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Wealth Tips

Wealth Coach Money Management Tips

Read these 5 important tips from an experienced wealth coach to help yourself set up stress-free money management practices.
October 19, 2023

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Basic financial management isn’t something we are taught yet is an essential part of life. Here’s a few tips to help you set up the for stress free money management from us, your wealth coach.

Only a small amount of effort required for set up. Perfect for busy professionals. You can consult a Cube Wealth coach or download the Cube Wealth app.

The Bucket Philosophy

Investment Facts

SIMPLE, SELF EXPLANATORY AND WEALTH COACH ENDORSED

Expenses

Ok so this part may not be the most fun but you do need to work through your budget to know what your expenses are. Many people avoid this key step because they feel overwhelmed at the cost of living.

It frightens them and they feel helpless to change their situation. As earnings increase during their career, they never readdress this. Take 15 minutes to go over your expenses. Even a busy professional can find this small amount of time.You can consult a Cube Wealth coach or download the Cube Wealth app.

Use your internet banking history to help you work it out. There’s apps that can help you or you can do it old school style in excel or in a notebook. Just do it (thanks Nike!).

Emergency fund

You need to have 3-6 months living costs available at all times. There will always be unplanned life events. Your health or working situation may change. Or someone close to you may need you to care for them for an extended period.

Once you’ve worked out your expenses, check to see if you have a minimum of 3 months of funds available. If you don’t, you need to do the work and save. If you already have the amount you need available, great!  

For better than bank interest options, check out these short term investment options.

For people with a high number of dependents, it is worth having 6 months of living expenses available. It is all about risk mitigation, just in case. An emergency fund is the simplest way to avoid financial stress if you life situation changes.

Goals

Once you have your budget in place and your emergency funds amount saved, you can shift gears. Think of your short-term savings goals. Are you saving for a vacation? Are you planning extra study?

Anything you wish to accomplish from now to 3 years as a busy professional. Understand the cost and the time you wish to achieve this within. Work out the monthly amount you need to out away to make it happen.

Use a higher than bank interest investment option to help you save faster for it. There are a lot of low risk options out there with no lock-ins that earn more at least 2 times more than the best FD rates in India.

Invest

All of your available funds from this point onwards can be used to invest for long term wealth creation. You don’t have to stress about it either. All of your short term costs are accounted for and you have emergency funds to rely on.

If you’re super smart, you’ve parked your money in higher than bank interest investments. You are now free to save for a home deposit, child’s education, plan for retirement or simply get rich.

Summary

1. It is easy to take the stress out of your financial management using our simple money bucket approach.

2. You can optimise your short term savings by putting your funds in safe, low risk, now lock-in investments that easily earn 2 times more than the best FD rates in India.

3. You can take care of your short and long term investing by using Cube Wealth. It’s perfect for busy professionals and provides access to India’s best investment managers. It’s the wealth coach you always wanted. You can consult a Cube Wealth coach or download the Cube Wealth app.

FAQs 

1. What are some common money management tips provided by wealth coaches?

Ans. Common tips include setting clear financial goals, creating a budget, saving consistently, investing wisely, reducing debt, and building an emergency fund.

2. Do I need a wealth coach to manage my money effectively?

Ans. While a wealth coach can offer valuable insights and guidance, effective money management can be achieved without one. It depends on your individual financial situation and goals.

3. How can I find a reputable wealth coach or financial advisor?

Ans. You can find a wealth coach or financial advisor through referrals, online research, or by consulting with financial institutions. Ensure they have the necessary qualifications and experience.

4. What are the benefits of following money management tips from a wealth coach?

Ans. Benefits include improved financial literacy, a clearer path to your financial goals, reduced financial stress, and the potential to build wealth more effectively.

Conclusion 

Money management is a crucial skill for achieving financial well-being and security. Wealth coaches offer valuable tips and strategies to help individuals make the most of their financial resources. While you don't necessarily need a wealth coach to manage your money effectively, their guidance can be highly beneficial, especially if you're seeking personalized advice.

Watch our video on the 20 best money saving tips to learn more

Cube Wealth Investment Quotes

Most people give up just when they are about to achieve success. They quit on one yard line. They give up the at last minute of the game one foot from a winning touch down. – Henry Ross Perot
Team Cube

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