7 Lessons I Learned From The Finance Course On Instagram

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Index

By Striving For Fire, I Will Be Able To Pay Off My Student Debt

Because I want to achieve FIRE (Financial independent and Retire early) in a few years time and want to get rid of my student debt as soon as possible, I participated in the financial course of PorteRenee (Sorry, only Dutch & not on Instagram anymore). In this one week Instagram course I learned the following 7 things.

Demotivator

The first assignment was to keep track of all my expenses for a month and how I felt about spending. The idea behind this is that there is an emotion behind a certain purchase that makes me buy things that are not necessary. When I was a student, I kept track of exactly what I spent and on what. Now I am starting to track my expenses again, even the smallest expenses. A nice tool for this is the Demotivator. In this tool I enter the amount for a purchase and my income and then the tool calculates for me how many hours I have worked for this purchase. If I do this before I buy something, I will probable leave it in the store. Better for the minimalist I am already.

Weekly Allowance

Work with weekly money instead of monthly money for Groceries and fun things jar. As a result, I cannot spend everything at once at the beginning of the month. If I spend it 1 time immediately, after I have transferred my weekly money, I have another chance the following week to budget more. After trying this I now buy groceries once a month or twice a month depending on the month.

Open Different Accounts Or Jars

At banks such as MoneyYou and Knab I can open jars or different (savings) accounts without it costing me more. As a result, as soon as I receive my money, I divide my money over these jars and then my money has a destination and then I can no longer spend it on things I don't need.

Pay Myself First

I already apply this principle in my company, but now it must also happen on my private accounts. So every incoming money I will allocate a percentage to nice things jar and to investment jar in addition to a percentage of course for fixed costs and other jars.

Patience, Don't Buy Immediately

I put together a list of things I want and then I can budget to buy them. But even more importantly, if they are on that list, it becomes clear whetherI really want them or not. Maybe after 30 days I think leave it I don't want it anymore and then I have saved again money.

Make It Harder For Myself To Make Purchases

For example, remove my payment details from online webshops, so that I have to enter them again with every purchase and therefore think about whether I really want them, because I have to do something for it and then I do it less quickly.

Make A Mood Board

I Made a mood board with my big dream on it and hang it somewhere insight, so that I am constantly reminded of my dream and save money for it instead of spending it on things I don't need. Get rid of all those fixed costs and choose freedom in buying the things I really want like the site of Porterenee is advicing and I support!