5 Steps to Managing Personal Finances Like a Boss!

5 Steps to Managing Personal Finances Like a Boss!
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    Managing your finances can be very stressful and frustrating at times, especially when your earnings are just enough for all your monthly dues.

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Not to mention, those emergency payments that you need to make, and that famous “Should I buy it or not?” question when you see your favorite jeans on sale. But, a little discipline goes a long way! Here are some tips on how we use our money wisely:

1. Focus on your long-term goals

Do you spend more but you earn less? Or do you earn more but you spend less? We need to evaluate ourselves, on where and how do we spend our money. We should spend on things that give a lifetime support on our needs. When you’re earning, you need to list your goals in life. Get your own home, retire early, travel the world, or invest in a life insurance plan.

2. Budgeting

This is the most crucial part when it comes to our finances. We have to give up what we don’t actually need and focus on what we need more.

Make a list of your monthly budget. Try using the envelope method. Label each envelope according to your bills (water, electricity, cellular plan, investment, savings, food, credit cards, mortgage, etc.) Fill each envelope weekly. This way, you will never have worry about the monthly dues again. Also, have an emergency fund so that you will not compromise your other dues.

3. Be Debt-Free

Debts are a big hindrance to reaching your goals. Refrain from using credit cards. Try bringing enough cash for you to get through the day. Don’t spend too much. Also, prioritize on paying your monthly debts. This will help you reach your goals faster and gain extra when you’re done paying yours for it. After paying your debts, you should commit to staying out of it, so you will have nothing to worry about.

4. Invest for the Future

We don’t want to work until we grow old. That is why we have to make a goal to invest in things that would make everything easy for the future. Invest in retirement plans, life plans, and educational plans while we are still able to. It might be a little heavy on the budget but trust me; this will help not only us but also our future children.

5. Enjoy your extra earnings

When you are able to budget your finances carefully, you will gain some extra money on the side. Sell some things that you don’t need anymore. Try working online. Use your EXTRA earned cash when you go dating, watch a movie, or eat at a fancy restaurant. It’s okay to enjoy life once in a while!

I’m sure a lot of people are having a hard time with their finances too. Sharing this post with them would be a great help! They could either learn from it or add more tips based on their experiences to help others too!

Here are some credible sources that you can check out too:

http://consumer.findlaw.com/credit-banking-finance/managing-personal-finances-overview.html
http://time.com/money/3962739/managing-finances-no-financial-adviser/

Consumer Tips reference:

lower monthly bills guide

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Categories: Money Management

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