Basic Principles Of Personal Finance – (POWERFUL Money Management Tips 2020)

in this video six powerful basic principles of personal finance that saved me two thousand dollars last year let’s get cracking [Music] my name is Marco and this video is part of a YouTube course on financial minimalism that includes advanced money management tips money 101 personal finance basics and budgeting link in the top right corner for the playlist let’s move on tip number 1 make a budget use mine these to answer the most important of all questions are you living above your means unfortunately if you are spending more than you earn you will eat into your savings and then inevitably all into that spiral you need to make a budget and to do so watch the video that I will suggest at the end you will be able to download a free Google spreadsheet and I we also teach you how to use it hooray thumbs up if you love free stuff speaking of thumbs how about hitting the little thumb down there I’m talking about the like button it really helps the channel thank you tip number 2 shift that I’m going to focus on the worst case scenario for a moment here let’s imagine you have multiple debts with credit cards and bank accounts the first thing to do is to get hold of a credit card that doesn’t make you pay interest on the carried balance and then shift your debt on to it as soon as possible another important tip is to always always always pay the minimum payment to keep the do see zero interest going by the way just a quick disclaimer this is not financial advice and I’m not a financial adviser tip number two high interest that first always throw money the death with the high interest first I cannot stress this enough but it’s more important to get rid of I interested than to keep lots of money in the bank this because banks offer very little interested stays and there is not even point in investing as you’d get ten percent year-on-year growth in the best case scenario so keep three months worth of cash in your bank account as emergency phone and use the rest to pay off your debt starting from the one with the highest interest tip number three so tip number four go through your expenses I imagine you have a pretty good understanding of where your money’s going so the first step is to go through your expensive with a fine-tooth comb and cut what is not needed I personally do it once a month just to see if I’m overpaying but you do it now I’ll give you three seconds three two one okay so now that you have done your homework and found that you cannot possibly save any money let me give you a few tips look for a cheaper car insurance starting one month before it’s due and use comparison websites here in the UK there are many comparison websites one of the most famous is confused calm but in the US I’ve seen one called the zebra I’ve dropped both links in the description below and then compare the comparison websites have a look on Google to find more comparison websites last year as I saved three hundred pounds which is about four hundred dollars at the time of recording the strategy to the exact same for your Tillet II supplier and actually get the best deal for gas and electric there you go I just saved you $400 so how about subscribing to this channel for more mana tips Cheers tip number five piggy banking advance hard cap expenses there are some expenses that you can easily limit for example eating out and takeaways god only knows how much I used to spend a restaurant a record about five grand in but with this strategy I saved about thousand pounds last year and which is about $1,200 to put it in practice you need two or more bank accounts under your name your salary is paid into the first bank account and then standing all the moves part of the money into the second one balance of the second bank account is gonna be how much you can spend on eating out and takeaways clever in it you can have multiple bank accounts and set multiple spend limits another category I would look into would be holiday expenses for my UK friends I’ve been using revolut to do this because you can avoid a credit score hit by asking them directly to not share your info with bureaus link in the description below and you’ll also get a free physical card if you use it and I’ll get drumroll nothing that’s right they have rejected my request for joining their affiliate scheme Thank You rebel no hard feelings I’m still supporting it hit the like button if you feel like revolut should support small-time youtubers like me it’s really appreciated thank you if you live in the u.s. you should open an online bank account that does not require a minimum balance tip number six use cashback websites oh yeah baby now we’re talking when you have a niche that you really need to scratch and your hand is negatively drawn to the wallet have a look on a cashback website first and check for offers this is particularly true for big expenses last year I got eighty pounds back for my car insurance which is roughly a hundred dollars in the UK the biggest cashback website is top cashback link in the description below in the US I’m not really sure which one is the biggest one but I know that swagbucks I’ve got some very good offers on it so maybe have a look at it I’ll drop the link in the description below final recommendations one final note based on your circumstances if you’re paying a credit card debt which is the worst kind of that stop the bleeding by applying for a balance transfer credit card then follow these tips religiously to get out of hell but if you want to have more money for yourself and you can deposit have a look at the biggest expenses you have and when you really have to buy use a cash back website which tip you do like better between cashback websites and piggy banking or maybe you have your own tips to save money let me know in the comments below I will answer all your comments please subscribe to the channel it really helps a lot and I will walk you through the best hints and tricks to improve your financial situation and achieve financial freedom as I mentioned at the beginning of the video and if you haven’t done it yet please check out the above video that is about a budgeting tool that you can get for absolute free to get started your budget thank you for your attention and see you next time

4 thoughts on “Basic Principles Of Personal Finance – (POWERFUL Money Management Tips 2020)

  1. Which tips did you like better between cashback websites and piggybanking? Let me know here in the comment section!

Leave a Reply

Your email address will not be published. Required fields are marked *