How To Do More with Your Money

How To Do More with Your Money

It’s not just about spending less. It’s about saving more.

Recently, Michael Delgado of Experian interviewed me for one of their Experian chats. We covered a lot of ground in the Google Hangout, including my journey into blogging, how to do more with your money, and even some beginner blogging tips for those who are interested in starting one of their own and possibly make some money on the side.

Here are some highlights from the video:

Practical Tips for People Who Are Beginning to Save Money

If we’re talking about ways people can save hundreds or thousands over the next year, there are 2 tips I think are essential:

1. Make sure you differentiate between spending less and actually saving money. Merely spending less money won’t lead to savings. You have to set up a savings method that works for you, such as a 401k, a Roth IRA, or even just a simple savings account and contribute to it periodically. How you spend your money is a separate bucket from how you save it.

2. Audit your spending life. Look at the past 30 days and where you’ve been spending your money. Check your bank and credit card statement. What things are on there that you’re no longer using (gym membership, Netflix, etc.). Then look at the things you’re paying for routinely that you must pay for and determine how you might be able to spend less on those things.

Strategies for People Who Are Working Full-Time but Want to Make More Money from Home

I’ve made huge advancements in my own financial situation by using my other 8 hours. It’s important to focus on expenses and live within your means, but when you plateau and there’s nothing more you can do to pay off debt more quickly or build retirement faster, then the key is to build more income.

Talk with your current employer about other positions within the company, take on a second part-time job. But the best way to make more money is through an entrepreneurial project. It has the potential to make the biggest gains–especially one within the digital world.

How Important Is It for Married Couples to Be Involved in Their Finances Together?

It’s important for couples to periodically check into their financial situation together, whether their finances are combine or not. Openness and honesty is just healthy. It doesn’t have to be anything too formal, but both parties need to be aware.

Even though I handle much of our family’s business, I created a spreadsheet with the passwords and IDs to all of our accounts and put it in the safe. This is also important for spouses to do in case something happens to one of them.

Advice to Beginning Bloggers

If you’re a beginning blogger, it’s important to find where the conversation is already happening within your niche. You don’t want to go in and push your services, but participate in the conversation. Plug yourself into other bloggers who are doing what you’re coin. Write the best content you can. Study other blogs that are out there doing what you want to be doing and use it as a springboard for your own content and your own ideas.

Watch the Experian Google Hangout

Check out the interview for more details on how I started the Financial Blogger Conference (#FinCon13), what bloggers I looked up to when I first started blogging and which ones I enjoy reading now, as well as which online money tools are my favorite.

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Last Edited: July 25, 2013 @ 2:37 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. LarryTaylor1 says:

    good advice, very useful for all households.

  2. Great Article. Thanks for sharing such a useful stuff.

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