Financial Tips For Quiet And Reserved People

Whether you are known to be the quiet or reserved one, you most likely belong to a special group of people who are known as the INTROVERTS.

A common misconception of introverts is that the dislike socializing. Contrary to the popular belief, introverts are drained by social interaction. Many introverts can socialize easily…they just prefer not to.

In fact, you can be more interpersonally connected and emphatic than others. Use these and your other magnificent qualities to your advantage as you enhance your financial life.

To get started, here are some things you can do:

1. ACTIVELY LISTEN

Introverts, in general, tend to be great at listening. This skill can make you a good investor. Before investing your wealth, you must actively listen to what others have done or will do. Analyze the results of their strategies and actions. Then, make your own strategy based on the successful predecessors.

2. STUDY WHAT YOUR ARE SELLING THOROUGHLY

In order to increase your profits in sales, you must know what you are selling in a deeper level. Study your products and services thoroughly so that you can efficiently aid in the client’s needs. And if someone new approaches you, determine if he or she is a potentially good client. As an introvert you understand that it takes more than a wallet to make the sales flowing.

3. REMAIN CALM

Aside from being great at listening, introverts are usually among the calmest people in the world. This quality can be applied in different financial events, especially the unforeseen ones.

So when an unexpected bill arrives, use your natural calm then, come up with a way to pay it. When the market tumbles down, do not sell it right away because of fear; use your innate calmness to contemplate on the situation. As others panic to the unfortunate monetary events, you make levelheaded decisions.

4. WELCOME THE SOCIAL MEDIA

For an introvert, social media is a brilliant manner to communicate with other people in the safety of their own home. Embracing social media can help you to save cash in many ways such as selling your unused or underused items through Facebook, Instagram, or Carousell. You can also browse free tutorials to learn new skills so you would not have to ask a bunch of people in real life.

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

The downside to social media is that it can overwhelm you. This is why it is important to spend a minimum amount of time (e.g., 10 minutes/day) so it does not take over your wonderfully humble life!

Sources: 1,2,3,4,5,& 6

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Shameful Reasons Why You Keep Breaking Your Budget

Budgeting, a quantitative plan to manage your money, has many benefits such as tracking your cash flow, controlling your expenses, and reaching your goals! However, some people find it easier to break their budget than to follow it.

Fortunately, you can do something about it. Be aware of the despicable reasons why you keep breaking your budget then, take the necessary steps to turn things around.

1. YOU MAKE EXCUSES THAT BUDGETING IS TOO COMPLEX.

There is no need to fear because budgeting is easier than you think! And, it is rewarding too. For example, if you want to splurge on a weekend vacation, all you have to do is plan ahead. That way, you would not have to create credit.

A simple budgeting method that you can try is the envelope budgeting. It only takes three steps to complete! Begin with tracking your monthly spending patterns then, devise a budget plan including different expense categories. Lastly, you must allocate your cash inside separate envelopes.

Watch this short video tutorial of the envelope budgeting to know more:

2. YOU ALWAYS SPEND A HUGE SUM OF MONEY.

The truth is, you cannot have unlimited supply of money. Even the amount of digital currency such as Bitcoins are controlled. This is why you must spend within your means.

Overspending is one of your budget’s enemies. If you want a comfortable present and a brighter tomorrow, you must stick to your budget and cut down your expenses before saving up. Start by minimizing your household expenses with these simple tips.

3. YOU FORGET IMPORTANT DEADLINES.

Another opponent that challenges your budget are unexpected bills. You will never follow your budget if you keep forgetting your irregular bills such as your yearly magazine subscriptions. Avoid this by making a list of the bills you are expecting to receive every month.

Never forget where you put the bills or what their due dates are by designating one place for them. Some bills arrive by electronic mail while some arrive by postal mail. You have to decide whether you are going to file all your bills in a tangible box or in a computer folder. For physical storage of bills, you may purchase the S$0.90 PAPPIS brown box from IKEA that is created to hold A4 size papers. Label the box accordingly and keep it in a safe place. While for virtual storage of bills, make scanned copies of those that arrive in the mail and put them into a labeled folder in your computer or laptop.

4. YOU ARE ECONOMICALLY UNINFORMED.

Most people want to improve their financial life but know nothing about how economics works. Thus, they make errors in creating and maintaining their budgets.

Economy is defined as the careful management of resources (e.g., household management). While, manage is defined as the act of succeeding in surviving especially against heavy odds. Learn more about the important terms, history of money, and its humanistic systems by watching at least two of the Best Economics Documentaries For Finance Professionals And Enthusiasts.

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

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6 Essential Life Lessons I Got From My First Job

A couple of weeks after I graduated, I immediately landed my first full-time job. I was overwhelmed with how fast everything went! I know that there were going to be challenges ahead from workplace drama to workplace etiquette yet deep inside me, I felt excited and ready to transition to the working life.

In the beginning, my goal was to make enough money to save up for my graduate studies and to help my parents in the household expenses. I did so.

Aside from following my long-term goals, here were the essential lessons I realized from my first job experience after graduating from university…

1. LEARN AS MUCH AS YOU CAN

As I transitioned to the working scene, everyday was a constant process of development and learning. Learn as much as you can from the experienced people around you who had been working for years. They are the ones whom you can turn to if you have concerns or worries.

I was very lucky to have an open relationship with my colleagues. They taught me how to properly address complaints and how to not take everything personally. This open relationship eventually blossomed to treasured friendships.

2. SHOW INITIATIVE AND ENTHUSIASM

Initiative and enthusiasm are charming qualities good employees possess. Showing your bosses that your are eager to learn, are dedicated to do every task, and are taking control of your responsibilities would make them feel that you are an asset to the company. I made it a point to exude enthusiasm, give my best, and work as quickly as possible.

