

If you’re not fully sold, check out this post for more information on the benefits of walking meetings, as well as some tips on how to make them work for your business.

What are walking meetings?

You may be wondering what walking meetings are.

Well, they’re just what they sound like—meetings that are conducted while walking.

Now, we know what you’re thinking: Isn’t that a bit too informal? Won’t we get sidetracked if we’re walking and talking? Well, we can tell you from personal experience that walking meetings are a wonderful way to stay on track and focused.

The benefits of walking meetings

There are countless benefits to walking meetings.

For one, they’re amazing for your health. When you walk, you get your blood flowing, which is awesome for your brainpower. And when you combine walking with talking, you’re getting the best of both worlds.

Not only that, but walking meetings are great for brainstorming. When you’re walking, your mind is free to wander and come up with new ideas. You’re also more likely to be active and vocal in a walking meeting, which can lead to better collaboration and more creative solutions.

How to hold a successful walking meeting
female coworkers walking and talking

Image Credits: jotform.com

So you’re thinking about giving walking meetings a try? Fantastic decision! Here are a few tips to help make sure your meeting is a success:

  • Make sure everyone knows the agenda ahead of time. This way, everyone can come prepared.
  • Choose an appropriate location. You don’t want to be walking through a busy street or in an area that’s difficult to navigate.
  • End on time. Just like with any other meeting, it’s necessary to end at the predetermined time so that everyone can move on with their day.
Tips for making the most of walking meetings

Now that we’ve talked about the benefits of walking meetings, let’s talk about how you can make the most of them. Here are a few suggestions:

  • Make sure you have a clear goal for the meeting.
  • Dress comfortably and be mindful of your body language.
  • Keep your meetings short and sweet, preferably not longer than 45 minutes.

You may be skeptical, but walking meetings have a lot of benefits—both for you and your small team. If you’re looking for a way to jumpstart creativity, increase productivity, and promote better health, walking meetings may be the answer. Try them out and see for yourself how they can help you and your team stay focused and fruitful.

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Discussing salary: The pros and cons of disclosing your earnings to coworkers

three men talking among themselves

You’ve just been hired for a new job.

You’re out for drinks with coworkers one day and the topic of salary comes up. You’re not sure how to approach the topic.

Sounds familiar?

In this article, we will explore the pros and cons of disclosing your salary among your colleagues. We will also provide some tips on how to handle the situation if you do choose to divulge this information.

The pros of disclosing your salary

First off, it can help break the ice and create a more open and candid working environment. It can also help build trust among colleagues, as they will know that you’ve nothing to hide.

Disclosing your salary can also help you learn more about what others are making, and whether or not you’re getting a fair deal. And finally, it can give you some leverage when it comes time to ask for a raise.

The cons of disclosing your salary

Let’s be honest—sharing your salary with your colleagues can be a little bit dangerous. You never know who might use that information against you.

For example, if you’re asking for a raise and your colleague knows how much you’re making, they might use that information to try and undercut you in salary negotiations.

You also run the risk of creating tension among your colleagues if you’re earning more than others. It can be demoralizing for your teammates to know that you’re making more, more so if it’s for similar positions.

What to do if you’re asked about your salary by a colleague
workplace gossip

Image Credits: shrm.org

Well, first of all, understand why they’re asking.

There could be a few reasons: they might be curious, they might want to get a sense of how much they could make if they switch jobs, or they might just be nosy.

No matter the reason, it’s not always easy to disclose your salary. You might feel like the company is undervaluing you since you’re not being paid enough. Or on the flip side, you could be satisfied with your salary and not want to divulge that information.

Ultimately, it’s up to you whether or not you want to share your salary with your colleagues. If you do decide to disclose your earnings, be prepared for possible backlash.

How to deal with feeling underpaid or disconnected from colleagues financially

Consider how you feel about your salary.

If you’re feeling underpaid or disconnected from your colleagues financially, then disclosing your salary could make you feel better.

It can be empowering to know that you’re earning more than someone else in the same role as you. But also mind the opposite if it’s true.

There are pros and cons to disclosing your salary to your co-workers. On the one hand, you may feel more comfortable knowing that everyone is on the same page. On the other hand, you may worry that others will judge you—or even try to take advantage of you—if they know how much money you make. Before disclosing your salary, weigh the pros and cons and decide if it’s right for you. If you do decide to disclose your salary, be sure to stay strong in the face of possible criticisms or judgments.

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Just Got Married! Now What?

Marriage is about teamwork and compromise. Whether you have been married for two weeks or two decades, it is essential to be able to work together with your partner. The reality is that working together can be challenging, especially when it comes to your finances. In fact, the majority of divorced adults cited money as the reason for their separation.

You can tackle money as a team with honesty, communication, and dedication to a shared plan!

#1: CREATE A HOUSEHOLD BUDGET

A budget should tell you how much money you anticipate having and where it will go. Your income and expenses will change once you are married. It is important that you create a new combined household budget and revisit your Indvidual budgets to adjust to the marital shift.

#2: SET SHARED PRIORITIES

What do you value the most as individuals? What do you value the most as partners? Personal management begins with understanding your priorities and what you want. As you come together, you will need to merge those priorities and ideas to filter what you both believe in. These priorities will help influence your most crucial money decisions.

#3: SIT DOWN TO DISCUSS

It is unpleasant to talk about money during inappropriate times or when your spouse is not ready to discuss serious matters. Do not discuss money at random times! Pick a specific date to talk deeply about money. This mutual time for a meeting will enable you to stay on the same page. Feel free to raise your concerns to produce a shared solution.

#4: EMBRACE YOUR DIFFERENCES

Everyone has a different relationship with money. It is not a requirement that you understand how your spouse feels the way they do, but it is important to recognize and respect those feelings. Accept that differences are inevitable.

#5: ESTABLISH A JOINT EMERGENCY FUND

Once you and your partner are living together, you can both work on setting aside funds for any potential emergencies such as unemployment and sudden home repair. A high-yield savings account can be the perfect place to build this joint emergency fund. Set aside cash savings that is equal to about six months’ worth of your joint fixed expenses.

#6: HAVE A SHARED CREDIT CARD

Maximize the rewards you can earn on all your joint purchases by opening a joint credit card or having your spouse become an authorized user on your credit card. If you sign up for a rewards credit card, you can use your newly established joint checking account to pay off that credit card every month. This will increase your bonuses and rewards along the way.

Image Credits: pixabay.com

#7: TRACK YOUR SPENDING

Another way to avoid fights about money is to track your spending. There are no surprises when you track your spending together. There is many personal finance management software available for free such as the Expensify, Spendee, Money Lover, or Mint app. You can also do the old school method by creating a ledger. Knowing where your money is going is just the first step! Working together is all about transparency.

Sources: 1 & 2

 

 

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