Having great money moves on your financial bucket list is an excellent practice to imbibe.
We have dreams we want to turn to reality and wishes that could become goals.
You do not want to end up on your deathbed wondering what life would have been like if you had done those things your heart desired.
No one wants to have a lot of regrets and ‘what ifs.’
Thus, bucket lists are now popular as they help us keep track of our desires and how we can achieve them.
A bucket list can cover our wishes for months or years, depending on us.
According to a survey of 2,000 people, 95% stated that they have a bucket list with items they hope to cross off.
This shows how important such a seemingly trivial activity actually is.
Of course, to ensure that we cover every item on our list, we need finances.
Whether you want to travel to Paris, donate to a cause or get skills, money remains the means to get to your destination.
This is why, alongside other goals, you need to ensure you have financial targets on your bucket list.
While you should also consider your physical, mental, emotional, and spiritual well-being, put down ways to ensure you get, save and manage money well.
Your financial future matters greatly and can be the difference between ‘I want to’ and ‘I can.’ Improving your financial situation will benefit you both now and in the long run.
What Money Move is on your Financial Bucket List?
A financial bucket list helps you focus on money goals.
It could be a list of top expenditures you need to save for—like getting a new car or paying off student loans.
It can equally involve setting an aim to manage your finances.
For instance, you could learn how to budget or start an insurance plan.
Statistics have shown that planning is a factor that distinguishes those who struggle with their finances and those who enjoy financial security.
According to Business Wire, 83% of Americans in 2017 reported positive feelings after setting financial goals.
Plus, in 2018, 77% of Americans showed interest in setting financial goals.
Your financial bucket list should cover savings, expenses, and investment.
This provides balance in your use of money.
A bucket list that focuses on only one aspect would make you mismanage your income.
Say you have only saving items on your bucket list; what about expenses?
If you do not keep track of the latter, you may end up overspending, struggling actually to save, not pay bills and get other needs.
Your financial bucket list can contain money moves like:
- Charity donations.
- Life insurance.
- Paying up your mortgage.
- Clearing debts.
- Starting up a cash reserve.
- Saving for college.
- Having a retirement plan.
- Investment in real estate.
So the Knowledge of money moves can help you have profitable items on your list.
25 Best Money Moves for your Financial Bucket List
1. Plan towards earning passive income.
Passive income comes from any endeavor you are not actively involved in.
It gives you money while you sleep, as the cliche goes.
If you need to build wealth, gain financial freedom and break away from the burden of living from one paycheck to the other, look into ways of earning passive income.
The economic turbulence brought about by the pandemic has made this necessary.
The benefits of a passive income are numerous. Not only do you gain financial freedom, but you also have peace of mind and stability.
Try to get several passive income streams from which cash can flow into your bank account.
Do note, however, that passive income does not appear like a granted wish of a genie.
You have to put in some effort at the beginning.
Here are some passive income ideas you could consider:
- Be a silent partner in a business.
- Start a YouTube channel.
- Write and publish a book.
- Invest in the stock market.
- Start a blog.
- Become a social media influencer.
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2. Clear all your debts
This is a number one priority. It is one of the best money goals you should have.
Debts accumulated can become choking.
Make a move towards being completely debt-free. Start with smaller debts, then move towards bigger ones.
If possible, negotiate interest rates with lenders.
Debts include balancing your credit card, student loan, mortgages, loan from a friend, bank loans, and car payments.
3. Pay someone’s bills
Do a good deed with your finances and watch how gratifying it is.
Depending on your income, you could do something small like paying for someone at a restaurant or at a grocery store.
Clear a friend’s debt if you want to go big.
The important thing is to make someone smile and be grateful.
4. Improve your financial IQ
Improving your financial IQ is another item that needs a place on your bucket list.
Read as many financial books as you can.
They help you make better financial decisions, learn how to value money, and make it work for you.
You could start by reading five books in a month.
Then, next month, you increase it to seven. Over time it would become a habit.
Below are some books to get you started on improving your financial IQ:
- Rich Dad, Poor Dad by Robert Kiyosaki.
- The Only Investment Guide You’ll Ever Need by Andrew Tobias.
