Share your Money management strategy

[AicecreaME]

Money management is very important if one want to have good savings . It is impossible to save so e money when their is no proper proper money management. For one to be able to manage every money that comes in their must be budget of money that goes out on expenses every week or monthly. In trading money management is important too, to trade according to the amount of money that comes in, money management will prevent to trade with money which is not budgeted (greed).

This is right. Budgeting is very important to manage the money that you have at hand. A person must be disciplined enough to know and handle proper allotment of money so that he/she won't go beyond what's intended. Having a proper way of budgeting can help people get by and even save for the rainy days. It is also one of the key tools to be financially independent someday. A person that is financially literate would have little hardships in terms of budgeting compared to those who are not.

Unfortunately, a lot of people still don't know how to budget, hence, some aren't able to save. Some people who are well compensated even have loans because they don't know how to restrain themselves from buying luxurious items. Hopefully, aside from subjects such as science, english, and math, financial literacy would also be taught in school.

[qwertyup23]

I've been working closely in taking good observation on my investments and trading strategies i use, i keep to ensuring my cost limit is maintained within the profit line, i just don't invest but i took from the profit earned to reinvest on another turn, I don't also don't lend money to make an investment but rather make sure its from my past savings, I don't exceed my budget plan on investment and i make buys when the price is bearish and make sale of my coins when the price runs bullish

I think when it comes to money management, proper budgeting and allocation for each expenditure should be taken into account. Managing money does not equate to purchasing different cryptocurrencies at once even it may look like you are diversifying your portfolio. By managing your money properly, you know inherent nature, the research, and the background of each cryptocurrency that would support and help you when to cash them out in case of a contingency plan.

While the plans and techniques provided by OP are very useful, it is important to note that managing money does not equate to success in every way but it definitely contributes to proper allocation and expenditure.

[Oceat]

Money management is very important if one want to have good savings . It is impossible to save so e money when their is no proper proper money management. For one to be able to manage every money that comes in their must be budget of money that goes out on expenses every week or monthly. In trading money management is important too, to trade according to the amount of money that comes in, money management will prevent to trade with money which is not budgeted (greed).

I think one should become a bit of miser most of the time. We spend so much money on food and gambling and clothes.
Did Covid bring any change in your shopping routine? I get tired when I go to the market and most of the time I dont feel like going shopping . . Which is very good thing I learnt.

Money management and tired of going out are two different things but they have the same concept of not spending your money. lol
Not really the COVID that's stopping us to go out but the crisis in foods/stocks happening plus the lockdown that will make you to conserve food as much as you want due to restriction. Although it's a good thing that you can save it and not spend it to some leisurely life but money management should be the first you should do when in crisis. The crypto market also is starting to suffer from bear trend but it's not the end yet.

[ningrum]

Money management is very important if one want to have good savings . It is impossible to save so e money when their is no proper proper money management. For one to be able to manage every money that comes in their must be budget of money that goes out on expenses every week or monthly. In trading money management is important too, to trade according to the amount of money that comes in, money management will prevent to trade with money which is not budgeted (greed).

I think one should become a bit of miser most of the time. We spend so much money on food and gambling and clothes.
Did Covid bring any change in your shopping routine? I get tired when I go to the market and most of the time I dont feel like going shopping . . Which is very good thing I learnt.

It would be too rude to call that stingy and perhaps it would be more accurate to save expenses
I think we should be wise in managing money and use the money to buy primary needs,
Saving may be one of the things that need to be done now to think about the future

[AicecreaME]

I've been working closely in taking good observation on my investments and trading strategies i use, i keep to ensuring my cost limit is maintained within the profit line, i just don't invest but i took from the profit earned to reinvest on another turn, I don't also don't lend money to make an investment but rather make sure its from my past savings, I don't exceed my budget plan on investment and i make buys when the price is bearish and make sale of my coins when the price runs bullish

I think when it comes to money management, proper budgeting and allocation for each expenditure should be taken into account. Managing money does not equate to purchasing different cryptocurrencies at once even it may look like you are diversifying your portfolio. By managing your money properly, you know inherent nature, the research, and the background of each cryptocurrency that would support and help you when to cash them out in case of a contingency plan.

While the plans and techniques provided by OP are very useful, it is important to note that managing money does not equate to success in every way but it definitely contributes to proper allocation and expenditure.

We have the same thoughts. Money management includes proper allocation of budget. While the budget may include the fund allotment for buying cryptocurrency, it shouldn't only revolve on that. Money management in general is the the process of weighing in the money you generate and the money you will spend. It also tackles about the ways how you save and invest.

This is really important and should be taught to anyone as much as possible, at a young age. That way, the values and knowledge will be instilled early on and will be practiced sooner.

[bakasabo]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

[Cryptock]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

[bakasabo]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

After several months of such app usage, you will be amazed how much money you spend on crap or things you have bought under emotion. I was amazed when I found out, that I spent about about +1k EUR every year on a car even if wont drive it. Insurance, two parking spots (home and work), maintenance, tax - just because I own a car and I see in my window... This is just one of examples. Same goes to video games. I have completely cut my expenses on buying games physical copy, switched to buying digital or exchanging games. The amount saved is used for BTC purchase and holding.

