Everyone loves money. It’s natural and happens to all single living person on earth. Do you spend your money just to fulfill your current needs? Have you saved a portion of your money for your future? Do you struggling right now because you have a little money left in your wallet? Or how to spend my money wisely?

If some of these questions happened to you, you should consider asking yourself, “How to spend my money wisely?“. Let’s do a simple workout for this money management thing so that you can spend your money wisely.

Start Making Plans

It’s time for you to write everything on a paper or type them directly in your notepad, Microsoft Excel, or Google Sheet. I totally recommend you to do it in a modern way in this era of technology. So let’s start with Google Sheet, which you can access anywhere and anytime without having to worry about losing the file. 

how to spend your money wisely

What you need to do is type down all the income and expenses you have done in the last or current month. Put them in different columns. It will be great if you can put the details and date on each record.

After you put all your financial records, you can see where all your money spent. My question is, Do you spend more than your income? If your answer is yes, then you need to start checking the issue about your financial problem.

Analyze The Issue In Your Financial

how to spend your money wisely

Now it’s your time to analyze and check the issues by going through the records on your sheet. By doing this, you can find the main problem with your finances. For example:

  • You may notice that you are spending too much on Junk Food. This is a serious problem. I recommend you not to eat junk food too much. Especially in the current world situation where our immunity should be at its best.
  • You spend too much on buying things that you don’t need. We could say this as unnecessary items. If you don’t need the items, don’t buy it.
  • If you are a gamer, you may spend your money too much on premium stuff. In-game premium items and subscriptions won’t give you any benefits in your real life. So stop doing this.

Now, do you get it? Do you find your issue in your sheet? Now you know where all your money has gone. It was you that spend your money, and you should totally do something to solve your money issue.

Start To Do Budgeting

how to spend your money wisely

Budgeting is a great way to keep and manage your money. Whether it’s in your pockets or bank account. You can do the budgeting in these ways: 

  • Learn by taking an online course about financing. 
  • Start to watch budgeting tips and guides on Youtube.
  • Read a good book about managing money. I recommend you to read Rich Dad, Poor Dad by Robert T. Kiyoshi. It’s a great book and you should read it.
  • Start saving from today.
  • Make your goal for the future, it will motivate you to save money.
  • Start working as a freelancer. If you have some skills that you can use, this is a great solution to your financial problem.

By reading the things mentioned above, you should come up with some ideas to save money. Also, you can regularly apply for an online job. Especially in the current world situation where online jobs are becoming more available. There is always work from home opportunities available. You should consider some different tips and use the ones that suit you.

Money Managing Apps

There are many apps available out there. You can choose which platform you prefer, whether it’s on Desktop, Laptop, or Smartphone. Personally, I use Wallet from BudgetBakers to track my money. It’s an Android App and also available in the Web app. This application can help you in keeping track of your money.

Wallet by BudgetBakers

Essentially, you should always keep an eye on your expenses. If you want to spend your money wisely, try this app, and it will change your way of managing your own money. There are tons of money managing apps out there, but I recommend this one because I already used it for years, and it really helps me to manage my own money.

Make Your Goals

how to spend your money wisely

You must have some goals that you want to achieve, right! This is a must to write down your goal and planning on how do you want to achieve it. It is important to have a certain goal in your life and make sure these goals are easy for you to achieve. 

  • Don’t take loans. I really against loan because the interest will kill you in the future. Saving is a better way than taking loans.
  • You should make sure that you are not spending more money than your income. 
  • Try to focus on buying what you need, not the things that you want.
  • Be creative and try to earn more money by taking online jobs. Making some DIY stuff is also good for your income.
  • Think positive and start managing your money. 

This is also a great way to motivate you to achieve your goals. Give yourself a reward when you can achieve a set goal. It is important for you to stay motivated and consistent when managing your money. Also, offer is a seducing thing that might get you distracted. Make sure you can be consistent in your goals.

Start Donating

how to spend your money wisely

Why should you donate? Okay, donating is a great way to save your money. By donating, you spend your money for a good cause. Also, in every religion and teaching, every time you donate, you will get feedback in the future. Good things will come to you. Not right away, but it will be in the future.

In Islamic teaching, every money you donate, the money will always return to you with more than you donate. There are no bad things that happened if you donate your money for a good cause. So don’t be afraid to donate and start being generous to the community.

Conclusion

By reading this, you should know how to spend your money wisely. The main thing that you should do is always track down all your money. Where does it come, and where does it spend. Remember, your income should be more than your expenses. 

You should also come up with a goal and plan. If you struggle and feel tough to manage your own money, you should ask for help from the expert. There are tons of ways to do it. You can learn it from Youtube, online courses, books, etc. Make sure you do it with consistency. You can always learn, and now it’s your time to start your own money management. 

Thanks a lot for reading this post and visiting The Alkana. Feel free to share your thoughts on this post in the comment section below. Stay safe out there, wash your hands regularly, maintain your hygiene, and eat healthy food. I hope this CoVid-19 pandemic comes to its end so we can feel the freedom again.

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5 thoughts on “How To Spend Your Money Wisely”

  1. These are great ways to save money. It is hard to save in these trying times but we have to try. Can you send me some links where I can search for online jobs. My son is at home and he is not working. I have been trying to encourage him to seek out these online opportunities. Keep up the good work.

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