How To Save More And Make Small Changes To Become Financially Stable

People are always looking for more ways to save money, and if you can’t keep it, you can try working on the side, and vice versa. The question is, where to start and should you start with your mindset first, no matter how cheesy it sounds?

The answer is yes, and it’s a simple yet effective way to pinpoint how to manage your expenses or find a way to earn extra income that won’t result in a burnout. Saving money isn’t just a question during the pandemic, but everlasting one because of the system we live in. That’s why we wanted to write about basic things you can do to improve your financial stability.

A Scarcity Mindset Or Something Else?

Do you know what your relationship with money is? Like with everything else in life, we create bonds with money as well. Do you feel scared when you get your paycheck? Is it something that makes you uncomfortable even though there is “no reason” behind it? There certainly must be one.

Maybe you don’t want to spend it because your parents were struggling when you were little, so now your subconscious self tells you it will be the same if you spend too much. Maybe it’s quite the opposite. Do you overspend as soon as you get your paycheck (supposing it is enough), and still have nothing by the end of the month. You will spend your last week before paycheck on rice and hoping the day will finally come. And it does. And you do it again and again.

Is the instant gratification you get from purchasing things, where half of them will end up picking up dust, a way to make yourself a bit happier? Is there something wrong that isn’t connected to money? It can be none of this, but you started earning more, so you naturally started spending more to end up wondering how come you don’t have some extra cash. You don’t because you didn’t realise you raised your spending bar.

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Whatever the case is, set some time aside and put everything on the paper. Be honest with yourself. It’s the most challenging part. Once you get to the core of the “problem”, you can start working toward a solid plan that can make you feel financially stable.

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Figuring Out A Monthly Plan

It depends on your persona, whether you want to cut out some things entirely right away or ease into the process. We don’t say you should stop enjoying your life, but there are things you can let go (at least for a while, if you need to save). Try it for a while and see if it’s something you can find a replacement for, or you need to continue doing it the way you did.

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The pandemic is a great way to check, for example, if you can exercise from home (watching YouTube videos, doing workout over zoom with friends, paying for a course), or the gym is a must for you. Also, if you are eating out a lot, try stocking up a bit to try out your cooking skills. If you are terrible in the kitchen, you can surely learn the basics, which can boost your confidence and mood. Make small changes, and you will see big results very soon.

Passive Income

The second source of income can help a lot, especially during a personal or global crisis. In the digital age, it can be a bit easier. This means you can access many sources to apply for a side hustle and for from home. This also requires a bit of luck. You might land a job in a couple of days, or a month. It’s crucial to improve and tweak your CV according to various job offers and pay attention to what they are looking for, rather than just reading the headline and sending your resume right away.

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Passive income might be a better option if you have a full time job. This means you can create a product and then sell it (once you put in the work, you don’t have to do it again, but income will keep coming). It can be anything from creating templates to courses on the topic you think you know a lot about. Whatever is best for you, start right now and don’t give up as soon as the first obstacle arises.