A lot of personal finance advice is focused on small changes or trims we can make: Forgoing the fancy latte, getting rid of a streaming service, or clipping coupons for groceries. But while those small changes can add up, there are much bigger, more effective money moves we can make that have a more significant impact on our financial future. On this episode of How To Money, Matt and Joel go over a few big money moves we’re probably overlooking, advising us to approach our budget with as open a mind as possible. For example, Joel resisted getting rid of the second family car for a long time, but selling it injected thousands into their savings account, not to mention saving them money on gas and repairs. Some big changes might seem scary, but could be the financial gamechanger you’ve been waiting for.
There are essentially three big ways to impact your finances: The first is earning more; the second is spending less; and the third is investing wisely, so your money makes money. When it comes to earning more, a lot of us put too much faith in side hustles that don’t yield much, like delivering groceries through Instacart or selling bracelets on Etsy. Is there more earning potential in your day job? It could be worth sitting down with your manager or boss to find out what advancement possibilities there are and what qualifications you would need to get them. Spending a little time learning new negotiation or job skills can have a greater yield in the long-term than a side gig ever could.
Spending less sounds a lot like forgoing the fancy latte, but there are bigger moves we can make in that category, too, especially when it comes to housing. Evaluate your home: Is it possible to find a cheaper place to live, either in a less costly part of town or even in another state? You could save hundreds of dollars a month with changes like that. And when it comes to investing, the best advice they have is to just go for it. People find investing intimidating, and often think they need a professional, but it’s better to get the ball rolling and learn along the way, letting your money compound, than to wait years to get started. They also get into trimming our food budgets and the importance of keeping an eye on investment fees; get all this great information and so much more on this episode of How To Money.
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