How to manage money?
Have you ever wondered why are you not able to save money! The answer is financial planning on regular basis.
Here I will be listing 5 habits which are probably preventing you to have no money till the month ends.
1. Having 50% debt of your earnings:
Well! Try to minimise the debt you are compounding every month; do not buy anything which can be bought only if you take loan specially when you have other commitments. List out the priorities and major thing where you will be spending most of your salary and how much are you left with.
2. Avoid using credit card:
This might be sounding easy however it is little difficult to Avoid it sometimes if you have been using it for long and have active debt. The reason I do not prefer credit card is at time it makes you feel capable of buying things which you are actually incapable of.
3. Get a habit of saving:
As mentioned earlier after paying all your debts try to save at least 20% of your remaining Balance and transfer the amount to your other bank account having no debit card or NetBanking which will eventually make difficult to withdraw the amount once transferred. Hence you will save that money at least for few months by the time you would have developed this good habit of saving if you continue.
4. Do not reveal your earnings and bonus or incentives:
There would be many who could ask you a tiny loan primarily you might hesitate to give however chances are there you get convinced if they are your close. This can be avoided easily if you do not inform how much do you earn and how much extra have you earned.
5. Set a target
This could be to save the amount of money till set deadline or could be buying an expensive phone however by the time you reach the goal there are more chances that you have no more desire to get the same product. Meanwhile you will also realise how important is that thing to you and how often did you require if you still think you need it then buy if not you end up saving money.
Hope this helps. :)
Here I will be listing 5 habits which are probably preventing you to have no money till the month ends.
1. Having 50% debt of your earnings:
Well! Try to minimise the debt you are compounding every month; do not buy anything which can be bought only if you take loan specially when you have other commitments. List out the priorities and major thing where you will be spending most of your salary and how much are you left with.
2. Avoid using credit card:
This might be sounding easy however it is little difficult to Avoid it sometimes if you have been using it for long and have active debt. The reason I do not prefer credit card is at time it makes you feel capable of buying things which you are actually incapable of.
3. Get a habit of saving:
As mentioned earlier after paying all your debts try to save at least 20% of your remaining Balance and transfer the amount to your other bank account having no debit card or NetBanking which will eventually make difficult to withdraw the amount once transferred. Hence you will save that money at least for few months by the time you would have developed this good habit of saving if you continue.
4. Do not reveal your earnings and bonus or incentives:
There would be many who could ask you a tiny loan primarily you might hesitate to give however chances are there you get convinced if they are your close. This can be avoided easily if you do not inform how much do you earn and how much extra have you earned.
5. Set a target
This could be to save the amount of money till set deadline or could be buying an expensive phone however by the time you reach the goal there are more chances that you have no more desire to get the same product. Meanwhile you will also realise how important is that thing to you and how often did you require if you still think you need it then buy if not you end up saving money.
Hope this helps. :)
Comments
Post a Comment