🌼15 Scary Good Everyday Money Rules to Live By for Financial Freedom ( HIGHLY RECOMMENDED)

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  1. 🌼15 Scary Good Everyday Money Rules to Live By for Financial Freedom ( HIGHLY RECOMMENDED)

Dead simple financial advice for the living

What a lot of people don’t know about me is that Halloween is my favorite holiday. I’m also a huge personal finance nerd so I wanted to find a way to merge my two passions together — like a mad scientist!

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Today I present 15 easy, scary good money rules I live by and, to keep it interesting, I’ll put on 15 costumes — you can be sure they’re pretty punny. Like my tips today, the costumes go from good to great.

Let’s jump-scare to it…

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Read also: 7 types of people who get far in life

1. Adopt a money mantra

The truth is, nothing about today’s costumes are actually scary but I said I’m a money nerd so we’ll start there…

You need a positive phrase or motto that helps define and remind you about your money mission or rule for how you handle your money.

For example, ask yourself, “Is this [insert purchase here] better than a tropical vacation next year?” or “I don’t spend cash, I earn credit card points.”

For me, it’s “Save and invest half, retire twice as fast.” I think about that big financial philosophy and goal daily.

Maybe you’ll calculate your A+ money mantra by the end of today’s tips.

2. Take one minute a day to check on your finances

I swear by setting aside at least one minute every day to check on my finances because my finances shouldn’t be a game of Clue — get it, Colonel Mustard in the study with the rope?

This can be anything: checking balances, making a credit card payment, seeing how I’m doing with side hustle income towards my goals, paying a friend or requesting money owed to me, or moving any extra cash into savings.

Taking a minute daily to think about my finances keeps them top of mind.

I’m cooking up a good one for number 3…

3. Evaluate purchases by cost per use

I keep the cost per use in mind whenever I spend.

Considering a new streaming service for 1 show? Not worth it.

Find a kitchen appliance deal for a price that seems too good to be true? It is.

Repairs at the cheap car repair shop? They can’t wait to see you again very soon.

This even comes in handy when grocery shopping. Make meals with leftovers on purpose so 1 meal can become 2.. or 4… or even 20 if variety isn’t your thing.

Taken further, you can even consider the cost per hour for experiences when choosing what entertainment to enjoy.

4. When you get a raise, raise your savings and investments, too.

Grab your ship by the mast and take control. As you earn more, you must save more. Because a rising paycheck tide should lift all savings boats.

If you have automation set up, it only takes a minute to log in and tweak the dial up on savings and retirement contributions. It’s how you avoid lifestyle creep and going down with the ship.

Bonus rule (literally): When you get a bonus or unexpected money, save and invest at least half.

5. Shop Solo

Shopping isn’t a hobby or social event. Most often for me, it’s simply a means to an end as I fantasize about being on a beach instead.

When you go with friends it’s easy to get caught up in the social breeze and go with group think. Sure, they told you the retro tiki shirt looked good on you but I promise it doesn’t.

Think for yourself, stick to your list, and keep your eye on the great deal prize so you don’t find yourself lost on a deserted island…

Read also: 6 life changing habits that will make you a high performer

6. Automate everything

I always say the most important 3 words in savings are automation, automation, automation. But you can apply this to all aspects of personal finance. It’ll help you avoid late fees by paying bills on time or credit card interest if you automate payments in full each month.

If you still balance your checkbook, automate a daily reminder to stop doing that and use technology the way it was supposed to be used: to allow yourself to be more successful and more lazy at the same time!

Don’t wing it without an itinerary. Use autopilot.

7. Get the big purchases right

Don’t sweat the small stuff like daily coffees. That’ll keep you swimming in circles.

When it comes to keeping your finances in order, the most important purchases are the big ones. Housing and transportation are obvious, but anything over a couple hundred should take time, thought, and research.

