🤑 How do I spend my money? And what is your money management?
Business Marketing with Nika
6 replies
Not many people (employees) talk about how much they earn.
On the other hand, in entrepreneurship, companies share this data.
I am not going to overshare my bank account status 😀 but would like to share my approach to spending money.
(For now, I will not share numbers or ratios), only items – descending with priority:
Regular items:
🏡 Rent, energies (basics)
🥗 Food (basics)
🏦 Business Expenses (taxes, health care, social insurance, subscription)
🎭 Cultural activities
💰 Creating a fund that will be used for future business activities
📚 Books
🛩️ Travelling
💸 Investing (seasonal)
🎟️ Memberships (very rarely)
What I buy the least:
🛍️ Clothes
💅 Decorative cosmetics
🎈 Party-related things :D
My goal:
👩🎓 Increase expenses for education
📣 Start spending that fund for the company activities
🧗♀️ Invest more in physical activities and adrenalin experiences
💰 Cut costs on things that I really do not need so much.
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Are you aware of where your money goes?
Replies
André J@sentry_co
😸 Oppps you seem to have forgot to add that money transfer tax. Your government thanks you for your contribution 🤝
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It's hard for me to monitor closely, but I approach it like this:
I don’t mind small expenses if:
- they make me happier,
- I learn something from them,
- or they save me time.
I roughly assess these expenses to make sure they stay reasonable and don’t cause me stress. I always invest any money I can spare.
My ultimate goal, though, is to earn enough at once that these small expenses won’t matter much.
minimalist phone: creating folders
@sacha_dumay First two points are pretty same for me but the last one is something I lack – I rather go for (sometimes) nonsense path that takes more time rather than spend money for it. 😅 It seems like kind of punishment I am seeking lol :D
The last sentence = I think it is goal of many guys there :)
Hi Nika! I've been so focussed on the issue of money & savings since COVID + job loss + my husband's workplace injury reduced his income - it's been incredibly stressful, so you're absolutely right that the most important thing is always having a surplus savings fund that can buffer when things like these occur. I use my local mobile banking app which has a budgeting feature where I can keep track of funds allocated for certain things (health, education etc) & I've also setup an indexed fund on Vanguard (super easy for financially illiterate folk like me to manage - or not manage)!
I don't spend anything on clothes, virtually no entertainment/luxuries etc - my spending is all on (very) basic insurances, mortgage repayments on our home, kids + learning /tutoring costs + family costs & we still fall short most months. Ay! The cost of living!
minimalist phone: creating folders
@emily_willis1 Emily, thank you for sharing and honesty. Truth is when you have kids, you are trying to give them all and it is not easy situation with all things that happened since 2019. It literally makes people to count every penny so they are later on more economically aware where the money should go. I am on the same page with that.