Building good money habits is important to help you reach your ambitious money goals and maintain good financial health. Thus, it’s time for you to drop bad spending habits and start working towards better financial habits. Here I introduce to you a collection of the 5 best budgeting habits you should nurture and reinforce day by day to grow your pocket. I’m also going into detail about the 6 Jars Money Management for its powerful and effective techniques. Let’s jump right in!
1. Pay yourself first
You can make a budget to ensure that you are not overspending. However, if you want to build your savings, you must first pay yourself. That entails putting money into savings first thing when you get your paycheck, then living off the rest. If you just pay yourself after your bills and costs are paid, you will run into the risk of not saving enough to meet your long-term goals. You can accomplish this by automatically moving funds to a savings account or saving a percentage of your monthly take-home pay.
2. Use Cash
Opening your wallet and handing cash is a very different experience than just inserting your card in a slot. It may be “painful” to hand over hundreds of dollars in cash for an impulsive buy. Meanwhile, spending hundreds of dollars on a whim by swiping your card is much too easy.
When you use cash, it is also a lot easier to keep track of your expenditures. Moreover, you may spend a lot of money using a debit or credit card before you realize it. Using cash instead of credit cards can help you remain on a budget, spend less overall, and become more conscious of how you spend money.
3. Increase Your Income
Knowing there’s probably some excess spending, convenience purchases, and other budget busters you could cut out might result in you focusing on spending less and living a more frugal life. Don’t forget that making more money is just as effective as cost-cutting.
Earning additional income can help you aggressively save money and solve money problems, regardless of your current income level. You don’t have to choose between reducing expenses or increasing income. You can do both.
This tip is unforgettable, anyway, each one’s situation is different and not everyone can make this come true in addition to the fact that your spending habits are way more important to consider. That’s why I’m going to tell you the number 4 tip – The 6 Jars
4. Get on a Budget – The 6 Jars
One of the first good money habits to start is to get on a budget. A budget will help you manage your money successfully. Budgeting helps you pay your bills on time, build wealth by saving, and prevent financial mishaps. There are a variety of budgeting tools and methods to help you create your budget, and the key method that is commonly applied by many successful millionaires is The 6 Jars Method by T Harv Eker.
Everyone from adults to young and kids can easily access this method in several ways. The 6 Jars System was developed by T. Harv Eker in the well-known book “Secrets of a millionaire mind”. Up to now, it’s been a really common method to solve problems relating to money management. It’s also been witnessed to work effectively with several people.
Basically, according to the concept, you divide your money into six different accounts, or jars, in which you put a certain percentage of your money. Each one contains a specific purpose gear towards reaching financial freedom.
- Necessity Account (NEC – 55%)
- Financial Freedom Account (FFA – 10%)
- Long-term Saving Account (LTS – 10%)
- Education Account (EDU – 10%)
- Play Account (PLY – 10%)
- Give Account (GIV – 5%)
5. Track your Financial Progress – The 6JMM App
Set aside sometime each month to see how much progress you’ve made on your money goals. How much debt have you paid off, and how much headway are you making on saving for a down payment on a home, or for that dream trip next year? Seeing results will help you stay on track.
It’s never easy and might also be time-consuming to always keep an eye on your money flows. That’s why you should use 6JMM App. It’s the best Money Management App based on the 6 Jars Method built by Alan AI Voice Lab.
This incredible app not only provides users friendly looks, convenient utilities but also has an extra-convenient feature of exporting excel files, which other apps don’t have! It has been organized logically so that everyone could understand, so no need to worry about that now!
Decide Right Now: Are you going to get 6 jars and start managing your money today?
Up to now, you must realize the importance of the concept. To make it easier and clear for you who are finding a way to manage money, we have released the 6 JARS MONEY MANAGEMENT application with the latest utilities and the most simple way to approach. Download here and try it out. Trust the process!
“Money can’t buy you happiness.” This is the statement growing up with most of us. The fact of the matter is that this old cliche is just “mostly” true. Indeed a recent Cambridge University study shows that money can buy happiness, at least up to a certain point.