FinanceDogma – Finance, loans, creditcard and mortgages

April 15, 2014

Smart Money Management

Filed under: Tips — Tags: — admin @ 10:29 am

One of the most important ways to get rich is by managing your money well. If you have a 50,000$ income, you shouldn’t go and get yourself a 50,000$ car!

I can only give you a few tips, but the bulk of it is on your shoulders. Here are few tips, to help you get started on saving money and managing your money balance –

Keep a budget

It is always good to keep a budget for all your expenditures. If I say, all, I really mean it. Keep a budget for gifts and birthdays.

First day of the month, sit down for 15 mintues and write it down, write what all your expenditure is going to be for this month.

During the month, if you exceed your budget, keep a note of where you exceeded, this will help you cut down on your expenditure in that particular area!

Money Management

Invest Smartly

If you don’t know about Stock Market, either do your research or don’t invest in it. One of the best ways to invest is usually keeping the money in the bank, with the sweep in and sweep out facilities. This will keep interest accumulating in your bank.

If you have a big expenditure planned for future, start saving for it, create a fixed deposit in your bank and work hard to reach the goal.

These small tips won’t make you earn a million, but it will definitely help you save the money where you can cut it. You might need even that little bit in case a rainy day comes.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Powered by WordPress