4 Life-Changing Money Lessons Everyone Should Learn in Life
February 28, 2021 | Louis Tully
Life is all about learning and in today’s world money lessons are some of the most important to learn.
There’s no way around it – our lives revolve around money. And the money lessons we learn determine our ability to build financial stability and future wealth – i.e. how well we live our lives. The old saying goes that a dumb person learns from their mistakes, but a wise one from others’.
Some Of The Most Important Money Lessons We’ve Learned
1. You Won’t Be Able To Fully Control Your Money Unless You Start Budgeting
These days you won’t be able to find a financial advice list that doesn’t recommend budgeting and for a good reason!
One of the most important money lessons to remember is that money is easy to spend. Even if your income increases, your expenses will increase with them unless you take them under control. And there’s no better tool for control than a budget. Knowing where your money goes is what allows you to control the amount you spend.
2. Automating Savings Makes Life A Whole Lot Easier
And since it’s so easy to spend – forming a habit of saving money is crucial for building financial stability.
You can start with a tiny percentage, but what matters is that you start. And automating your savings means forcing yourself to learn how to live on less whether you like it or not. When a part of your paycheck automatically goes into savings and leaves you to work with less than you make, savings become a priority you re-adjust your budget for, even if it’s uncomfortable. Over time, this will form into a habit that will allow you to increase your savings instead of spending.
3. Trying To Build Wealth Without An Emergency Fund Is Like Trying To Build A Castle With No Foundation
And the first priority for your savings should be an emergency fund – after that, you should start thinking about investing and maxing out your IRA/
This is probably one of the harshest money lessons to learn on your own – emergencies tend to hit you when you least expect them. And you’re not likely to be able to handle most emergencies from just your paycheck.
Having 3 to 6 months’ worth of your expenses saved not only protects you from going into a money hole but allows you to take bigger risks than you would be you solely dependent on your paycheck – giving you opportunities to increase your income.
4. There Are Times You Need To Save Money, And There Are Times You Need To Spend
This may be last on our list of essential money lessons, but it is definitely not the least. Saving is one of those money lessons that can be found on all of these lists (including this one!), but the importance of spending money is often ignored.
Yet knowing when to let the money go could play a crucial part in your financial wellbeing. Here’s one of the harshest money lessons life will teach you unless you’re ahead of it: a stingy person pays double the price.
There are situations when you need to pay to save in the long run: buying high-quality tech that will serve you for years, buying clothes made from quality material, paying for emergencies right away instead of letting them exacerbate, and paying more down the line.
This is, of course, where the emergency fund comes in. But if you’ve yet to set it up, applying for a short-term fast loan like a payday loan could be a good option.
What Makes A Payday Loan Online An Optimal Option In An Emergency?
A payday loan is accessible to almost everyone. You need to be a legal adult, at least 18 years of age, have some kind of income, and have an active bank account. Any kind of income is welcomed – unlike with bank loans, you won’t be denied a payday loan if the lender doesn’t like your workplace. Cash Cow Louisiana also doesn’t worry about the potential borrower’s credit history, so you could easily get approved even if your credit is bad – or outright non-existent.
But the main advantage a payday loan has when it comes to dealing with emergencies is just how simple and fast the entire process is. It can be done entirely online, takes on average around 30 minutes, and you get the cash the same – which can be crucial if you’re facing a pressing problem.
This Is What A Payday Loan Application Process Looks Like:
- You fill out the online form on Cash Cow Louisiana website.
- You wait for the nearest store representative to get in touch with you.
- You confirm that you have the government-issued ID, your most recent pay stub, and a blank check from your active checking account and have them walk you through the rest of the process.
- You get approved and get the loan.
Let us help you with your finances by incorporating these new rules in your life. This will make the topic of money lessons less stressful, which helps to produce the best end result. If you are still having some financial trouble after that, remember, you can use Cash Cow for a Louisiana payday loan.