A little research, plus a little patience for a good deal, go a long way. Otherwise, you’ll find yourself out in the deep end without a paddle and not knowing how to swim…

8. Get your finances — and body — in shape

It’s not just my opinion. A recent study showed more exercise leads to higher pay. That might be because you’re typically more productive after working out.

Not only does good health make you happier and more productive, and it also reduces the chances of unexpected medical expenses.

I run or do HIIT exercises every day during my lunch. That way I never hit that 2 pm slump at work.

So, pump some iron to pump up your net worth…

9. Know how to handle a financial emergency

Don’t sleep on this tip because it’s two in one.

First, don’t be afraid to spend emergency money when emergencies arise rather than going into debt over it.

I’ve done this… it’s like a bad dream.

Second, have a clear definition of what an emergency is. I consider only 5 things to be financial emergencies: A lost job, a medical emergency, a broken down car, emergency home expenses (like a leaky roof or broken pipe), or traveling for a funeral or family emergency.

As a best practice, save 3 to 6 months of expenses at a minimum.

Wake up and stash that emergency cash!

10. Keep your savings at a different bank thank your checking

Buckle in your saddle for this one… or something… okay these are getting worse, not better.

Co-mingling your savings in a checking account can make you think you have more money than you do — especially if most of that coin is needed to pay upcoming bills.

Even with separate savings at the same bank, it’s a little too tempting and easy to instantly transfer money from savings to checking. Plus, it gets easier over time to make excuses like, “I’ll pay myself back”.

Avoid the conundrum. Keep your money out of sight, out of mind, partner…

11. View savings as part of your budget, not something you do with money left over

Thieves get caught red-handed when they don’t plan ahead and you’ll find yourself in the red if you fail to plan as well…

I only budget once a year but I do is prioritize saving and investing as top line items. In fact, it’s the first budget item I fill out each year because it’s easy math — again, I aim to save and invest half.

Did you know I wrote a whole book with my money mantra as the title? Check it out on Amazon. With all the money you’ll save from the tips, buying it is a steal. Purchasing it should be illegal!

12. Up your financial goals each year

If you save the same amount as you saved last year you’re technically saving less than you did last year because of inflation.

Up it every time you get a raise as I said earlier and push yourself at the start of each year to hit new, more challenging goals.

Aim to run your race a little bit better and faster each year.

Save and push until it hurts. Yes, it’ll be an uphill climb but you’ll get there and you’ll be surprised how fast you can cross the retirement finish line.

13. Reward yourself

Is it too late now to say sorry… for this outfit?

It’s impossible to enjoy life if all you do is save money for the future. Pick a short-term savings goal (say something you can achieve in 3 to 6 months) and when you meet it, reward yourself.

After I save $10K, I earned a vacation away. When I get out of debt, I’ll see a play. When I max out my 401K I’ll see a concert, yay!

It’s fun to have something to look forward to is what I always say…

Pick an amount you hope to save and when you meet it do something big to celebrate.

14. “If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”

That’s a Warren Buffett quote. I like to think he’s my cool uncle, constantly giving me advice and cheering me on.

I keep this Warren Buffett quote in mind when setting up my (automatic) investments. I don’t buy stocks or mutual funds to flip and sell. I don’t have the time, patience, or stomach for it.

Investing is about minimizing risk to generate wealth over the long term, not trying to generate short-term profits. Stick with rock-solid companies for the long haul.

Set it and forget it!

Set it and forget it!

Read also: 6 ways to attract money

15. Take good care of your stuff

Taking good care of everything you own makes everything last longer.

The cost of maintenance is a fraction of the cost of replacement for just about everything — although I guess maybe not a toothbrush or a sponge…

Buy it right and keep it nice or buy it twice as I always say.

There you go, that could be your new motto!

Wrap Up

Let me know what you thought of my everyday money rules or anything you’d add to my list. More importantly, I have to know which of my outfits was your favorite or, more realistically, least favorite.

Hope you have a safe and happy Halloween. Or just safe and happy day if this is the future. And if so, I guess this was pretty awkward…

CONTRIBUTED BY Frankie Calkins

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