In there; the first income is used for pure whims. It is not something new or strange, and do not feel bad. The truth is that, in many cases, the most important lessons come from bad decisions. And when we talk about personal finances, mastering them is a matter of learning to use them over time.
In kubo.financiero, we are interested in not having any obstacle in the way to dominate your personal finances. It is for that same reason that we have decided to share with you our guide to become the master of your finances despite being in your first job. Take note!
1. Define your goals
Although it is normal at the beginning, wasting your salary every fortnight can turn into a bad cycle if you get used to it. Better, try to start with the right foot; define and write down your objectives when starting your new work path. If you think and have a clear plan of action and a specific amount, it will be easier to take care of your money instead of spending it on temporary things that you do not need. We do not tell you not to spend; If what you want is to use your money to buy new clothes, there’s no problem. The important thing is that you meet your goals without money being an impediment to you.
2. Diversify your income
Do not use all your money for a single goal, or all for one shopping trip. Better, divide it. If you want to spend a whole afternoon buying new clothes or things for your house, that’s fine; but do not do it without first organizing your income. For example, if you want to buy new things for your home but at the same time save for a trip, both are possible. You can save 20% in a long-term savings account and the rest in the short term. Preferably, open a special account for your retirement to which you assign another 20%.
We also recommend reading: Millennials, should we start thinking about retirement?
While the income you keep for your long-term goals is growing, start investing that money. You do not need to have large amounts of money to start investing; with kubo.financiero you can do it, from $ 1,000! With us your money is completely safe, in addition to which the returns can be from 11% to 16%.
4. Do not keep what was left over
Think about it like that; you have ant expenses, whimsical purchases, go to the movies, passage for public transport if you use it, ect. Instead of saving at the end of the month what you have left after all those expenses, better save an amount every fortnight or month of payment that will be your savings budget. And what about the rest? You can use that for movies, shopping, restaurant meals, etc. What is important for you to understand is that you do not have to save what is left over, but give an important priority to your savings.
5. Learn to cook well
It seems that it has nothing to do with the subject we are talking about at the moment. But, seriously, you must learn to cook. It is a normal attitude to get excited with all the delicious food you can buy in your first days of work. However, it is not healthy for your health or your money. Invest in good nutrition; go to the supermarket and buy ingredients for good filling and healthy meals. They will last you longer, you will spend less and your health will thank you.
6. Get used to organizing events in your home
Going every weekend with friends to clubs, bars and restaurants can make you spend more money. Do not stop going altogether but try to organize plans with your friends at home, with good music, a horn, and commissions that each one brings. The joke is that you save some money without letting yourself have fun.
7. Do not ask for an increase
At least that is absolutely necessary. Know different ways to grow your money without having to depend on% 100 of your work; You can make your hobby a freelance job , you can start your small business while you are working , or you can invest your money. A sign that you do not have financial health is to depend completely on your income, better put your money to work for you!
And to finish, we give you good news; we invite you to download our monthly finance planner for free. With this tool you can record all the movements you make with your finances, how much you save and how much you invest. Very good idea, do not you think?