How To Get Better At Managing Money (Quick Money Monday)

https://www.youtube.com/watch?v=hK_M0PgvF14 I've learned a lot about money management in the last year and have improved my skills in the area substantially. Here's some ideas on how I have gotten better at managing money and how you can too. 0:00 - Introduction 0:31 - 1 Year Ago Today (0:43….add video) 1:10 - I'm not actually 'broke' 2:06 - #1: Being completely focused on my money and constantly looking at it 3:07- #2: Creating a cash flow calendar 4:25 - #3: Remain as frugal as possible 5:20 - #4: Find ways to achieve more with less 6:25 - #5: Building up cash buffers in my life 8:09 - #6: Working really hard to build up my passive income 10:35 - The biggest thing has been focus 10:52 - Something I really need to work on 11:26 - I've come so far in the past year How I Got Myself Into Debt Recommended Videos: Barefoot Investor Bank Accounts Explained I Need To Get Better At Managing Money (March 2018) Transcription: almost exactly one year ago I decided that it was time finally time to get better at money management and I've learned a lot over the past year and learn a lot especially over the past couple of months so here I want to talk about how I'm getting better at money management and some of the things that I've learned hi i'm ryan from onproperty.com.au/free angel' freedom and welcome to another quick money Monday where we talk about things around money now it was almost a year ago to the day I'm recording this on the 27th of March it would go out early April but on the 26th of March 2018 I published a video that says I'm working or I'm looking to get better at managing money so I'll link that up down below or you can go to onproperty.com.au/mortgage 493 to check that out but I really feel like over the past year despite the situation that I'm in now I have learnt a lot about managing money I've made some major improvements in my life and I'm so much better at managing money now than I was in the past now if you've been following me for some time you'll know that I'm in debt currently working my way out of debt that I'm saying with family to reduce my expenses but I just kind of want to put the disclaimer out there that I'm not actually broke so yes I have debt to pay off yes I'm currently living with my family to save money but I've still actually got a solid passive income in my life that if it wasn't for the debt in my life I would likely still be financially free or very close to it and I'm actually working on growing my passive income at this point in time as well so money management has been a massive issue in the past as well as obviously things that happened in life if you want to find out how I got into debt then I'll link up to that down below but yeah so money management has definitely been my issue and you know added to the fact that I got into debt because I didn't build up my buffer funds and things like that but I'm really working on it so in the book Rich Dad Poor Dad he talks about this idea of minding your own business and basically treating your own life and your own finances as a business and paying attention to it and so the biggest way that I'm getting better and money management especially in the past couple months as I've really been focusing on smashing this debt is just being completely focused so really focusing on my money paying close attention to it and constantly looking at it that's the biggest thing and the issue that I had in the past being financially free or having pseudo financial freedom where you've got enough money coming in that you don't need to worry about expenses we're going to have it where we just didn't look at our finances because they tended to be enough money in there to pay for the things that we wanted to pay for so we didn't watch it closely so now I'm really focused and I'm constantly looking at it and I'm looking at my current position where I am now how much money I have now and I'm also projecting forward so I've gone ahead and created a cash flow calendar which I may do a video about in the future as well if you're interested in hearing about it but a cash flow calendar basically maps out of the year and the payments that I need to make so it looks at monthly payments things that are regular like your phone bill and your internet bill and stuff like that but also things that are more irregular so I've got quarterly school fees that I need to pay health insurance was six monthly I've now moved that to monthly as well as some of my debt payments come in large chunks and so I need to project forward and look at okay what month do I need to pay X amount in terms of debt and so I've basically created a calendar for the entire year so I can see how much money I need to have in each month and then because I run my own business the focus then becomes okay how can I earn enough money each month to have enough in the month that the money is due anybody own an extra in one month that I don't need then I project that forward and I say okay well this money I'm gonna need in the following month or the month after that and so I've really been watching this constantly assessing my current situation as well as projecting forward as to what I need to achieve in order to meet the debt payment plan that I've set for myself so because they are looking that's being really important remaining as frugal as possible has also been really key for me now one way that I've been saving money is obviously living with family I'm filming this at the moment in my dad's garage which is where I've set up my office I've been living at my dad's very fortunate in that my mum is going away for a couple of months so I'm going to have her place rent-free when I have the kids over there they're basically saving money there but also in my own life living much more frugally as well so being much more conscious of the money that I spend and as you guys know I'm working on the fact that I do spend too much money on coffee but that is a work in progress because I have bought beans and started making coffee and buying less coffee so I'm working on becoming more frugal all the time and just being more conscious in my decisions so being more frugal and trying to achieve more with less even in business I wasn't extremely frugal in that I'd be like oh there's this new tool out there I know that if I invest in this tool I could make money and you would just kind of add up the subscriptions that you are paying for all the tools that you were buying and so now instead of just buying things I think about okay how can I achieve more with less how can I make do with what I do have so had an issue with my computer being very slow with video anything really struggling in the past it might be like okay I'll go on gumtree and I'll buy a used computer but an upgrade probably spend around $1,