Being good with money is about more than just making ends meet. Don’t worry that you’re not a math whiz; great math skills aren’t really necessary – you just need to know basic addition and subtraction.

Life is much easier when you have good financial skills. How you spend your money impacts your credit score and the amount of debt you end up carrying. If you’re struggling with money management issues such a living paycheck to paycheck despite making more than enough money, then here are some tips to improve your financial habits.

When you’re faced with a spending decision, especially a large purchase decision, don’t just assume you can afford something. Confirm that you can actually afford it and that you haven’t already committed those funds to another expense.

That means using your budget and the balance in your checking and savings accounts to decide whether you can afford a purchase. Remember that just because the money is there doesn’t mean you can make the purchase. You have also to consider the bills and expenses you’ll have to pay before your next payday.

• What is the 30 day Rule?
• What is the 30 Day Impulse Spending Rule?
• How can I Learn to be Good with Money?
• How can I get Better at Not Spending Money?
• What is the 30 day rule in Stock Trading?
• How do I get Rich?
• How can I make a Little Extra Money?
• What is the 90 day Rule?

What is the 30 day Rule?

For starters, you may want to consider the 30 day savings rule, a popular method to help you set aside more money. Here’s how it works: Instead of making an unplanned impulse purchase, you instead shelf that potential purchase for 30 days and deposit the money into your savings account instead.

Read Also: This is the Most Important Conversation to have with your Spouse About Money

If you still want to buy that item after the 30 day period is up, go for it. Otherwise, the money stays in your savings account. This, in turn, will help you boost your savings over time.

But even before implementing the 30 day savings rule, it’s important to understand the 30 day impulse spending rule. Read on to learn more.

What is the 30 Day Impulse Spending Rule?

We all get tempted by impulse purchases. Perhaps you walk into a store and see something you’d like to buy. Or, maybe you come across an intriguing ad for a new product or service you want to try out.

If you find yourself thinking about spending money based on your emotions rather than what’s in your budget, this can easily turn into an impulse purchase.

Impulse purchases can easily throw off your budget or even cause you to accumulate more debt if you spend too much. Here’s where the 30 day impulse spending rule comes in handy.

To avoid an impulse purchase, tell yourself you’re going to think about it for 30 days. Take a piece of paper and write down the name of the item, service, etc., where you found it, and how much it costs. Put this note on your fridge or somewhere prominent in your home. Commit to thinking about the purchase for the next 30 days. Consider if it’s a true need or want.

If you still feel like you want to buy it at the end of 30 days, move forward with the purchase. If you’ve forgotten about the item or realized it really wasn’t that important, you’ll have saved that money.

How the 30 Day Savings Rule Ties In

While you’re thinking about your impulse purchase for the 30 day period, start placing money into a savings account. This is money that you would have spent on the purchase.

If you decide to make the purchase, you can take the money out to do so. But, that money will come out of your savings account – meaning it will no longer be there to use toward another savings goal.

This rule provides an easy opportunity for you to save consistently and enjoy the benefits of saving money. It also helps motivate you to increase your savings. Why? Because when you work hard to set aside some money, it can be difficult to touch it for a purchase that isn’t a true necessity.

When you consider all your other savings and financial goals, the money you set aside over 30 days can provide you with a sense of security to cover future emergencies or help you pay for that summer vacation.

How can I Learn to be Good with Money?

Since learning to be good with money is essential for your financial life, a lot of suggestions exist online by financial experts to assist you. Let’s look at 10 of them.

1. Have a Budget

Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting.

If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life.

2. Using the Budget

Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet. Refer to it often throughout the month to help guide your spending decisions. Update it as you pay bills and spend on other monthly expenses. At any given time during the month, you should have an idea of how much money you’re able to spend, considering any expenses you have left to pay.

3. Give Yourself a Limit for Unbudgeted Spending

A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income. If you have any money left over, you can use it for fun and entertainment, but only up to a certain amount. You can’t go crazy with this money, especially if it’s not a lot and it has to last the entire month. Before you make any big purchases, make sure it won’t interfere with anything else you have planned.

