Yahoo Finance 7 Best Money Management Tips From ‘Shark Tank’ Star Robert Herjavec
In today’s economy, everything is expensive and it’s hard not to feel the financial squeeze. Managing your money can be hard when you have to keep up with rising costs.
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The U.S. Bureau of Labor Statistics reported that the U.S. inflation rate is 3.4% for the 12-month period leading up to April 2024. While inflation is down, it’s still 1.4% above the Federal Reserve’s target of 2%. So, if you still feel like inflation is taking a bite out of your take-home pay, you’re probably not alone.
However, money management doesn’t have to be so difficult. Billionaire “Shark Tank” star Robert Herjavec has some solid money management tips to help get you on track.
Here are Herjavec’s best money management tips, as reported by Good Morning America and Squawkfox.
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1. Be Careful How Much You’re Spending
Above all, spending your money carefully is crucial when it comes to money management. As a rule of thumb, never spend money that you don’t have. If that means staying away from credit cards and only paying in cash or by debit card, that’s okay. Try to implement enough self-discipline to spend for your needs first and your wants second.
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2. Buy in Bulk
Herjavec advises you to buy in bulk whenever you can. You might go to Costco and spend $300, but you’ll be able to stock up on a lot of items at a discount.
3. Defer Big Purchases
Herjavec says that inflation and interest rates should come down from their current highs. So if you’re looking to buy a new car, purchase a home, or make a large purchase, it may be in your best interest to hold off for a while — if possible.
4. Raise Your Prices
If you’re a small business owner, you shouldn’t be afraid to raise your prices in this inflationary economy. This is especially the case if the quality of your product will suffer by not raising prices. If everything costs more, raising prices can allow you to continue earning a sufficient income (and keep on delivering a high-quality product or service to your customers).
5. Manage Your Cash Flow Carefully
Cash flow management can make a big difference in being able to meet all your financial obligations. For example, try aligning your monthly bill due dates on the same day you get paid. This way, the money hits your checking account and you’ll be ready to pay all your bills right away.
6. Always Budget
Organizing your money via budgeting allows you to fulfill all of your financial obligations and stay out of debt. Consider creating a monthly spreadsheet to determine how much money you’re able to spend in each category.
7. Invest for the Long Term
Investing your money early and often is crucial to ensure a financially secure future. The more time your money has to compound, the greater your wealth will be later on.
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This article originally appeared on GOBankingRates.com: 7 Best Money Management Tips From ‘Shark Tank’ Star Robert Herjavec
