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In a recentvideoon her popular YouTube channel, she shares common ways people sabotage their finances.
Here are five of her biggestred flags and how to avoid them.
Worse yet, they spend on things that dont align with their values.
Next, list everything you should probably live that life.
Include what you already have and what youre still striving for.
Make copies of that list and keep them everywhere you spend money.
Keeping Money in the Bank
Money doesnt grow in astandard bank account, Nischa explained.
Instead: Make Your Money Work Harder
Nischa shared two ideas for making your money work harder.
First, you’re free to invest in yourself by increasing your earning potential.
you gotta budget for investments to generate passive income and break free.
This near-universal phenomenon is called loss aversion and its why we think of budgeting as spending less.
But for most people, Nischa said earning more can make a more significant difference in your finances.
Think about the time and energy you spend on saving money.
How might you benefit if you put that time into earning more?
You might be overspending and headed for disaster or over-budgeting and stressing without cause.
Before you do anything else to fix your finances, it’s crucial that you start tracking your expenses.
Youll see where you’re gonna wanna cut back and where you havesome extra financial room.
Instead: Break Free With Budgeting
Commit to tracking everything you spend for a month.
Include everything from rent and utilities to the $4 you spend on a mid-day latte break.
Consider downloading an expense tracker app or keeping a spreadsheet open on your phone.
At the end of the month, categorize your spending.
If you have a budget, determine if youre spending within it.
If you dont have a budget, create one based on your patterns and where you want to be.
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