4. Track Your Spending

Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget. Start tracking your spending to discover places where you may be unknowingly overspending. Save your receipts and write your purchases in a spending journal, categorizing them so you can identify areas where you have a hard time keeping your spending in check.

5. Don’t Commit to Any New Recurring Monthly Bills

Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it. Many people naively think the bank wouldn’t approve them for a credit card or loan they can’t afford.

The bank only knows your income, as you’ve reported, and the debt obligations included on your credit report, not any other obligations that could prevent you from making your payments on time. It’s up to you to decide whether a monthly payment is affordable based on your income and other monthly obligations.

6. Make Sure You’re Paying the Best Prices

You can make the most of your money comparison shopping, ensuring that you’re paying the lowest prices for products and services. Look for discounts, coupons, and cheaper alternatives whenever you can.

7. Save Up for Big Purchases

The ability to delay gratification will go along way in helping you be better with money. When you put off large purchases, rather than sacrificing more important essentials or putting the purchase on a credit card, you give yourself time to evaluate whether the purchase is necessary and even more time to compare prices.

By saving up rather than using credit, you avoid paying interest on the purchase. And if you save rather than skipping bills or obligations, well, you don’t have to deal with the many consequences of missing those bills.

8. Limit Your Credit Card Purchases

Credit cards are a bad spender’s worst enemy. When you run out of cash, you simply turn to your credit cards without considering whether you can afford to pay the balance. Resist the urge to use your credit cards for purchases you can’t afford, especially on items you don’t really need.

9. Contribute to Savings Regularly

Depositing money into a savings account each month can help you build healthy financial habits. You can even set it up so the money is automatically transferred from your checking account to your savings account. That way, you don’t have to remember to make the transfer.

10. Being Good With Money Takes Practice

In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.

How can I get Better at Not Spending Money?

If you want to spend less money, you’ve got to go about it in the right way. You know you have to save for the future, but how do you make sure that it’s really gonna stick? Unless you have some great ideas and a plan, you might run into trouble.

Follow these simple tips to get better at not spending money.

1. Set Savings Goals

It’s always good to make a plan. Are you saving your money in order to buy a car? Perhaps you just want to pay down those credit card balances. Whatever the case, set your goals.

Once you have a clear idea of what you are saving for, you will be prepared to work toward that goal. Think of your goals as a line of defense protecting you from spending inordinately.

2. Plan Your Budget

Keep track of what you are spending, and log daily entries into a budget spreadsheet. Over time, you will see how much you spend every day, week, month, and year. If you need some help, there are many effective budget planners that you can find using a search engine.

You can analyze your budget, and pinpoint exactly where your wallet is hemorrhaging. You can also keep track of your income in the same manner – make sure that you are not spending more than you earn! In any case, simply cut out the expenses that aren’t doing anything for your savings, and watch your earnings grow.

3. Balance Before You Spend

Pay all of your bills before you leave the house to go out. When you are unaware of your financial condition, you are more likely to spend money frivolously. When you have a good idea of your finances, however, your awareness will help you when you go out. Balancing your checkbook will provide you with the willpower to avoid spending too much.

4. Wait Three Days

Whenever you are tempted to make a big purchase, wait three days. While you’re waiting, consider whether or not you need what you want to buy. After the rush of impulse shopping wears off, you will know if it’s something you actually want to purchase.

5. Eat Your Food

Don’t go out to eat. There’s food in your fridge that’s probably better for you, and you will save big bucks by staying home. Check your pantry before you take another trip to the store: you probably have some food in there too.

And when you do go to the store, eat before you go – a hungry shopper is a spendy one!  Remember, only go to the store when the food is gone. You’ll take fewer trips and lower your grocery bill, effectively saving you some money in the process.

6. Pack Your Lunch

Many people spend their money daily on expensive restaurants and food trucks. Avoid this trap by making a sack lunch before you leave the house for work. You will eat healthier, and you’ll save a great deal of money by following this tip.

7. Shop With a List

Make a list of what you need to buy before you leave the house. This will galvanize you when you are out – just stick to the list. In this manner, you can easily avoid impulse buys. Just remind yourself that you can’t buy anything that isn’t on the list.

