Every month, I put aside some cash and use it sparingly throughout a few weeks. You see, it’s not so much about being frugal. In the past, whenever I had a few hundred dollars in my purse, I would have used it in a blink of an eye. Before I started a full-time job, I was already spending more than I could afford.
After I have been pinched hard in the pocket, I learned my lesson. Knowing that there’s no way to evade the economy inflation, I am managing my money more wisely. Before, I was driven to spend due to instant gratification.
Now, I practice the art of delayed gratification. So instead of just spending away, say 100 dollars, I am learning how to make good use of it for my future by following these strategies.
Tip #1 – Create Emergency Funds
One of the basic tenets we learn as a kid is to save our money. I didn’t grasp the importance of it until I ran short of it when my father was admitted into the hospital.
The emergency we see on television such as natural disasters, illness, and job retrenchment are daily events happening to real people. The question isn’t whether we are earning enough, but rather are we saving enough for the rainy days.
How many of us are ready to make an immediate financial decision to save a life or to protect our valuable assets? To be able to cater to that, we have to start saving today. Even if the amount is small, allocating 100 dollars each month is a good start to create an emergency reservoir.
Once you are doing it regularly, you might consider increasing your savings per month or create new funds for pension or mortgage that garner higher investment return. The key point is, the earlier you save, the better prepared you’ll be. Avoid being stuck like those in the sandwich generation.
Tip #2 – Pay Off Credit Debts
Are you stressed out with your credit card debt? So am I. Over usage of the credit cards plus inadequate savings can lead us to an undesirable debt crisis. Credit card transaction is a money-making industry and it’s expected to grow even more with the emergence of e-commerce.
As illustrated in the video, we allow ourselves to think that we can buy now and pay later, yet we do not know how to properly manage our monthly expenditure. So, stop the spending and see if you can use that 100 dollars to pay your outstanding credit balance instead.
You don’t need to have the superb financial knowledge to manage your debt. What you do need is the discipline to pay on time and prevent yourself from accumulating debt that could harm your credit score in the future.
Tip #3 – Give It Away
Consider donating 100 dollars for a good cause such as cancer research, wildlife conservation or sponsor a child for his or her education. Don’t do it for the sake of looking good or because someone tells you to do so. Instead, do it with the attitude of paying forward.
This form of gratitude teaches that nothing belongs permanently to us, even our money. By giving it away, we leave behind a positive impact in the community and for our future generation.
Tip #4 – Spend with Your Loved Ones
When was the last time you took your spouse out for dinner? What about the promise you make about taking your kids to the zoo? Well, take that 100 dollars and spend some time with your family today.
Nothing can be more rewarding than the joy we give to the people that we love most. Our family will always remember us for the good memories we share with them, not what we buy for them.
Tip #5 – Invest In Yourself
You are your biggest asset. If you do all the above, but do not spend a dime on your health and nurture your personal development, you are not doing yourself justice.
For 100 dollars, you could screen for a basic health test. Many impending illnesses could show themselves on these examinations and your physician will prompt you about it.
If you feel that your personal development has been stagnant in recent years, then it’s time to try something new. You need to fuel your mind and soul with new ideas to stay alive. Investing in personal development is the greatest reward you can give to yourself.
Ask yourself, which of these two categories of people do you want to be?
I am pretty sure you want to be a successful person, just like I do. With 100 dollars or less, you can buy a self-improvement book, enroll in an online course to develop new skills, or even start an online business. Look around; there are tonnes of ideas that can be good business opportunities.
In Actual Fact…
‘100 dollars’ is just a perspective. The whole idea is if you know how to make 100 dollars worth your time and your future, you can do a lot better with 500 or 1000 dollars. The outcome of your future lifestyle depends on what you do with your money today. By practicing these 5 tips, you will be a step closer to becoming a more wealthy person.
If you still don’t know what to do with your 100 dollars, visit Wealthy Affiliate to learn how to build a solid foundation for your journey to success. Do you have any thoughts or questions about this topic? Please leave them in the comment area below and I’ll get back to you.