Financial Advice I wish I knew when I was younger

Adulting is difficult say many but weren’t you the one who wished you were an adult in your younger days. Have you sometimes wished you could reverse time and relive your childhood again? Okay, what about going back in time and recollecting lost money? I always wish I knew the money-saving tips that I know now, back when I was younger. Well, better late than never for me but not for you. So, today I bring to you Financial Advice I wish I knew when I was younger.

Everyone makes mistakes and it’s only natural. However, learning from our mistakes and making sure that we don’t make them again is essential for financial success.

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Here is Financial Advice I wish I knew when I was younger in detail :-

1. Stop spending all your money on material things:

Stop spending all your money on clothes, handbags, shoes, cigarettes’ and anything that is unnecessary and does not add any value to you. The younger me always loved shopping and being in the game of going with the trend. Hence I would shop a lot and end burning my pockets.

Infact, I  kept trying to convince myself that I was investing in my wardrobe, but in reality, many of the items I bought would just sit idle in my closet untouched, or I would only wear them a few number of times. Now when I look back I wish I had self-control on spending so much on unnecessary items. I am actually devastated on knowing how much money I wasted on shopping.

Pro tip: Learn to reuse the valuable things in your wardrobe or share your good clothes with your siblings to save on unnecessary additional cost to your pockets.

2. Start saving money sooner:

I know it’s easier said than done, but nothing comes without effort. I wish I knew how important saving was when I was younger. I keep wondering If I had started earlier, would I have been a millionaire by now? It all starts small, the piggy bank was my first steps into the saving chronology. I am sure I am going to tell the current and the next generation to start saving early to live that luxurious life. The more time money has to work for you, the more money will work for you. Saving early doesn’t have to be big amounts, because every penny counts! So start small, but start it anyway.

3. Learn about investing and gain basic financial knowledge and invest sooner:

The act of learning is endless; if only I knew more about investing back when I was young I would have made some profitable income or probably had a little extra money. Infact if I had started sooner, my money would have had more time to grow, and I would have had a good pool of funds generating more money for me. I learnt it late and so I am working on it now and pretty soon I will reach here. I wish I had some advice from my family, siblings, friends about financial knowledge and financial literacy while I was young. Even schools for that matter should include subjects revolving around these topics. I would definitely be telling my younger self that being financially literate is one of the most important things.

4. Practice self-control:

The term self-control is always ringing in my ears. I used to be elated when I had saved money by not eating out or not buying things for a while. But the moment I had accumulate a good sum of money, I would tell myself I’d rather use it than hoard it. I never thought too much about the amount of money I was spending each week on food and drinks. I was spending way too much money on food. I needed to practice self-control and get my spendings in order.

Once I started to track my expenses and realize that a huge chunk of my income was going towards dining out, it forced me to create a budget for myself and begin cooking meals at home instead. Having homemade meals has helped me to eat healthier, lose weight and save money – a win-win all around!

5. Pay attention to where your money goes:

Often we have the tendency to overspend. Unknowingly, we drain out all our savings slowly. If only I was told to think twice before I spent money when I was younger. I’m sure I could have saved a little more. Pay attention to where your money goes; the best way is to budget and write down all your expenses so you know are your spendings in limits or have you exceeded your budget plan. If possible limit your monthly expenses by doing so you could save a little more. Incase you want to read more on savings, click here to access all articles relating to the subject.

6. Learn how to negotiate:

By negotiation I mean always asks for the other possible choices or plans or perhaps question as to why you are being paid less. Always make make a comparison and see what”s best. Be it salary, or telephone data plans, or shopping or anything always negotiate and be wise not to compromise on anything.

When I had to buy my first car, I remember researching all possible car models, cost of the car, cost of insurance, what is included in the car, what is not. I remember the final output was going for my Baleno which had the best features for its price.

My point is you can always find a good deal if you research. The more data you have, the more points and power you have more negotiation. And if you can negotiate, you sure as hell can save some extra money.

In a nutshell

To sum up I only wish we all got better financial advice when we were young. To wish for a second chance or to wish for the money that we wasted may sound unrealistic. Yet if it was possible I certainly would, because I am more financially literate now and I am sure I can do better. I only wish I had started on my financial knowledge and financial independence journey at a younger age but no matter, I will still make an impact. It is never too late to plan for financial independence and retirement. That is all for Financial Advice I wish I knew when I was younger.

So I l leave it to you comment in the section below as to what financial advice you would give your younger self?

I hope you enjoyed reading Financial Advice I would tell the younger me and hope these tips will help you on your goal to Your rich freedom.

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Disclaimer: The content of this blog is based on our personal experience in our race to achieve the Rich Freedom journey  and are writing this blog with the hope that it helps you reach Your Rich Freedom just like us. Please note that all the content on www.yourrichfreedom.com is for general information and entertainment purposes only. None of the content on this blog is Financial advice. Please reach out to a certified financial advisor before making any financial decisions.