What is the Best Money Advice You Can Ever Hear From the CEO of The Financial Diet?
The Financial Diet is an enterprise that aims at helping women understand the nature of money. It has the grand vision of equipping women across the globe with the know-hows of money. The CEO of The Financial Diet, Chelsea Mogan, is the think tank behind this grand vision.
She is a personal finance expert and writes about money on major journals and publication sites. From earning money, investing, and using it to better money management, The Financial Diet plays a key role in making women financially literate.
As money is the most inevitable aspect of everyone’s life, it is essential to make acquaintance with it. Like it or not, it is money that determines your lifestyle and overall well-being. That is why, it is worth considering to seek advice from the ones who have already been through it.
With this in mind, we reached out to the financial expert and CEO of The Financial Diet, Chelsea Mogan. We asked her for one “best money advice” from her. “It is really difficult for me to constrict to one advice as money is not as straightforward as we think it to be,” she smiled with a grinning smile on her face. Here are some of the best pieces of advice you can ever hear from a financial expert like the CEO of The Financial Diet:
Calculate the Cost-Per-Use of Everything You Buy
The first money advice Chelsea has to give is simple. And it is this: “Before you buy anything, tally its price with its duration of usage.” What she means is as you buy a product, think of the price that you are paying and understand for how long you can use that product.
Illustrating her point of view, she said: “Take a pair of shoes as an example. If you buy a pair of shoes for $250 and you can wear them for a year. This may sound a fair deal. How about purchasing a pair of shoes for $80 and use them for 6 months? Now, calculate the prices of both pairs of shoes and the duration. The latter is the best option. Why? Because not only cheap at the moment, you can buy the same pair of shoes and use them for another same time period.”
Simple as it may sound, this money advice has the potential to go a long way. If you apply this strategy to your day-to-day expenses, by the end of the year you can build up a decent amount of savings.
Be More Intentional With Your Money
Another best money advice Mogan shares is to become more intentional and cautious with your money. “More often, I regret the silly purchases that I make. It dawns upon me later how careless I am towards money. So, my advice is: Do not do that. Avoid unnecessary purchases. Think twice before making a purchase.”
Nonetheless, this does not mean that you are too strict with yourself. Rather, it is a realistic approach towards your hard-earned money.
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