personal finances & Clay Advisor Glossary

Personal Finances: How using the Clay Advisors Glossary helped me to understand my options

. Personal finances are a topic we all hate to discuss but one that as bloggers and freelancers we need to address.

A dream come true – controlling my personal finances

I recently monetized 2 of my 3 blogs, which after 3 years blogging is a dream come true for me. With this new income, I also have the responsibility to become a bit more financially savvy. So I sat down and set out a budget for myself each month and a goal ” salary plan”. This¬†allows me to plan and know how much work I need to do to earn each my desired salary each month.

managing your money - income from blog

Short term financial goals

Knowing that I can rely on a steady income stream allows me to plan for things like savings, holidays, paying off debt and spoiling myself with a few luxuries. I’ve also included further studies to grow my skills and some much-needed cash injection into my primary blog.

short term personal money management

Long term financial goals

As a freelancer, I obviously do not have company perks like medical aid or pension plans so this led me to look a bit closer at my long term financial needs as well. It was here that I came across topics of wills, investments and insurances. Much of it was overwhelming and I found myself needing to refer back to a dictionary to help me fully understand the financial jargon needed to be in charge of my finances.

long term personal financial management

Understanding money matters with the Clay Advisors glossary

So, I took my money matters into my own hands and with the help of the comprehensive Clay Advisors glossary, which is alphabetically categorized on their website. I was able to break down many of the financial terms into layman understanding. Plus gain the knowledge to make an informed decision.

managing personal finances blogger style

My personal finances plan

This has led to a week of financial organisation.

  • I first double-checked all my banking details were correct with my bank. Then I arranged regularly statements. Now I can keep tabs of the amounts coming into and going out of my account.
  • Next, I set up a PayPal account and linked it to my FNB bank account
  • I put together a detailed plan and salary expectation. So I know how much work I need to do each month.
  • I gave myself a salary from my monthly earnings.
  • Then I set out a budget to stop myself from impulse buying.
  • I signed up for rewards and cashback cards from shops I visit often like pick n pay in order to save.
  • I started a saving fund for holidays
  • and opened a separate business bank account for my blog.
  • I’ve started looking at the types of taxes I will need to pay and how to go about doing so
  • I updated my will. Something I haven’t done since my first marriage and appointed an executor.
  • And lastly, I’ve begun seeing the types of long term financial goals I want to make. Things like buying a house, purchasing bitcoin, insurances, investments and a pension fund.

This year I am determined to be the captain of my own ship and set out a financial stability plan for 2020.

How have you taken charge of your personal finances this year? Please share your money management skills below in the comments.

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