[Cryptock]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

After several months of such app usage, you will be amazed how much money you spend on crap or things you have bought under emotion. I was amazed when I found out, that I spent about about +1k EUR every year on a car even if wont drive it. Insurance, two parking spots (home and work), maintenance, tax - just because I own a car and I see in my window... This is just one of examples. Same goes to video games. I have completely cut my expenses on buying games physical copy, switched to buying digital or exchanging games. The amount saved is used for BTC purchase and holding.

I work for a credit repair company and one good piece of advice she gave me is to create and emergency funds.
And remove all unnecessary expenses from life. Be it TV subscriptions or magazine which you buy and not read. This too was very helpful and i save some extra bucks.

[batang_bitcoin]

I work for a credit repair company and one good piece of advice she gave me is to create and emergency funds.
And remove all unnecessary expenses from life. Be it TV subscriptions or magazine which you buy and not read. This too was very helpful and i save some extra bucks.

Having an emergency fund is a common thing to do. I've heard it all from the finance experts as they say and it is what they're highlighting at most times. The span of emergency fund that one should have could be like 3 months worth of his salary but the majority that I've heard said that it should be 6 months worth of your salary. And the situation should be even if you don't work, you're going to last with that money until the said period of time. Buying unnecessary things will get you nothing, if it's like a craving or just something you want to have but you have no purpose or urge of using it, you're not spending wisely. That's why those subscriptions that you don't really use, cut them off and they're just sucking your money monthly. Instead of buying magazines, it's worth it buy a book that you're going to read and if it's related to finance and money matters, that will help you how to save, spend and invest better. It's just a matter of priority on what you must buy, it's okay to spend for things that you don't really need but don't do it at most times. Sometimes all you need is to reward yourself and you know it when you must spoil yourself, be it a hobby, an item, a collection or anything but you must save to buy it or use your profit from other source of income to buy that thing.

[stomachgrowls]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

After several months of such app usage, you will be amazed how much money you spend on crap or things you have bought under emotion. I was amazed when I found out, that I spent about about +1k EUR every year on a car even if wont drive it. Insurance, two parking spots (home and work), maintenance, tax - just because I own a car and I see in my window... This is just one of examples. Same goes to video games. I have completely cut my expenses on buying games physical copy, switched to buying digital or exchanging games. The amount saved is used for BTC purchase and holding.

Even with the slightest thing that you've been dealing with or trying to maintain would really be having those kind of expense which you arent that expecting for becoming relevant or big on yearly basis.

If you arent really that mindful about your spending and expenses you would typically spending on something but since these things are part of your wants or necessity then it wont really be that

much of an issue but if  you are really that eager or serious when it comes to cutting spending or expenses then you would really be mindful about this part.

[Kimonoe]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

After several months of such app usage, you will be amazed how much money you spend on crap or things you have bought under emotion. I was amazed when I found out, that I spent about about +1k EUR every year on a car even if wont drive it. Insurance, two parking spots (home and work), maintenance, tax - just because I own a car and I see in my window... This is just one of examples. Same goes to video games. I have completely cut my expenses on buying games physical copy, switched to buying digital or exchanging games. The amount saved is used for BTC purchase and holding.

I work for a credit repair company and one good piece of advice she gave me is to create and emergency funds.
And remove all unnecessary expenses from life. Be it TV subscriptions or magazine which you buy and not read. This too was very helpful and i save some extra bucks.

It is indeed better to re-correct expenses if they are not needed, where without it we can still carry out normal activities, if we pay attention to the fact that the funds to fulfill a desire do not feel when they are spent, and finally we realize that expenses have swelled. I feel like I'm in this position after getting married, because right now I'm limiting my spending, just like I used to change motorbikes a lot, even though it's a shrinking asset.

[SaveOurSea]

My money strategy is boring data filling for all my expenses. I have an app on my phone and every time I spend money, I am making a note for specific category. This helps me to balance expenses. This helps to compare past expenses with future and make right decision. Simple example of how this helps - it has proved numerous times, that high quality item serves longer. Specially when speaking about electronics and footwear. It also gives a hint how much I have spend less compared to previous month and how much I can invest.

One of my friends do it on the envelope where she puts her money. Put its good to keep track of your money and goals.
I like what you have suggested above - I will download the app too. Because I am too lazy to get up and write on my diary all the time.

After several months of such app usage, you will be amazed how much money you spend on crap or things you have bought under emotion. I was amazed when I found out, that I spent about about +1k EUR every year on a car even if wont drive it. Insurance, two parking spots (home and work), maintenance, tax - just because I own a car and I see in my window... This is just one of examples. Same goes to video games. I have completely cut my expenses on buying games physical copy, switched to buying digital or exchanging games. The amount saved is used for BTC purchase and holding.

I work for a credit repair company and one good piece of advice she gave me is to create and emergency funds.
And remove all unnecessary expenses from life. Be it TV subscriptions or magazine which you buy and not read. This too was very helpful and i save some extra bucks.