Even as I left my first job, my superiors considered me as an invaluable part of the team. It made me realize that my efforts were all worth it.

3. MONEY IS VALUABLE

When I was younger, I worked part-time to buy clothes, movie tickets, and more materialistic things. I never saw the true value of money until I had my first full-time job. It is very hard to spend the money you worked hard for! This is because you know the exact amount of time and how much sweat you pour just to earn your month’s salary.

Being independent with my finances made me realize how important it is to practice budgeting and tracking your expenses.

4. REWARD YOURSELF

As much as you work hard, you must also play hard. Reward yourself with a responsible amount of 5-8% of your monthly salary. Find interests outside of work such as dancing, swimming, or cooking to cushion your daily stress.

Also, rewarding yourself with a hobby is a good way to keep you motivated. Personally, I found blogging as a passionate pastime. Shockingly, it become my career in the present.

5. PRACTICE HANDLING CONFLICTS

Facing conflicts such as customer complaints are probably one of the nerve wrecking things I encountered as a newbie in the working scene. At first I prefer to hide in my senior employee’s shadow but then a friend told me that it was better to practice conflicts while young. Not only because people are able to forgive you easier, but also because you are able to build conflict resolution skills that you will benefit from in the long run.

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

Be firm and polite when dealing with conflicts.

6. BE BRAVE TO SUGGEST CHANGE

My previous boss encouraged us to propose changes and to outwardly speak our opinions in order to improve the business and the workplace relationships. Although some of your colleagues have more experience than you, keep in mind that your opinion is equally valuable.

Be brave enough to propose change if you think it serves others well.

Nothing good will ever happen unless you try! 🙂

Source: Miss Psychobabble

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Cosmic Ways To Save Money Like A Jedi

Sometimes, useful financial advice can come from the unlikeliest places. Take Star Wars, for example. It is not only an epic Science fiction film series but also a good place for frugal inspiration.

Learn to save money like a Jedi with these five universal ways:

1. BUILD THINGS FROM SCRATCH

Luke Skywalker, one of the greatest Jedi in the galaxy, spend no expense by making his own lightsaber (laser sword). Like Luke, do not be afraid to Do-It-Yourself!

Start from simple crafts such as making your own shower cleaner or personalized key-chain. After which, turn the difficulty up a notch by making all the crafts for your dream wedding. This can help you save loads of cash.

2. SIZE MATTERS NOT

In “Star Wars:The Empire Strikes Back” movie, Luke was tasked to raise his X-wing (aircraft) from the swap and he complains that it is too big. This frustrates Yoda, a wise Jedi Master. Yoda then explains that size does not matter and excuses are not welcome.

In life, obstacles to saving money can seem unbearable at the moment but, it shall not stop you from pushing through. Furthermore, you must understand that the size of your salary does not matter. What matters most is how you spend and manage it.

3. SHARE AND BE BLESSED

A Jedi shares his knowledge and skills to others with no charge. Apply the hippie-like concept of sharing to your life. Share resources to your fellow classmates and you will not have to buy expensive reference books ever again. Also, you can carpool with your friends to save on gas.

4. KEEP YOUR WARDROBE SIMPLE

Much like Jedi Knights who mostly wear “brown sack-cloths with hoods” or Facebook’s founder Mark Zuckerberg who mostly wears grey shirts, you can save more money by keeping your wardrobe simple. You do not have to wear the same shirt or same outfit everyday! Just avoid hefty designer clothing by purchasing clothes from thrift shops or year-round sales.

5. DO OR DO NOT. THERE IS NO TRY.

When Luke was making excuses about his inability to levitate objects with his mind, Yoda told him these famous words: “Try not. Do or do not. There is no try.”

When you continue to make excuses to saving money or altering your spending habits, you can end up retiring broke. So, start accepting the responsibility and create a monthly budget that is suited for you. In due time, you will see that eliminating your excuses produces meaningful results.

Sources: 1, 2 , & 3

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Reduce Your Debts Dramatically With The Debt Diet

Ellie Kay once said: “Getting out of debt is like going on a diet — it may sound simple, but it sure isn’t easy.”

Debt takes a toll on your relationships, your family, and your future. Just as being obese leads to physical and emotional challenges, debt has its own negative consequences too.

Inspired by Oprah Winfrey’s Debt Diet, three financial experts namely: David Bach, Jean Chatzky, and Glinda Bridgforth were sent to help several families to solve their monetary dilemmas. They shared debt elimination tips and suggested practical ways for people to increase their income and reduce their spending.

Before anything else, here are the “signs” that you need to go to participate in the Debt Diet:

1. You depend on your credit card to pay for your living expenses.

2. You rely on overtime pay to make monthly expenses meet.

3. You utilize your credit card/s to pay for items that you used to pay for in cash (e.g., groceries or clothing).

4. You use your emergency savings to pay for your bills.

5. You borrow money from your family and friends to pay your bills.

6. You delay paying one bill in order to pay an overdue one.

7. You utilize credit card A to pay bills for credit card B.

8. You can only pay the minimum amount due on your accounts.

If most of the “signs” point to YES, you may employ the following steps of the Debt Diet:

1. Determine how much debt you have and what it is costing you.

2. Monitor your spending and look for ways to make extra money (e.g., by giving up certain expenses).

3. By understanding how credit cards work, use your credit card/s to your advantage.

4. Stop spending on unnecessary things.

5. Make a strategic monthly spending plan.

6. Determine ways to increase your income and identify the steps you need to achieve it.

7. Prioritize your debts.

8. Do your best to know yourself and your spending behaviors.

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1 & 2

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