- Think and Grow Rich by Napoleon Hill.
- The Richest Man in Babylon by George S. Clason.
- The Intelligent Investor by Ben Graham.
- The Four by Scott Galloway.
- The Little Book of Common Sense Investing by John C. Bogle.
- Business Adventures by John Brooks
- Principles: Life and Work by Ray Dalio
- Common Stocks and Uncommon Profits by Philip Fisher
Also Read: 13 Tips To Improve Your Financial Health
5. Make and sell something
To gain extra income and sharpen your business skills, create and put your creation in the market for interested buyers.
Tap into your inner creativity and produce something that you would earn from and which could equally serve as a need to others.
For starters, you could consider these tips:
- Write a book
- Start an online course
- Make a piece of furniture
In addition to making and selling, sell items that you no longer need.
Those old shoes, clothing, and kid’s dollhouse need to go.
6. Build an emergency fund
Life has a lot of ups and downs. The ‘down’ situations can lead to unforeseen expenses.
They can be draining if you are not prepared.
Therefore, get an emergency fund to cover up these impromptu events.
This fund should not be confused with your general savings. It is precisely for plot twists in the story of life.
If you lose your job, for example, an emergency fund can help you cope while you drop your resume to companies.
You can build the fund for a certain number of months.
You could begin with three months then increase it as time goes on.
7. Start (or invest in) a business
Starting a business can bring extra earnings and engender personal growth.
It could be a side hustle while you keep on with your 9–5 or full-time employment.
Whether the business succeeds or not, it is an activity with remarkable gains.
You can transform your hobby into a business.
For instance, if you are an amateur photographer, set up a part-time photography business and get paid.
However, starting a business isn’t for everyone. You may not find the idea attractive.
If that is the case, you can still benefit from the business world by investing in one.
Just be sure it’s stable and legitimate to avoid losses and legal complications.
8. Get a college degree
While this may not seem like a money goal, getting a college degree (if you do not have one) opens up a wider door of opportunities like better-paying jobs and connections.
You also get the chance to acquire knowledge.
If you do not have much time on your hands for a physical school, online alternatives exist, which you can benefit from.
If you do have a college degree, you do not have to stop there.
Learning never ends.
9. Have an account for vacation
You do not want to be that family who goes on a vacation and comes back laden with debt.
You do not want to ruin your finances for a few weeks or months of fun.
Planning a vacation can be tasking and expensive, so it is best to be prepared.
Know where you want to go and open up an account to save before the date draws close.
10. Work towards being a millionaire
You become a millionaire when you have a net worth of $1,000,000, which includes assets like your house.
If you think this is daunting, imagine the benefits.
You would be able to live better, solve problems and help others in need.
Jim Rohn stated that you should “become a millionaire not for the million dollars, but for what it will make of you to achieve it.”
The lessons learned and grit developed along the way are just as important as the net worth.
11. Get a digital skill
It is no longer news that the world is becoming digitalized.
Technology has become an integral part of human existence, with almost every venture relying on it to thrive.
Take advantage of this constant movement and learn digital skills to become resourceful.
Some digital skills you can get include:
- Digital Marketing
- Graphic Design
- Web development
- Data analysis
- Web Analytics
- Mobile optimization
12. Get a life insurance
Get life insurance, whether you are a college student in an apartment or a stay-at-home mom with three kids.
While no one can be ready for death, life insurance is a soothing balm as it benefits an ailing family and can cover funeral expenses.
13. Have an account for bills
If you tend to get overwhelmed at the end of the month when bills need to be paid, consider opening an account bills payment.
You should direct the money towards electricity, telephone, water, and other forms of utilities that you need to pay for.
In addition, you can also work towards reducing your bills.
14. Have a retirement plan
It does not matter if you want to achieve this through a 401k or an IRA (or both).
Have a retirement plan for the moment when you step away from active duty.
The earlier you start, the more convenient it is.
In addition to a 401k and an IRA, start up a savings account specifically for retirement.
Ensure that you take steps towards a comfortable retirement and a stable ‘post work’ life.