8. Cancel Catalogs and Emails

Retailers are sending you emails and catalogs all the time. They want you to open them so that you will be mesmerized by their latest deals. Don’t open them! Unsubscribe from these emails (usually there is a link to opt-out right at the bottom of the email).

Call retailers that send you catalogs and ask them to remove your name from their mailing lists. In these ways, you can allay your temptation to check out the latest deals (saving you some hard-earned cash!).

9. Hide Away Your Credit Cards

Your credit cards can be your worst enemy when you are striving to save money. Therefore, place them in a spot that isn’t readily available to you. A safe is a good place to start: the credit card won’t be readily accessible, and it takes time to enter the combination. Safes aren’t the only way to stop spending with your credit card. You can try anything that will slow you down when you want to pull out the card.

There are more drastic measures that you can take (especially, if you don’t have a safe). Try wrapping your cards in plastic and burying them in the backyard. Or you can freeze them. Just place the card in a bowl of water and stick it in the ice box. (Put a coin atop the card to keep it from floating.) Next time you need to use your credit card, you will need to thaw it out or dig it back up – very effective deterrents, indeed.

10. Cut Up Your Cards

So the icebox trick didn’t work. Or maybe you’re really good at digging. You somehow managed to spend with your credit cards even after you tried to hide them away. No worries just cut them up. If you find yourself spending too much with debit cards, cut them up too. No more trips to the ATM on a whim, and no more impulse buying. No credit and no debit means no frivolous spending with your cards.

What is the 30 day rule in Stock Trading?

When a stock investor sells losing security in order to claim a capital loss and then turns around and purchases the same security (or a “substantially identical security”) he’s made a “wash sale.”

The namesake “wash-sale rule,” also known as the 30-day rule, prohibits investors from making this kind of transaction until 30 days after the sale. As a penalty for initiating a wash sale, they forfeit the ability to claim a capital loss deduction on their income tax returns

Implemented by the IRS, the 30-day rule does not consider another company’s securities, bonds and some types of a company’s preferred stock “substantially identical” to its common stock.

Selling For Capital Losses

If you sell an investment at a loss, it’s called a capital loss and it can be used to reduce your taxable income. Capital losses are credited against any capital gains you have for the year and excess losses can be used to reduce the amount of your regular taxable income. The wash sale rule prevents you from selling shares of stock and buying the stock right back just so you can take a loss that you can write off on your taxes.

The wash sale rule does not apply to gains. If you sell a stock for a profit and buy it right back, you still owe taxes on the gain.

Understanding The 30-Day Limit

The timeframe for a wash sale is 30 days before to 30 days after the date you sold your shares for a loss. If you own 100 shares of stock and you buy 100 more, then you sell the first 100 shares for a loss 10 days later, the loss will be disallowed for tax purposes.

Buying back a “substantially identical” investment within the 30 days triggers the wash sale rule. For example, if you sell stock shares and buy a stock option on the same company, it would trigger a wash sale and invalidate any tax loss from the sale of the shares.

When the Rule Does Not Apply

Shares purchased within 30 days before or after the sale for a loss must be “replacement shares” for the wash sale rule to go into effect. You can buy shares and sell them a week later for a tax-deductible loss because the initial purchase was not intended to replace shares already owned or sold. In most cases, a wash sale is triggered when you sell an investment then buy the same investment again within 30 days after the sale.

Exploring Wash Sale No-No’s

You can’t try to get around the wash sale rule by buying back the shares in a different account, such as selling shares out of your regular brokerage account to book the loss and then buying the shares in your IRA account. Don’t try to bend the rules by selling shares out of your individual brokerage account and buying them in a joint account. These transactions would still be classified as wash sales and the tax loss not allowed.

How do I get Rich?

Most people, if not all of us, want to live in financial comfort and stability. We want to be rich, to be able to buy anything we want, and to have access to a premium lifestyle. While the end goal is clear, it’s hard to know where to begin your journey to being wealthy.

Before you get started, it’s important to acknowledge that becoming rich takes time and effort. There are very few ways to instantly have large amounts of wealth, and all of them are luck-based. Not all of us can win the lottery or inherit a fortune from a mysterious rich relative.

