When I was first starting out, I had no clue how to manage my finances. Every month felt like a race to the bottom of my bank account, leaving me stressed and wondering if I was just bad at making money. I hear this a lot from others in the startup scene, entrepreneurs pouring all their time into their ventures, neglecting their own financial habits, and then wondering why they’re still struggling.
It wasn’t until I systematically built a roadmap for handling money that things started to shift. That plan, grounded in eight simple habits, helped me grow my first six-figure savings. Let me share these with you because if they worked for someone as unfocused as I was, they might work for you too.
The Habits That Transformed My Finances
1. Setting Up Automatic Savings
I realized early that willpower was not my strongest trait. So, I automated my savings. Every time I earned money, a percentage went to a separate account without me touching it. For me, that was 20%. I used tools like Revolut and Bunq because they made it easy to create sub-accounts for savings goals.
Automating this step killed two birds with one stone: I saved consistently, and I avoided the temptation of spending it. It’s simple, but it works.
2. Tracking Every Euro Spent
I treated the first two months of this journey as a financial audit. Using apps like YNAB (You Need A Budget), I documented every transaction. It was tedious, but patterns became clear, like the painful reality that I was spending more on takeout than I was on my health.
After two months, I adjusted my budget to where I could cut waste but still comfortably enjoy life. That buffer became additional savings.
3. Stopping Lifestyle Inflation Before It Started
When your earnings increase, your spending tends to creep up alongside it. I fell into this trap more times than I’d care to admit. To fix this, I capped my personal living expenses. Even when I started to earn more, I kept my monthly spending locked below a specific amount.
The difference between my income and spending became my investment fund, which brings me to the next habit.
4. Investing Small But Early
I delayed investing for years because I thought it was only for people with massive amounts of money. That mindset cost me time. When I finally jumped in with just €100 a month into index funds through platforms like DEGIRO, the compounding effect became clear.
Now, I encourage anyone starting out to begin small. Don’t overcomplicate it, look into ETFs that track major indexes and set up an automated contribution.
5. Crushing My Debt, Fast
At one point, I carried several thousand euros in credit card debt. The interest alone was eating into my ability to save or invest. I chose the avalanche method to tackle it, paying off high-interest debt first.
If you don’t know where to start, check out fair comparisons of debt repayment calculators online to plan your approach. Reducing debt gave me more flexibility with every euro I earned.
6. Creating Additional Income Streams
Anyone relying on just one income source is taking a massive risk. I diversified by exploring consulting, selling e-books, and even licensing intellectual property from my startups. Whereas before I was a solopreneur focusing on a single project, now I made sure I always had at least three streams, even if one was as passive as dividends.
This habit comes with effort upfront, but over time, it feels like a safety net.
7. Saying "No" Strategically
I used to think I needed to accept every opportunity, whether it was a private dinner with friends or upgrading to that shiny gadget. Now, I view money decisions through the lens of long-term impact.
Saying "no" doesn’t mean being cheap; it means protecting your time and your financial goals. Small denials here add up to bigger satisfaction later.
8. Scheduling Financial Education
Lastly, I committed to consistent learning. I picked up timeless reads like The Richest Man in Babylon and took free online courses on investment basics. On my busiest weeks, I’d squeeze in a podcast episode, it was incremental learning, not a sprint.
If you want to start somewhere accessible, BBC Sounds or Spotify are great places to search for finance shows tailored to beginners.
The Most Common Mistakes to Avoid
- Thinking Earning More is the Only Solution: More income rarely solves bad financial habits. Nail down how you manage what you already have first.
- Not Understanding Debt: Refusing to address it only increases its cost.
- Waiting to Invest: Time in the market beats timing the market. Start, even if it seems small.
- Overlooking Retirement Funds: In Europe, many people neglect to set up private pensions alongside government plans. Don’t fall into this.
Building Your First Six-Figure Savings
Saving your first six-figure sum is less about specific numbers and more about building systems that work for you. I won’t say it was always easy, I had months where I wanted to dip into my investments. But consistently sticking to this framework worked because it combined psychology with action.
Small progress builds momentum. Once those habits are set, the results follow. If you’re ready to take control of your money, try starting with just one or two habits. It’s not about doing it all at once, it’s about consistency.
FAQ
1. What are the best ways to automate savings?
Using tools like Revolut and Bunq allows users to set up sub-accounts and automate a percentage of their income to savings effortlessly. Explore Revolut | Learn about Bunq
2. How can I track every expense effectively?
Apps such as YNAB (You Need A Budget) provide tools to monitor and categorize expenses, helping identify spending patterns. Discover YNAB
3. How do I avoid lifestyle inflation as my income grows?
By capping personal spending and matching lifestyle costs to a fixed amount, you can allocate surplus income for wealth-building instead of unnecessary expenses.
4. Can I start investing with a small amount of money?
Yes, platforms like DEGIRO make small-scale investing (from €100/month) in ETFs and index funds accessible to beginners. Visit DEGIRO
5. What is the best way to reduce high-interest debt?
The avalanche method, which prioritizes paying off high-interest debt, is a proven strategy for tackling financial liabilities quickly.
6. Why are multiple income streams essential?
Diversifying your income through options like consulting, writing e-books, or dividends ensures financial safety even if one source falters.
7. How can saying "no" improve personal finances?
Strategic refusals, like declining unnecessary purchases or indulgences, protect long-term financial goals and reduce wasteful spending.
8. What are some accessible resources for financial education?
Books such as The Richest Man in Babylon, online courses, and beginner-friendly finance podcasts on platforms like BBC Sounds are excellent starting points. Discover BBC Sounds Finance Podcasts
9. What are the common mistakes to avoid when managing finances?
Key mistakes include relying solely on increasing income, ignoring debt, delaying investment, and neglecting private retirement saving alongside public plans.
10. How can I ensure consistent financial learning?
Incremental learning through reading, podcasts, or brief video lessons enables steady improvement in financial literacy without overwhelming commitment.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.