15. Invest in real estate
Real estate is a stable means of investment due to the fact that it doesn’t always depreciate.
Consider it if you need to earn more. It is also an asset you can use, sell and set as collateral.
Below are some other benefits you get from real estate investments.
- You have direct control of investments.
- Real estate is not as volatile as the stock market.
- It serves as protection against inflation.
16. Learn a new language
In addition to picking digital skills, aim at being bilingual. Not only does this lead to personal growth, but it also has financial benefits.
You can get new job opportunities, a promotion, get hired with the chance of earning extra, and gain the upper hand over your competition.
Online platforms like Duolingo and Babbel offer great learning opportunities.
17. Improve your credit score
A perfect money move that needs to be on your bucket list is improving your credit score.
You should achieve a balance of $0 to have better chances of getting loans.
You can improve your credit score with these tips:
- Get your payments in early.
- Limit the number of times you apply for accounts.
- Constantly review credit reports.
- Keep note of your progress with credit monitoring.
- Keep a low balance.
18. Reduce your bills
One way to reduce expenses and get more money saved is to look into your bills and check for ways you can reduce them.
Utility bills, especially, can be bothersome to pay up at the end of the month.
By taking little actions like regulating your thermostat and using LED lights, you can cut down on spendings.
19. Work towards buying a house
To be fair, this can seem like a daunting task, especially if you do not have a high-paying job.
However, the benefits are worth the costs. It provides peace of mind; you get to build equity, improve your credit and gain some advantages on tax payment.
It is also more stable and cheaper in the long run than rents.
20. Donate
You do not have to be a billionaire like Bill Gates to be a philanthropist.
Donating whatever you have to charitable causes makes you more humane and develops your empathy towards those who need assistance.
Whether you are a millionaire or an office clerk, you can give back to society through donations.
It doesn’t have to be money. Your time as a volunteer is also a form of donation.
21. Have expenses free month
It sounds impossible, but you can do it.
Besides the necessities like electricity and other utility bills, get whatever groceries you may need the month before and have a month with no or minimal expenses.
This not only curbs overspending, it equally builds self-discipline and teaches us an invaluable life lesson: What we need and what we want are different things.
22. Know how to live below your means
Trying to keep up with the Joneses can be detrimental to your finances.
A much better option is to learn how to live below your means.
It leads to financial freedom, a less anxious lifestyle, and better money management.
These steps can assist you in living below your means:
- Have a financial plan.
- Be economical.
- Prioritize your needs.
- Save at least 10% of what you earn.
23. Create a budget
Ever felt like the money in your wallet suddenly turned to birds? You can fix it.
Having a budget can assist you in clipping those wings and taming your money.
You also learn to keep track of your expenses, have records and know exactly what you need.
If you struggle with compulsive spending, a budget can be a great tool in overcoming that compulsion.
24. Start a scholarship
Sounds like an option that’s best kept for millionaires? Not likely.
It doesn’t take much to grant a student scholarship.
Once you set the amount you want to use as sponsorship, you put up criteria and award the winner(s).
25. Improve your relationship with money
Your relationship with money has to do with how you view and use money.
Childhood, religious teachings, and personal philosophies all form our perception of money.
If you find yourself anxious about not having enough money or you hold the belief that money is evil, you may have an unhealthy relationship with money.
As you go on with your money bucket list, work on getting a healthy relationship with money.
Also Read: How to Transform your Relationship with Money
FAQs
What are Financial Milestones?
These are step-by-step achievements you’d want to make throughout your lifetime.
For example, you could decide to be independent financially by the age of 25.
That is a milestone you want and plan to reach.
Financial milestones can make you be more intentional with your money.
The Bottom Line on Money Bucket List
Hopefully, you found this article on the best money moves to add to your financial bucket list helpful.
The Covid-19 pandemic has changed a lot about our world and how we view it.
We had a large-scale experience of death, scarcity, isolation, anxiety, and economic instability.
The pandemic showed us how fleeting life could be.
If we can take lessons from the tragedy of 2020, it is to learn to act fast, think wise, and look out for our loved ones.
Make money moves today and resist the temptation to procrastinate. You’d be glad you did.
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