What if I told you that scientists have carefully formulated a new chemical that allows your $20 coins to grow into money trees? Wouldn’t that be amazing? I know you would want to know more about this formula, including the cost and the name. I am here to tell you that the formula has been found and it is disguised under the name the brand name Budgeting.
It may sound ludicrous now, but if you have ever planted anything before, you would know that fertilizing products act as an accelerant, the soil has to be good, sufficient watering has to be done and a host of other practices that have to be done regularly in order for that plant to thrive and produce the yield that you have in mind. It is only then, that you will be satisfied.
So here a few tips on how to tips to grow a healthy money plant that will yield great results.
As it is with most fruit trees, they bear in seasons. So in “Money Season” you will have enough, sometimes a little bit more than what you need to live and sometimes, you get the exact amount. Once the tree is bearing fruit, you have to put some aside, especially for the days when there are no sources for the fruit; this is called “Saving”. It is recommended that you put away 10% of the produce each season and it will accumulate over time and set you on the path of financial freedom. Saving is like planting a bigger money tree, because if you invest it properly, you will get interest and stability. Save coins in an opaque savings pan, like one made of bamboo, so you can’t see in it and be tempted or take any from it. Mind you, this strategy takes discipline, so it is not an easy feat!
Tip 2 – Budget
So now that your money tree is growing, you still have to give it plenty TLC for it to continue to thrive and be consistent in its yields. Usually the produces the same amount of money each season. There is a recommended way to do allocating funds or “Budgeting” and it is called the “10-10-80 Model”. Hence, with 10% locked away in savings, 80% for using for utilities, entertainment and all the other needs you have. The other 10% is for giving away, because it is said that “money comes when money goes”- in others words, it is through giving that you receive. This is the most difficult part, as it means that you will have to add up ALL the money you will be getting and add up ALL the money you will be spending! It is not easy, so even the bag juice you will buy to quench your thirst will have to be put in it and whatever you realistically estimate your expenses to be- you MUST keep in that range. If you realize you are spending more than you are getting, you may want to plant another tree (get another job or create new sources of income) or plant other crops in your yard to reduce how much you spend in the market. It is important and effectively and helps you to use your money wisely!
Tip 3- Prioritizing
As humans we have a lot of wants and needs. The sad thing is that sometimes we don’t know them differently. A want is something you can do without like data service for Facebook and other social media. A need on the other hand is something you absolutely cannot do without, for example food or toilet paper (and for some persons that may be debatable) but you get the drift. If your budget cannot balance because of some of your practices, dissect each of them and see where you can cut back or substitute if the cost is too much. Skipping fast food on Fridays may allow you to save the amount that can benefit you in the long road. Cooking instead of buying food on the road is something you may want to continue.
So with those tips, I hope you will grow a successful money tree by utilizing your talents and skills and I hope the money that bears from the tree will be appropriately allocated and beneficial. Happy Saving!