Becoming rich in most cases involves a lot of hard work, patience, and time. There are some tried-and-true things you can do that can help you get rich, but the key is to constantly and consistently work hard, keep track of your personal finances, and keep your eyes on the prize.

1. Exploit your skill as a self-employed expert and invest in it

Make it your goal to do one thing better than anyone: Work on it, train it, learn it, practice, evaluate and refine it. You may find most sports-players or entertainers are millionaires, and that is because they are utilizing their skills fully. If there’s something you’re good at, it is likely you can reap considerable rewards out of it.

It is the same concept of being the top of a particular field. When you are the best at something, you find that opportunities come to you. To become an expert of something, it is crucial to never stop improving. Successful people invest time, energy, and money in improving themselves, and it might just be the most rewarding investment you can ever make.

To get started, figure out what skill you want to cultivate. Make a list of the world’s ten best people at that one thing, and use this list to define criteria and track your own progress toward becoming the best.

If you’re a writer, for example, you might consult the New York Times Bestseller list, and identify the ten successful authors that you admire the most. Learn more about these writers, what they did to be successful, and read some of their work. Invest the time and energy in improving your own craft, by looking at successful past models.

2. Hit $100K, then invest the rest

Everyone wants to be a millionaire. But a goal like this isn’t something you can easily achieve in a short period of time. Aim at saving $100K first.

The small amounts you save daily is powerful. You might only be able to put away $5 or $10 at a time, but each of these investments are your financial foundation.

3. Be an inventor and consider it as an opportunity to serve

Stop thinking about making a lot of money and start thinking about serving a lot of people. If you think about what people need, or things that could improve society, your insights will have more impact. Not only that, you could be the first to produce a trending product in the future.

When you start to serve a lot of people, the effect of word of mouth is magnified – not to mention, you’ll have much more helpful feedback to improve what you do.

Having the patent of a popular invention could be the fast-lane ticket to prosper. Just look at Snapchat.

It would definitely be challenging, but consider it to be a way of serving, to benefit those who actually need your invention. No business is successful without the support of the public. Rather than squeezing every single dollar out of your customers, show them you are actually working to make them better.

4. Join a start-up and get stock

Using the same potential consideration of start-up in the above points, owning stocks of one or more start-up companies could be a valuable investment if the company thrives and either floats or is sold to a larger enterprise.

Only a small minority of start-ups succeed in realizing large capital gains, so the odds are not good. However, you can use your judgment to see which business idea and which management team are likely to succeed. Early employees in Apple, Google, and Microsoft became millionaires on this basis.

5. Develop property

Buying, developing and selling property has always been a major way for people to accumulate capital.

Borrowing could be a key element in this method. Say you borrow $200,000 and put in $50,000 of your own to buy a property for $250,000. Then you develop the property and sell it for $400,000. The property has increased in value by 60% but your $50,000 has now grown fourfold to $200,000. You have to select the right properties in the right areas and develop them wisely.

You are at risk from booms and busts in the property market. However, in the long term this remains a proven way to accumulate wealth.

6. Build a portfolio of stocks and shares

If you can make steady investments in stocks over a long period, choose wisely and reinvest the dividends then you can build a large store of wealth. Of course stocks can go either way and many small investors lose heart when their portfolio plunges.

But over the long-term, equities are as good an investment as property and much more liquid. Stock market crashes represent great buying opportunities for those with cash and strong nerves.

7. Start your own business and eventually sell it

More and more startup has seen success with great returns in recent years. If you can find a new approach towards a specific corner of the market and build a business that addresses that need, then you have the potential of success in it.

It literally can be anything: a cleaning business, a food delivery service, or a blog. It will probably take years of very hard work to build up the enterprise. All entrepreneurs will have to endure great risk and stress. But if you can pull it off, the potential rewards are huge. This is how many of the seriously wealthy people did it.

8. Find a job in the right vehicle

Choose a job of your interest – do what you love and love what you do. No one succeeds in doing what they hate.

You might have to start at the bottom and work your way up. But chances are, if you love what you do, it’s easier to make that happen. You’ll actually enjoy the process of getting to the top.

