Managing Finances

Do you sometimes wonder where did all your money go? Even if you receive a good monthly pay you still feel like a hamster on a wheel making ends meet? Or you have been working for quite some time now but still you have not saved much at all? Well a lot of people do. Here are some tips on how to get a good start on managing your finances.

Settle your debts

Clear yourself first from your debts and as much as possible stay out of it. Settle unpaid loans, close unnecessary credit cards, and unsubscribe pointless subscriptions.

Differentiate wants from needs

One of the reasons why you fail to save is because you overspend on things you do not need. Before a purchase, check first if you really need to buy new ones or just because you want it.

Calculate your bills

Every month, try to project how much will you need to pay for utilities, bills, tithes, family support, and etc. Deduct those first from your salary before you spend on anything so won’t miss any payments for the month that results to a double payable on the next payday.

Allot savings

You might not know when rainy days will come or if you want to invest something for the future. Deduct savings every payday as if it’s a responsibility you have to pay. As much as possible, save a specific amount so as to get used to it

.

Work on your budget

After paying everything you have to, including savings, the remaining will be your budget for the whole month. Try to work on how much it is as to train yourself on spending wisely.

List it all down

List down all your expenses to keep track of your money. From there you can check what are the items you can ditch out on your next purchases.

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