Posts tagged with "money management"

Analytics Illustration by Ivory Nguyen for use by 360 Magazine

Guide to Help You Maintain Your New Year Resolutions

At the beginning of this year, you may have had clear New Year resolutions regarding your finances. It is very necessary for you to follow all of these resolutions so that you can achieve your goals easily. You can start learning how you can maximize all of your resources for your benefit.

It is the best time for you to plan everything, so you can achieve your dreams this year. It may be the right time for you to get a new job, lose weight, or become a millionaire this year. In this article, we are going to discuss some useful ways on how you can maintain and achieve your New Year resolutions.

Break Down Your Dreams

When you have any New Year resolutions, you may want to break down all of your dreams or your goals. You need to have a clear mindset that you are able to turn your goals into a reality. Your New Year resolutions must be clearly stated and expressed in full detail.

You have to know all steps and details that you need to have for achieving these goals. Some actionable steps can help you achieve any of these goals easily, without having to get overwhelmed. Here are some questions that can help you manage your steps for achieving all of your goals or dreams in the future.

  • What are several things that you need to do for accomplishing your goals?
  • What is your main schedule for achieving these objectives?
  • Who is going to help you or get involved in helping you achieve these goals?
  • Where are you lacking?
  • What are some mistakes that you did last year that should be corrected?

After answering all of those questions, you may see that your objectives can be achieved easily. It will apply to everything that you do–from saving money, learning some new skills, losing weight, etc.

Always Make Yourself Accountable

Accountability is important to have, especially if you want to be successful. When you ignore accountability, you may also ignore the possibility of future success. You should be aware of any progress that you are making for achieving your goals.

Accountability means that you are responsible for all of your actions and their consequences, whether they are negative or positive. You should never blame any other people for any result that you have in life. Instead, turn your goals into traceable objectives. You need to have a list of your all plans and their scheduled time. It will make you become more responsible in your dealings. Don’t forget to write down all failures and successes that you have every day for easy assessment.

Learn to Penalize and Incentivize

You need to learn how you can penalize or incentivize yourself. It will help you stay motivated, so you can achieve your goals. Some people might find penalizing themselves may be counterproductive. However, it will be a good way for you to motivate yourself to attain your dreams. You should never forget to incentivize yourself to achieve your small objectives.

Use Technology for Helping You Reach Your Goals

Technology can be a perfect way for you who want to achieve your New Year goals easily. You can utilize your gadgets to keep track of the steps taken to reach your goals. Ensure that these mobile devices don’t draw your attention from your goals, though.

Furthermore, there are some other interesting ways to achieve all of your New Year resolutions. When you need to get a loan for achieving all of your goals, you can consider taking the Robocash options. It will be a good solution for you who want to solve any of your emergency money issues. Robocash is ready to give you up to PHP 25,000 loan. More than 90% of their loan applications are approved immediately.

Money & Relationship illustration by Heather Skovlund for 360 Magazine

Money Issues × Relationships

Are Money Issues Ruining Your Relationship?

Read on for 5 tips to resolve them.

The COVID-19 pandemic has played havoc with families’ finances through lost jobs, squeezed budgets, increased debt, and missed payments.

Money and the decisions spouses make with it are one of the main sources of stress among couples, and sometimes money issues end relationships or cause divorce. But differences can be solved or managed if couples learn to listen to each other and work as a team to formulate a sensible plan, says financial planner Aaron Leak, the founder of ECL Private Wealth Management. 

“No matter how long you have been together, financial issues can wreak havoc on a committed relationship,” Leak says. “When couples don’t agree about spending and saving habits, it causes arguments and resentment.

“But understanding what you’re fighting about and why helps you and your partner come up with solutions. By being transparent and honest with each other about your finances, you can not only prevent arguments that strain your relationship, but you will strengthen it.”

