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With A Global recession looming (or so we are told) sensible money management is important.
WATCH YOUR BANK ACCOUNT BALANCE GROW WITH THESE SIMPLE MONEY TIPS!
Looking to save for a new house/car/diamond ring or just for a rainy day - I share 5 tips that have helped me save more and spend less! these ACTUALLY work, you just need a little bit of discipline and determination.
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Hi everyone, welcome back to my channel. I'm so excited to be filming today. So my
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name is Jumoke. I wanted to talk to you today about finances. It's a little bit
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uncomfortable for some people to talk about money but I think it's really important nonetheless. Now as some of you might know I actually work as a wealth
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manager for affluent individuals. So what that means is that I preserve the wealth
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they've already made and I am tasked with growing that on a yearly basis
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regardless of what the economy does or how the markets are doing. So that's a
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very tough job but it's really really exciting and I love it. I also would love
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if you would think about subscribing to my channel and becoming part of the
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Heaven Heiress family. Over the years I've learned a few things, a few golden
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nuggets if you will from certain clients and from my experiences and I thought to
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share that with you. Things that have helped me save more and spend less. If you'd
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like to know more about how you can improve your finances keep watching
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Number one, I stopped buying on impulse. I became very purposeful when I shop. If
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you think about it we are surrounded every day by a structure or a system
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that entices us to spend. Every advertisement you see on TV, every shop
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front, it's all you know a gimmick. It's all sort of you know part of this
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consumeristic ecosystem that we find ourselves and we have to be very aware
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of that in order to help ourselves do better when it comes to spending. So what
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I did was I stopped buying things because they were cheap or because they
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were on sale. Those were the two things I knew were such a pitfall for me in the
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early years. What I do now is that I buy quality, high quality items that I can
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get more wear out of. So basically my price per wear comes down every single
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time I use the item or I wear the piece of clothing. I think that's actually more
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efficient than spending on cheap items that you have to replace over and over
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again because they don't last. Number two, have a savings account. I'm one person
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who has a very high propensity to spend and I was very aware of that when I
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started this journey on improving my finances. Now the tendency to spend is
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higher when you see that balance at the end of the month and you think oh you know I can buy I can afford to buy a few things here and there. So what I did was
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that I essentially set up several sub accounts to my current account and named
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them you know savings accounts for whatever it was that I was looking to do
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So for instance you might be looking to buy a property or a house, you might be
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looking to buy a new car, to save to go on holiday, to buy a yacht or you know a
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diamond ring, whatever it might be. I think it's a very good idea to have
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savings accounts. One thing that can make it a lot more seamless for you to save
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is to have that done automatically. So you can call your bank up and or you
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know do it online just basically have a certain portion of your income going
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into those sub accounts because you get tempted to spend right so why not help
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yourself by having things done in an automated manner. Number three is the B
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word budget. Now it's very hard to budget I understand that I struggled with it
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for so long but the more you do it the more you get used to the idea of not
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spending everything you earn in one month. If you think about it you are
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essentially mortgaging your life. I hate to say it that way but that is the truth
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When you work for someone you are giving them your time, your effort, your sweat
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you know and everything in you for a certain amount every month. But the great
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thing about a budget is that it helps you see in a snapshot what your inflows
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are and what your outflows are in terms of your income and your expenses
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Electricity, gas, water, rent, mortgage, whatever it might be. It also gives you a
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net amount from which you can save and I think it's very helpful to see all of
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this in a budget. It doesn't have to be anything complex or extravagant just a
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simple spreadsheet to you know to show you what the line items are so everything
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you spend every month should be on a line and it just helps you understand what sort of capacity you have when it comes to saving. A budget is a very good
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idea if you'd like to see what your spending patterns are and improve on
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that. Number four, investing. Investments as you earn. Now I know we talked about
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savings that's something entirely different but investing in something that will sweat your assets to make more money for you. Now there's several ways
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that you can invest. You can invest in the financial markets, in stocks and
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bonds. You can invest in real estate so that's buying properties and renting
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them out so the rental yield is essentially your return on investment or
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you can invest in a business whereby whatever the business makes you get a
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portion of that so you get dividends from the business. All of these are options that you can explore but what I believe is you should never have cash
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just sitting idly in a bank account doing nothing. And for my UK lovelies we
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have Brexit on the way. We don't know what's going to happen with the economy
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the pound has already depreciated over the last month or six weeks so it
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actually is more expensive for us to spend now than it used to be so it's
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very very important to think about investing so you can at least balance
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out your standard of living if I can put it that way. Five, which is something I
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started doing recently and I have really enjoyed, is selling things you no longer
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need. Now I'm sure we all have one or two things in our abodes that we can sell
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and it actually gives me great pleasure to think that the things I no longer have use of or the things that no longer are needed by myself can give someone
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else joy and can bring some usage to someone else. So recently I started
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selling things I no longer need and it's a great source of income it helps you
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declutter so it's a win-win situation right? Think about it and have a go. So
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thank you so much for your time I hope this video has been very helpful. If
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you'd like to see more of these kind of videos from me definitely let me know. If
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you have any questions around wealth management or how to manage your finances
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better or how to create a budget certainly let me know. I'd love to hear
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your thoughts so leave me a comment share your ideas and ways that you
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yourself have learned to save more and spend less. I also would love if you
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would think about subscribing to my channel and becoming part of the Heaven Heiress family. I'd love to have you all on board. I hope to see you in my
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next video have a great day bye for now
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