Earn the experience through different levels of work and when you feel like you have gained all that you can from it, consider moving on in other companies would widen your horizon on different business cultures. Putting more experiences in various positions would make you a more valuable asset for companies and making you a better option for higher rank duties.

Consider how the rich are able to get in with the right companies, where there are plenty of opportunities for growth. Seek places where you can grow your skill and and are able to multiply your monthly income many times over

9. Cut your expenses

The biggest problem in some people’s path of getting rich is that they always spend more than what they earn. Living below your means will be the easiest to get rich.

Consistently track your progress on how much you’re spending. Use an app or simply an Excel spreadsheet to make sure you always know how much money you have what where it’s going. This gives you a proper place to review and refine what does and doesn’t make sense in terms of your spending.

Start cutting the unnecessary spendings in your life. Do what you can to reduce your bills: make sure you turn off the lights, plan meals to save at the grocery store, and be disciplined about eating in. Focus your life with only the necessities and in no time you will be saving a lot more than what you previously did.

10. Save it in your bank

Set savings goals and routines to support those goals. Figure out ways that work for you in saving money, and refine what doesn’t.

Many banks have the option of creating separate savings accounts, as well as automatic withdrawals. By setting up these automatic transfers, you save passively and have to make an effort not to save.

Another thing you can try is to increase the amount of savings by 1% in every interval you wish. At first, it will be an insignificant change, but as time passes, you will notice a big difference.

Give yourself a reason and motivation to save as well. It is always important to plan for the future and saving for retirement could be a great point to persuade yourself to stay away from excessive spending.

11. Make investments wisely

Investment is much more than pure luck. One investment mistake could tear away a large chunk of your assets. So make sure whenever you are making decisions on investments, whether on properties or stock, think twice. It will be better for you to consider opinions from professionals and experts.

To give you some ideas, legendary investor Warren Buffett suggested to put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund, so that if the market crash, you will still be fine by cashing the 10% rather than selling the stock with a bad price.

How can I make a Little Extra Money?

Making some extra side hustle cash doesn’t actually have to be that complicated.  However, there are several clear paths forward. At the end of the day, it all boils down to what your goals are and just how much you’re looking to automate your income.

1. Sell your gently used clothes

Selling clothes you no longer wear is a quick way to make some money. Start with local consignment shops for faster cash or use sites like ThredUp and Poshmark to find buyers. If you go the online route, be sure to take clear, well-lit photos of your pieces and research similar items to set competitive prices.

2. Trade in old phones, electronics for cash

Have an old phone, iPad or gaming system lying around? Sell it on a site like Swappa or Gazelle. Check out Amazon’s trade-in program, which pays participants in Amazon gift cards — and eBay, too. If you’re in a rush, try an ecoATM kiosk, which offers cash on the spot for your device.

3. Drive for Uber, Lyft

Join Uber or Lyft (or both) and earn money by driving passengers around. Just don’t forget to factor in gas and maintenance costs. You need an eligible car in good condition and must agree to a background check and a review of your driving history.

4. Make deliveries for Amazon, Uber Eats

Take advantage of the growing delivery trend and sign up for a service like Instacart, Uber Eats, Postmates, DoorDash or Amazon Flex. You get paid per delivery, in most cases, and can even earn tips. A car isn’t always required — Postmates and, in some cities, DoorDash, lets you use a bike or scooter to make deliveries. However, a background check almost always is part of the deal.

5. Become a dog walker or dog sitter

Love dogs? Consider becoming a dog walker. Apps like Wag! and Rover offer on-demand dog walking, so you can pick up walks when your schedule allows. If you have space (and your landlord’s permission, if you rent), you could offer overnight dog boarding.

6. Get a babysitting gig

Everyone from college students to recent retirees can make money by watching other people’s children. Word-of-mouth referrals from friends and family are still a great way to get started, but you can also create a profile for free on Care.com or Sittercity to expand your reach. Note any specialized skills, such as CPR certifications or experience with special needs children, to make yourself more marketable.

7. Find work as a housesitter

If you’re willing to watch someone’s home — and maybe feed the pets, water the plants and take out the garbage — become a housesitter. Tap your personal network for referrals or try out HouseSitter.com, which connects homeowners with housesitters. People often make $25 to $45 a day, according to the company’s website.

