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How To Use Money To Fulfill Your Purpose

How To Use Money To Fulfill Your Purpose

We’ve heard of putting our money where our mouth is, but how do we put it where our heart is?  Is such a thing possible?  Can we use money to better fulfill our personal purpose?

With focused work, yes, we can use money to fulfill our purpose.  Cultivate a balanced financial perspective and put your money to work for you, by adopting this mindset.

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1. Accept that money is a tool, and you need it.

That’s all money is—a globally recognized tool that can be exchanged for things you need or perhaps want. While en vogue to pretend like money does not matter, it does. Money can’t buy health, but it can buy medical supplies; money cannot buy happiness, but it can buy an outing for your child or food for a pet, which is perhaps the closest we come to paradise on earth. Money cannot buy love, but it can be used to fund your favorite charities, creating more love in this world. Accept that you do need money. You do not, however, have to become consumed by that need.

2. Realize that tools are meant to be used.

There is a line between preparing for the future and living in the present; it is particularly challenging to walk this line when dealing with finances. While it would be irresponsible and immature to go into debt for trivial comforts, we amass wealth so that we might one day buy houses, send kids to college, take pleasant vacations, or pursue expensive hobbies like photography or sailing.  When the time comes to spend money on those things, and you have the money, spend it! Spend it with joy and completely without regret—that is what money is for.  When you end up spending large sums on things you did not plan for, such as a new car when yours breaks down, braces for a child, or a new stove, spend it with joy and completely without regret—again, that is what money is for.

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3. Leverage your assets to increase your own happiness.

What makes you happy? Is it a particular hobby, charity work, trips to a meaningful location? Whatever it is, it likely requires gas to get there, equipment, or perhaps childcare or a day off of work without pay to actually pursue these activities. When do you feel best? Is it when you work out regularly at that gym you like, when you get a massage, when you shop at organic food stores? Nearly everything requires some sort of financial output. Spend your money on what makes you feel and live your healthiest and happiest.

4. But first, leverage your assets to discover what makes you happy.

Not entirely sure what your purpose is, or what makes you happy?  Start saving up to take a class, join a hobby club or association, donate your time as a volunteer, or fund a trip.  Pack a journal (purchased with—you guessed it—money!), and take note of when you feel the most relaxed, smile the most, and are at your personal best.  Not feeling it yet?  Save more money, try something else.  Or, treat a trusted mentor to a nice dinner and ask for their advice.  Eventually, you will find a place where you fit and an activity that invigorates you.

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5. Politely ignore others.

While others can contribute to your happiness, they cannot make you happy. Likewise, while others may be able to help shed light on your purpose, and share their wisdom about how you might most effectively use money to fulfill your purpose, it is your money and your purpose. Be bold when you need to be.

Struggling to identify and articulate your purpose?  Check out these 5 Steps to Find Out Your Life Purpose.

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Featured photo credit: Nina Matthews Photography via flickr.com

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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