Yes that's right I think that's good advice and maybe we can apply it to save expenses,
sometimes it is difficult to reduce expenses and it usually comes from things that are not really important,
but what is clear is that everyone has their own way of managing finances wisely

[Cryptock]

Yes that's right I think that's good advice and maybe we can apply it to save expenses,
sometimes it is difficult to reduce expenses and it usually comes from things that are not really important,
but what is clear is that everyone has their own way of managing finances wisely

My money management strategy changes with the time. Now we have reduced the purchase of clothes and shoes and decorative items. And only focus on the necessary items. The prices are reaching to the highest level and the people are very upset.

[Theones]

I never used to keep track of my expenses, which was my biggest mistake. My friend Peter was working on a project for a company that bought ideas https://radicalfire.com/invention-companies-that-buy-ideas/ a few years back. He was developing a mobile app to record expenses and revenues and asked me to test this app. As a result, my expenses were reduced, and I realized I spent too much on fast food and coffee daily. Try to follow where your money goes. I think many of us spend money every day on stuff we don’t need. Report your income and expenses through an app or just in notes.

Once I got an advice from some - he said - take care of every penny and dollar will take care of you.
We ignore the small leaks in our wallets which make a big loss later. So try to take care of all the unnecessary purchases and you will be fine

[virasisog]

Yes that's right I think that's good advice and maybe we can apply it to save expenses,
sometimes it is difficult to reduce expenses and it usually comes from things that are not really important,
but what is clear is that everyone has their own way of managing finances wisely

My money management strategy changes with the time. Now we have reduced the purchase of clothes and shoes and decorative items. And only focus on the necessary items. The prices are reaching to the highest level and the people are very upset.

We got no choice but to manage our funds with the best that we can because the inflation rate is continuously increasing. We can mostly afford only our needs over our wants. Surviving this inflation is getting harder as days pass by so we really need to manage our finances the wisest way. We have to prioritize investment over our luxurious desires.

[Fatunad]

Yes that's right I think that's good advice and maybe we can apply it to save expenses,
sometimes it is difficult to reduce expenses and it usually comes from things that are not really important,
but what is clear is that everyone has their own way of managing finances wisely

My money management strategy changes with the time. Now we have reduced the purchase of clothes and shoes and decorative items. And only focus on the necessary items. The prices are reaching to the highest level and the people are very upset.

We got no choice but to manage our funds with the best that we can because the inflation rate is continuously increasing. We can mostly afford only our needs over our wants. Surviving this inflation is getting harder as days pass by so we really need to manage our finances the wisest way. We have to prioritize investment over our luxurious desires.

Each of us does have that luxurious desires but it would really be not bad if you have made yourself reach into the point which you dont have already that financial problem or does mind off on how to survive yourself on daily living or simply you do have everything or you could able to provide and sustain yourself despite of the inflation that we are experiencing.Its not bad to purchase those things but of course you should be
aware of on the things that could happen if you do buy too much without any plans of other sources of income.If you could sustain those spending then its good but if it do gradually kills your finances
then thats the worst decision that you had ever made because if you dont know on how to manage your finances well then expect the negative outcome that could happen in the future.

[Theones]

Each of us does have that luxurious desires but it would really be not bad if you have made yourself reach into the point which you dont have already that financial problem or does mind off on how to survive yourself on daily living or simply you do have everything or you could able to provide and sustain yourself despite of the inflation that we are experiencing.Its not bad to purchase those things but of course you should be
aware of on the things that could happen if you do buy too much without any plans of other sources of income.If you could sustain those spending then its good but if it do gradually kills your finances
then thats the worst decision that you had ever made because if you dont know on how to manage your finances well then expect the negative outcome that could happen in the future.

The only thing one can focus on these days is to get finical freedom by cutting down extra expenses and focusing on the needful items only.
The best approach is to find the way of passive income and get some extra money to pay your bills and other expenses.

[jossiel]

The only thing one can focus on these days is to get finical freedom by cutting down extra expenses and focusing on the needful items only.
The best approach is to find the way of passive income and get some extra money to pay your bills and other expenses.

It's just part of money management that you need to cut down your expenses and remove unnecessary things that you buy within your budget.

That's part one but if you can't cut them down then you need to improve your cash flow and add more source of income for you to sustain those things that you are not willing to cut down.

You choose with any of them and what you can afford to do. It's effective and if you're the type that you're not going to decrease your way of living, choose the latter.

[wmaurik]

The only thing one can focus on these days is to get finical freedom by cutting down extra expenses and focusing on the needful items only.
The best approach is to find the way of passive income and get some extra money to pay your bills and other expenses.

Your advice is good, but it looks very ordinary to me because for now I am still running a strategy by working in two places (trading in crypto exchanges and also trading in traditional markets) at the same time in order to earn extra income. And it still allows me to be able to enjoy my time and also still allows me to buy things that I like with certain needs. Being too frugal can also torture yourself by limiting every desire you need.