Do’s & Don’ts of Managing Money

*Cue the song ‘Billionaire’ by Travie McCoy*

Wouldn’t it be nice to have all the money you need at all times?

Wouldn’t it be nice to walk into a store and happily get a luxurious item you like without checking the price?

Wouldn’t it be nice to travel around the world with only the best accommodations and VIP arrangements?

Wouldn’t it be nice to truly experience peace of mind knowing you are debt-free?

All of those are good aspirations in my opinion but quite far-fetched for most commoners (Is that even the right term?).

If you are able to do any or all of those things, good for you!  Please keep it up.

For a lot of people who are rather surviving than thriving when it comes to building wealth, please know that it’s going to be okay.  I can’t promise you that it will be quick or easy, but you will find your way.  If you’re already practising healthy financial habits and you’re seeing an improvement in your money management, keep it going because consistency is the key.

Those who are currently in survival mode and living pay check by pay check with close to zero surplus, I hear you.  I know it’s tough.  So, let’s get through this one day at a time and be mindful of where our money goes.

Financial wellbeing is as important as any type of wellbeing because it can have a causation effect on the rest of your…..well, being.  See the wordplay I did there?  LOL

If you’re still struggling to start your better financial habits, here are some do’s and don’ts that I’ve learned and practised for the past couple of years.  These have helped me get through price hikes and minor emergencies while still allowing me to enjoy occasional indulgences.

The day we receive our wage or salary is usually a crucial time for our money management decisions, so these do’s and don’ts are to be observed especially during the first week of getting paid.

Do’s:

- Do track your money inflow and outflow including cash in hand, money in bank account, and credit card usage.

- Do segregate your budget into commitments (ie. - loans, bills, rent, insurance), expenses (ie. - groceries, eating out, transportation), savings (ie. - emergency, investment, targeted future purchase), and loose money.

Loose Money here refers to surplus (balance) money you have left after deducting your usual spendings.  It can be used to buy gifts, go for a vacation, treat yourself to a spa, or kept for additional saving or investment.

- Do prioritise according to your current circumstances using Must—Need—Should—Only If order.

[Example - 1st Commitments (Must pay or allocate as per pre-determined amount), 2nd Expenses (Need to allocate certain amount), 3rd Savings (Should allocate some amount), 4th Loose Money (Only if the other priorities are met)]

- Do write down your monthly financial goal.

[Examples - No new shoes or bags; Eat out once a week only; Pay off credit card balance; etc.]

- Do ask for advice from a trusted family member or friend who seems financially literate if in doubt of your current priorities.

Don’ts:

- Don’t stray away from your budget.

- Don’t treat credit cards like extra money.

- Don’t mistake temporary wants as needs.

- Don’t make financial decisions when you’re too tired or too happy.

- Don’t be afraid to say NO to things or activities you cannot afford yet.

So, can we commit to applying the above do’s and don’ts?

Sikit-sikit, lama-lama jadi bukit.

Start Journaling!

Do you believe in the power of manifestation?

How about the benefits of mental resets?

I’m aware that we’re all distinctive human beings who are unique in our own ways.  When it comes to life goals and aspirations, some of us might want similar things, while some prefer to mix it up here and there.

That’s the beauty of it!

Life’s what YOU make it.  No matter what the generalised society standards are, don’t forget to prioritise what’s important to YOU.

Now that we’re getting more comfortable to become who we want and achieve what we desire, how do we attract the right vibes to get ourselves to that pinnacle of success or happiness?

Let me tell you the secret - it’s all up to what your brain decides.  Our minds are powerful.  What we think about many times will most likely come true with the right resources and circumstances.

Because of this, I highly recommend each of you to start journaling.  Yes, journaling.

I had always been very bad at journaling.  I would buy many different types of notebooks and diaries, but only used a few pages before forgetting they existed.  Possibly contributed by my ADHD-ish traits, I was struggling with being consistent at writing down my thoughts.

Quite recently, I figured out why.  It was because I mistakenly thought that journaling should strictly be done in one style of “dear diary” activity.  Boy, was I wrong.

There are actually different styles of journaling and all of them can make an impact to the person doing it regularly.

Below are some journaling styles I would like to mention:

1) Manifestation Style

This style emphasises on what we want to achieve for the day, week, month, or even year.

It allows us to declare the things we want to happen and diminish any doubts we might have.

I use this style now as my daily morning “Today I will” journal.

2) Gratitude Style

This style lets us list down things we are thankful for and helps us count our blessings.

It simply recognises positive experiences as more impactful than negative ones.

I also use this style as my weekly “Best blessing” routine.

3) Story-Telling Style

This style gives us a chance to narrate what has been happening to us and what we think will happen next.

It serves as a diary that documents our memorable moments in writing and sometimes in pictures too.

4) Expressive Style

This style allows us to rant about our day or week in a therapeutic manner.

It provides freedom to say (write) what we want about a situation or incident or idea without being judged.

5) Artsy Style

This style lets us get creative and artistic with our way to portray a topic, occasion, or even emotion.

It is also known as junk journaling where we can use stickers, washi tapes, magazine cuts, hand-drawing, or literally any materials.

6) Planner Style

This style may be more attractive to people who prefer to be organised and in control.  It helps us track our schedule and activities including appointments, exercises, water intake, money flow, etc.

I practise a little bit of this style too by having simple Appointments for the Week and Money Tracker sections in my journal.

What other journaling styles do you know of?

And which one is your favourite style?

I hope you find the one that suits you.

Happy journaling!