You may have already read many articles here at Elfin. A seed may have already been planted and you have the desire to rock your finances as well. You are engaged in insight, goal setting and have delved into investing. Only: little comes of it.
To date, nothing has happened.
You haven’t taken any action yet.
Because it still feels great. Because it’s still a faraway show. Because you are still waiting for the right time to start.
And we understand that! There is such a stigma around money and investing – actually getting into it can be overwhelming. Then postpone. Becoming an Elfin member is a good step to get all the knowledge you need for making financial decisions to you in a safe environment. Until then, here are some simple things that you can already apply right now, low down the road.
What can you apply NOW?
That “holy moment” you are waiting for is not going to come. There is only 1 right time, and that is now.
So put your phone on silent for a moment. Clear your calendar for the next 30 minutes. Read the step-by-step actions below that you can take NOW.
On the premise: What can you do NOW, what action can you take NOW, no matter how small, to get a tiny bit closer to that desired goal?
Overview!
Open your bank app. Write down in Excel what comes in each month. And what goes out monthly in fixed expenses: rent/mortgage, gas water light, internet, telephone, health insurance, other insurances, subscriptions. Now you know where your money goes and the gap between what fixed expenses are and the amount you still spend rather mindlessly each month. Insight is key.
In the
Elfin membership
you get tools and guidance through a cashbook and personal financial planning.
Determine your savings rate
Decide now what you want to save each month. And set this up as a direct debit to your account each month when your income also comes in. As of now, this amount is a fixed charge. Non negotiable. Even if it’s only 10 euros. Begin! Read
here
how to become a savings guru.
Go for more interest
See where you can get the most savings interest. Right now interest rates are tremendously low, but there are parties (for example, here) where you can grab just a few more percentage points. Every little bit is nice.
Open an additional account
Into this you deposit a fixed amount each month that you can live off of that month. This works well psychologically: this is the amount, after your fixed expenses and savings deposit, that you can do what you want with it. But when it runs out, it runs out. More tips on this tactic here.
Success guaranteed
In the end, success is sum of continuously taking small actions. And success is also yours for the taking. Indeed, you are made for it! The only thing holding you back is your own fallible brain.
