It is natural for a person to start spending more money as they begin to make more money. Strategies for money management exist for this exact purpose. A main strategy for money management is spending money that directly relates to supporting activities that take the most time in your life. For example, Chris Bailey spends most of his time working, traveling, and sleeping, and therefore he buys items that will improve his experiences while he does those activities.
- The biggest mistake people make is spending more money as they make more money which means they’re not gaining anything
- It’s good to watch where the money is going so you’ll be able to keep track of how much money should be in your possession
- some people may work from home,which means they should be purchasing things that benefit what they’re doing
“A strategy I’ve used recently with a lot of success, is looking at where I spend the most time, and buying things that support those activities.”