8. Sell unused gift cards

Sell unused gift cards on a site like Cardpool, CardCash or Gift Card Granny. These websites say they will pay you up to 92% of the card’s value. On CardCash and Gift Card Granny, you can also trade in your card for one you’ll use. Cardpool and Gift Card Granny also have kiosks and cashier-assisted locations so you can get cash on the spot.

9. Pick up freelance work online

Websites such as Upwork, Fiverr and Freelancer.com offer opportunities to do a variety of freelance jobs, such as writing, programming, design, marketing, data entry and being a virtual assistant. Fluent in a second language?

Check sites such as Gengo or One Hour Translation, or drum up business through a site of your own. No matter what kind of freelancing you do, keep track of the going rate for the kind of work you provide so you know if you’re charging too much or too little.

10. Test websites and apps

Sites such as UserTesting.com will pay you for your thoughts on how well — or not so well — certain websites and apps worked. You’ll have to pass a short test to be accepted, then you’ll be paid $10 for each 20-minute test, which involves a recording and answering four follow-up written questions. Or you could earn up to $120 to participate in a video conversation with a customer after your test.

What is the 90 day Rule?

Many people come to the United States on a non-immigrant temporary visa. The 90-day rule is in place to check for any violation of their nonimmigrant status for the first 90 days from the date of entry. The violation includes any activity that is inconsistent with the temporary status granted. This new 90-day rule replaces the old 30/60-day rule, which essentially served the same purpose.

The rule can be best understood with an example. Let’s say a person comes to the U.S. with a tourist visa but ends up getting married within 90 days. When he/she applies for an adjustment of status to be a lawful permanent resident, the USCIS will check whether the change in status was fraudulent or genuine.

Previously, it was a 30-day rule. If the marriage took place within 30 days from the date of entry, then it would be considered a fraudulent act. Later it got revised to 60 days. So if the marriage took place within 60 days, the USCIS would rule it as an abuse to the granted non-immigrant temporary visa. The current 90-day rule simply broadens the horizon.

Consequences of Breaking the 90-Day Rule

When considering the 90-day rule, you need to know it hasn’t been adopted by the USCIS but is instead followed by the Department of State, which created it. It is just in place to serve as a reference to officials while determining the legitimacy of cases that point to a possible violation of temporary visas.

USCIS officials will immediately presume misrepresentation of intent, but applicants are allowed to present evidence to the contrary. So, there’s a chance you can still make it through the 90-day rule.

In the end, if the USCIS concludes that a violation of your visa did take place, then you will have your petition declined, and your existing visa revoked.

How to Count 90 Days

When you’re counting 90 days, it’s crucial to count it the correct way (and most importantly, the way the USCIS does). The best way is to take your most recent I-94 travel record and add at least 90 days to it. To be on the safe side, you can add 100. Both working days and holidays are counted in the 90-day rule.

Who Does the 90-Day Rule Affect?

The 90-day rule is intended to curb the misuse of conditional green cards, which are provided on a temporary basis. It affects people who are in the U.S. on a non-immigrant visa and applying for an adjustment or change of status.

Read Also: 9 Money Goals to Build your Future

As soon as they apply for the change/adjustment in status, their past 90 days will be scrutinized for the following activities:

• Engaging in an unauthorized employment
• Enrolling in a full-time online/offline course without a relevant and appropriate change of status.
• Being an immigrant and marrying a U.S. citizen or green card holder.
• Undertaking any activities for which a change or adjustment in status is required, but they’re engaged in it without changing/adjusting status.

Many other activities can trigger the use of the 90-day rule. While this rule affects applicants applying for adjustment or change of status, it may also be applicable in cases where immediate adjustment to status is necessary upon entering the U.S. This helps officials keep track of violations of nonimmigrant visas.

Final Thoughts

If you learn how to get better with your money and manage it well, you will be able to accomplish some amazing things in life such as building wealth so that you can have security and do the things you enjoy doing, retiring in comfort, helping those in need, supporting worthy causes, and more.