We can all agree that it’s not easy working in the Gig Economy, where financial ups and downs are so prevalent. The good news is that you can adopt new money managing habits that will see you through the good times, bad time and beyond.
Tip 1: Understand the difference between “want” and “need”
An important first lesson in money management is understanding the difference between “want” and “need.”
You need groceries, shelter, clothing.
You want that new iPhone because it makes you feel good
If you find that you’re mostly purchasing things to feel good, it might be time to adopt the “need” mindset. To make this mantra stick, go to Tip 2.
Tip 2: Check your financial temperature
Take a close look at your cash flow and debt situation, and be honest with what you see. It may be time to create a simple budget. Click here to learn how to set one up.
Tip 3: Invest in you
Another good habit to adopt is paying yourself first. Each payday or at another regular interval, contribute an amount you can afford to savings, like a Tax Free Savings Account. By making it regular and automatic, you’ll basically save it and forget it. Let it grow and it’ll be there for a rainy day.
