It’s an unfortunate fact of life that many people are terrible with money.
Sometimes it’s not really our “fault” because we’ve just learned bad money lessons from our parents, which we’ve unhelpfully carried through into adulthood.
Other times, it’s because we simply spend more than we earn and have never been within 100 metres of a budget.
In fact, most people have no idea how much they spend every month because a lot of it is on credit, which they don’t pay back in its entirety.
But there are plenty of ways that you can improve your financial situation and work towards building long-term wealth.
Being honest about your finances is a good start, of course, as is education – even if it only takes a few minutes in the beginning.
So to kick-start your learning, here are seven money lessons you can learn in just seven minutes!
1. Where does your money go?
Keeping tabs on how you spend your money, whether through fixed expenses like rent or mortgage repayments or discretionary spending like dining out and travel, is crucial to understanding where your money is going each month.
Sitting down with a professional is a good place to begin, but you can also create your own budget using a spreadsheet to list all of your monthly expenses.
Now, if you’re going to the effort of preparing a budget, make sure you update it with everything – even your daily coffee, because it all adds up over a month!
2. Your money mindset matters
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