The road to Financial Awareness

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Maslow's Hierarchy of Needs

Monitor your Assets

Every car has a gas gauge for a reason. The same way you don't want your car to run out of gas half-way through the commute, it's never fun experience to running out of money.

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Keep a close eye on your cash meter

Create a mid/long-term financial strategy

Even if you have to live from paycheck to paycheck, which a lot of people unfortunately still have to do, you’ll benefit from having mid or long-term financial strategy. A lot of people interpret financial strategy as having stocks, bonds or other types of investment. At the end of the day, your strategy can be as simple as having a clear list of fixed expenses and setting a realistic budget.

Plan: Think ahead of time

Think about how next week or next month, is going to be. Whenever we don’t have time, we tend to find last-minute solutions. Those usually involve throwing money at things to fix the situation. Most of the time, these quick fixes could be avoided it a bit of planning beforehand. And you could save good money in the long-run.

Utility as a decisive buying factor: Focus on what’s essential

Sometimes it’s difficult not to buy the next new shiny thing.

Am I going to use this item every day? More than once a week? Is it just for a specific time of the year? Is it really essential or can I “wing it” without it?

I ask myself these questions every time I need to buy something. That’s mostly because I’ve moved quite a few times, and had to sift through all my belongings and figure out what was essential and what wasn’t. Since then, I decide to live a more conscious and minimalistic life. It doesn’t mean I don’t buy things like anyone else. The difference is that everything must have its clear purpose.

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It pays off to do the Math

As tedious as it may sound at first, it really pays off to do the math before you make a decision.

Brainstorm with your Friends & Family

People are usually very shy when it comes to talking about money. Some people might take it as revealing too much of their personal life, their habits, or fear judgement. No one needs to know why and how they're spending their money …

Ask other people how they manage their finances and deal with unexpected expenses.

Everyone has they're particular way of doing things. At some point every one tries different strategies and figure out what works and what doesn't.

I write about Data Science, Data Visualization, books and learning more effectively 📚🌱💡🚀

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