Leak offers these tips for couples to address and resolve financial issues:

  • Understand your money styles. Think of some extreme examples of money styles in your circle. Like your friend, the foodie, who won’t touch a bottle of wine that costs less than $75. Or your sister who constantly surfs Amazon. Or your mom who washes aluminum foil, then folds and reuses it. Everyone has a money style, and it’s helpful to talk about it without any name-calling or labeling involved. Understanding your partner’s spending habits often involves a deep dive into money fears, scarcity memories and childhood traumas. Come up with a spending plan that works for both of you.
  • Decide how to divvy up the bills and save for future goals. You can both put all your earnings in a joint account and pay everything out of that. Or you can split bills down the middle and keep the rest of your own earnings for yourselves. Once you have decided how the bills get paid, you need to devise a plan for saving for your long-term goals. Remember that you need to work closely together as life changes arise – such as one of you losing a job or cutting back on hours to care for a parent. If 2020 has taught us anything, it’s that contingency plans are always advisable.
  • Create personal spending allowances that stay personal. Having some personal money that’s designated just for you each month can really help how you feel about your relationship. It can also help avoid relationship-ruining behavior like “financial infidelity,” when one spouse hides money or purchases from the other. The personal spending allowance gives each partner the chance to spend their money however they wish, no questions asked.
  • Face and eliminate undesirable debt. Couples should employ a strategy to pay off debt, such as paying off the higher-interest debt first or paying off the smallest loans first (the snowball method). Payments on credit cards, car loans, and student loans can devour monthly budgets, so the sooner they are paid off, the better.
  • Set a budget you can live with. One of the best ways to keep in sync with your partner financially is to have a budget as part of your overall plan. The budget includes your household bills, your personal spending allowance, your debt-paying strategy, and your monthly budget for long-term goals like retirement.

“Relationships take consistent work in order to be happy and successful, and money management is a big part of it,” Leak says. “The best way to be sure you and your spouse are staying on the same page financially is to talk honestly and without judgment.”

About Aaron Leak

Aaron Leak has 16 years of experience in the financial industry and is the founder of ECL Private Wealth Management. He holds Series 7, 6, 63 and 66 licenses as well as life, health, and property and casualty insurance licenses.

Money illustration by 360 Magazine

How to Leverage Your Assets to Live the Life of Your Dreams

When you are growing up, your world is filled with wonder, great times with friends and time for fun and play. It’s also when your soul’s dreams start to emerge and we begin to imagine what we might be in the future. Then, when we reach adult age we are suddenly thrust into a world where the dream goes dormant and we find ourselves working full-time just to make the money we need to survive. Sadly, that’s the way we are expected to live until retirement. 

Society has us penciled in to work endlessly to make money for others for 40 plus years of our life. We typically follow the script without thought until one day we start to wonder is this all there is? With those words our true awakening has begun. The veil of what you were taught you should be is lifted and your soul and spirit come back out to play. It’s finally time to reconnect with your hopes and desires.

Stepping into the Life of Your Dreams

The world calls this awakening a crisis, giving it a pejorative label so it can be dismissed. This moment, though, is a pivotal part of your journey. You are leaving what you were programmed to do and instead choosing your own path. Old dreams begin to re-emerge and new hopes often arise. 

It’s time for you to live a life you truly love. When you reach this moment, you should let all the dreams out to dance. If you love travel, begin to imagine how you might see the world and get to live in different countries. If you have a passion or hobby that truly calls to you, do some journaling and come up with creative ideas to pursue that. You have the power to manifest your soul’s desires. 

Leveraging Your Assets to Live Your Dream

If you are ready to pursue your new path, it’s helpful to have the money and financial freedom to do what you want. One of the ways you can help fund your dreams is to consider selling your life insurance policy. It’s possible to tap into the value of your policy and get a life settlement that would generate the cash you need to live beautifully. 

This is an especially good option if you are further along in age. With a life settlement you basically sell your policy for cash and the investor then receives the death benefit at a future date. If you go online you can find out if you are eligible and determine what your maximum cash value would be. It’s important to do your research so you fully understand your options and know the pros and cons of your choice.

Consider Downsizing and Moving to the Country

One of the ways society keeps your nose to the grindstone is to encourage you to spend more than you make. We are taught that we should have a big house, filled with the best of everything. In reality, you don’t need any of that to be happy. If you wake up every day and get to live the life you love, you will quickly come to understand that much of what we buy barely matters. 

In order to have the freedom to pursue your dreams, you may want to downsize so you can dramatically reduce your monthly expenses. If you own a home in a city, you could sell that and pocket the equity. Then you can look for a smaller place in a rural area that costs far less. You’ll find that when you lower your monthly expenses and have some cash from the sale of your home, you won’t need to work full-time to make ends meet. You’ll then have the time to follow your soul’s path and live the life of your dreams.