6 Tips For Managing Your Money Wisely Part 2

6 Tips For Managing Your Money Wisely Part 2



6 Tips for​ Managing Your Money Wisely, Part 2
PAY YOURSELF FIRST .​
Treat yourself as​ your most important creditor .​
Determine an​ amount that can be saved weekly, fortnightly or​ monthly for​ long term purposes and​ emergencies and​ save it​ regardless .​
Somehow we manage to​ find the​ money for​ the​ phone bill, the​ rent etc so much decide to​ find the​ money for​ savings .​
This money management decision is​ life changing as​ over time it​ leads to​ financial independence.
AUTOMATE YOUR PAYMENTS .​
When things get stressful and​ we become overwhelmed with financial worries, our financial affairs can get out of​ control very quickly .​
Internet banking can solve a​ lot of​ this problem .​
If a​ part of​ your problem is​ that your income is​ inadequate, then automate some or​ most of​ your payments .​
Doing this, releases the​ stress of​ having to​ find the​ money for​ a​ lot of​ different payments .​
You may still be short one or​ two payments but it​ is​ easier to​ look for​ a​ solution for​ one or​ two payments as​ opposed to​ six or​ seven .​
Effectively, automating your payments saves you time and​ stress and​ helps you to​ take control of​ your financial affairs.
CONSOLIDATE DEBTS .​
If you are able to​ consolidate a​ number of​ debts into one loan at​ the​ lowest possible interest rate, your monthly expenditure will decrease, sometimes by a​ lot .​
If you own your own home, you will be able to​ get a​ home equity loan at​ comparatively low interest, which is​ a​ better option than a​ personal loan.
USE MONEY for​ THINGS of​ LASTING VALUE .​
So much money is​ spent on items that have no lasting value and​ give no lasting pleasure .​
Many of​ this spending is​ at​ the​ expense of​ those things that actually do matter and​ will really benefit us in​ the​ long run such as​ owning property, funding retirement and​ paying for​ education.
These money management tips can improve the​ quality of​ your life by helping you take back control of​ your finances, reduce stress, increase savings and​ make better long term decisions regarding your spending.




You Might Also Like:




No comments:

Powered by Blogger.