MANAGE YOUR FINANCE : TIPS AND TRICKS TO SAVE MORE AND SPEND LESS
There are thousand ways to earn money and million ways to spend it. But there are few tricks to save it, manage it. Whether you are rich or not, you are a businessman or salaried, it really doesn.t matter, what matter is that how you mange your finance. How well you know about your financial status and how you can you manage to make your financial status better, and you should know how to become powerful with money with every second passing on. There are thousands of financial experts who would tell you to do some tricks and to act on secretive move to become more powerful with your money, to get control what you have, or to become rich day by day. But managing your finance is not that tricky as they tell you but if you don't know the basic it would be difficult for you to manage your finance. So to manage your finance you should learn the basics of financial management.
Effective financial management is essential for your business survival and growth. It involves planning, organizing, controlling and monitoring your financial resources in order to achieve your business objectives.
Good financial management will help your business to make effective use of resources, fulfil commitments to your stakeholders, gain competitive advantage and prepare for long-term financial stability.
Financial management should become part of the key processes within your business and be included in your ongoing planning.
The following ten top tips should help you to gain control of them.
Make up your mind
First and the most important step for financial management is to make up your mind about where do you want yourself in financial world. Make yourself clear that you need financial management and you have to learn ways to manage your life. Be determined to achieve what you have set to achieve and motivate yourself that you are going to change your life from now on. Understand that every little step for making yourself independent is important and it will give reward that you have wanted for so long.
Understand your need
We, human are one of the most confused creature on this planet. Most of the time we don't know what we wanted in life. We always chase what other tell us . We never make a difference between what we really needed and what this society tells us we need. Most of the time we spent our money on that useless items and other social tools which we did not needed in reality. There are some basic need of every human. We must understand what are our basic needs and where should we spend our money first.
Create a Budget
Creating a budget is an essential step for any saving money strategy you follow in your life.
You must know your limits before spending. Give an analytical view to your earnings and spending and write down a budget for a month and see if you can avoid an expenses from your monthly requirements you will see there were many cost you should have avoid earlier but it's better late than sorry.
Regulate your expenses
Always write down what you need. Always analyze what your weekly and monthly costs are. Where your money should spend first. Analyze all the bill you have to pay this month and try to find overspending in each and every job you have done from the beginning of the month till the end.
Avoid temptation
When you go to market or you saw an add online it gets your attention quickly and you tempt to buy it whether you need or not, most of the time you just but it and toss it in a corner. This what makes you poor, and shows your poor financial management skills. Don't but when you don't need as simple as that.
Avoid borrowing
Borrowing money is not for all. It is an essential business tool to regulate economy but we should avoid borrowing money all the time. Borrowing money is fine when you need for something very important such for starting your business, or education, But borrowing money for buying a dress or going on a date is not a step a wise man take. It is what suck our all savings and salary and we never overcome from debt because of this habit of borrowing.
Always pay you debt on time
Sometimes we can't avoid borrowing money in the hour of emergency. It is fine for some special purposes but when we have borrowed money it is going to suck our money and peace from our life. So we always pay our all debts on time because if we do not pay on time interest will suck what we earn and we wouldn't able to overcome from this debt.
Use you credit card wisely
In this new era we are pushing ourselves into a new type of debt which borrowing but not from people but from banks and it is the worst kind of debt if you do not pay its bills on time. Credit card has good points and bad point. No credit card is bad but the person who use it makes it bad or good for himself. if you have all the knowledge how credit card works you can get multiple benefits and discount also you can earn from that credit card but if you lack knowledge about credit cards and its uses you will push yourself into a debt. So use your credit card wisely.
Keep credit card good score
Keeping a good credit card score is very important. if you do not pay your bill on time you will get low credit score. So keeping a good credit score you need to pay your credits cards payment on time. It will give you benefit in long term. Do not take your credit score for granted. Always strive to achieve good credit score.
Keep yourself in a good health
Keeping your body in a good health is an investment. If you keep yourself in a good health it gives you two benefits first and as everybody know it avoids spends on health checkups and doctor's fees all the time.
But it also gives you strength to work hard and earn more and more. keeping yourself in a good health is a good investment. it is a business which always gives your profit. Never take you health for granted for anything in your life. All the richest people on this planet invest in their health and in other business after that.
Save money for future
Saving money is one of the best and ancient custom. Saving money saves you from lot of trouble and makes your back stronger in time of needs. Saving money saves you from borrowing money from the lenders and keep your salary from sucking by these lenders in form of interest. Always save before spent.
This is what makes us financially strong and rich by the time.
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