Money matters, but managing it right matters more. Whether you earn less or more, how you plan your monthly spends plays an important part in deciding how long your wealth will last. Also, the words ‘finance’ and ‘budget’ won’t look so complicated and boring once you figure out some simple tips to manage your money.
Here’s a pretty simple list of things to make you a master in managing your finances:
1. Be aware
The first thing you need to do is to know the basics. Learn the difference between expensive and cheap, needs and luxuries, good quality and bad. Compare the prices of commodities before you buy any of it. In a nutshell, if you are aware, you cannot be fooled.
2. Make a budget
Keep a track of how much you are spending per week, rather than per day. Plan out how much you need to get through the week and keep a buffer amount just in case some additional expense pops up.
3. Learn to save
Resist the urge to splurge at a fine dine restaurant every weekend or insist on eating at KFC every day. Rather, put that money aside as savings. If you are one of those people who get too excited when their account says, ‘Salary Credited’ and go broke by the last week of the month, you need to save money instead of cribbing about your income.
4. Learn from your mistakes and don’t repeat them
It’s completely okay to make a bad financial decision sometimes but don’t repeat the same mistake again. Learn from your losses and move on.
5. Cut short those unnecessary subscriptions
Examine your undue expenses and curb them immediately. Spend that money elsewhere if you’re feeling too generous; charity for example. Get rid of that gym membership you don’t go to or that newspaper you don’t read. That money can be put in the bank instead.
6. DO NOT fall into the credit card traps
Having a credit card feels rich, but let it go if you want to fuel your luxuries. It’s better to realise the boundaries before using a credit card.
7. Save time and money by using your phone right
E-commerce apps are convenient, easy and the amount of money you’ll save every month is substantial! Save on your food, save on your shopping and more importantly, save on your necessities.
Your mobile recharge for example! The Bill Bachao app not only suggests the best recharge as per your usage, but it is a one stop shop for all your mobile related services! With Bill Bachao, you can buy the best handset in your budget, choose the best recharge and control a host of other services with just a touch of your fingertips.
So stop thinking and get saving. http://bit.ly/FKKviaBlog