What are some tips to manage money?

 What are some tips to manage money?


What are some tips to manage money? why I choose this content because which is important thing has to know every individual, then only you can manage your money effectively, so I thought I have to share some piece of knowledge about to you. Here  I'm going to explain to you about what are some very simple tips to manage money, what are some effective tips to save some money from your salary, what are the effective ways to save your money. These are three things I’m going to share with you today through this blog. Most of the middle class and lower-middle-class people are don’t try to save their income or salary, because they don’t know how to manage their income this is the major drawback of them, so if you don’t have any idea about how to manage your income? then you have to improve that knowledge well. money management is the skill you can improve by using your intelligence so try to read some financial related books, business-related and self-improvement books, through this reading habit you can gain more knowledge.

 

 

What are some simple tips to manage money?



What are some simple tips to manage money? this is you have to know well, money management is the skill, you have to improve that skill by step by step like,

 

Decision making – Decision making is an important part of money management because it is your money you have to decide, how you have to spend, how you save or invest?  so you must take effective decisions so you must improve your decision-making skills.

Spending analysis – Spending analysis is important thing has to do every individual, you have to plan how much you have to spend, save and invest, here you need to make an analysis, so you have to record all your transaction daily then only you can track where you are spending unwantedly. Once you analyze your spending data, then you have to plan how to use your money properly. 

Set a financial goal – You have to set a financial goal in your life, always you have to set a long-term financial goal like early retirement, financial freedom like that, once you set a goal, then you have to try to achieve that goal, so here you need to sacrifice something for it, so here you need to improve your decision-making skill, then only you can make the best decision in your life.

Don’t procrastinate – Don’t procrastinate because most of them decide to invest but they will procrastinate, here you have to understand one thing that is time – because investing needs time then only you will get more returns from it, so if you are going to invest or going to start any business? don’t procrastinate try to make it today.

 

What are the effective ways to save your money?


What is the effective ways to save your money? this is one of the doubts of most of the peoples if you want to save your money or your income? then you have to follow steps for that like

Make a portfolio – Make a portfolio first, you must make an income portfolio, then you have to divide your income with 50- 20-30 % like if your salary is 50,000 RS then you have to take a 50% of your income to full fill your needs, then 30% of your the income you can spend it for full fill your wants, balance 20% you have to invest to various asset classes consistently. So make a healthy financial portfolio first.

 

Control overspending – control your overspending you have to spend only 50% of your salary on your needs, and only 30% only you have to spend to fulfil your wants, so here you have to sacrifice for it. for example – if you want to buy a smartphone? Then you have to buy good quality affordable price smartphone because that is a liability it’s not an asset, try to know the difference between asset and liability, first, then you have to decide to want to buy or not.

 

Avoid greed – Try to avoid greed because you are greedy? Then you will lose your money so be conscious of your spending don’t be greedy.

 

What are some good tips to save money from your salary


Here I‘m going to share with you some tips to save your money from your salary:

  1. ·    Track your income and expenditure
  2. ·      Control your emotion
  3. ·      Decide what you want

  1. ·      Try to make a portfolio
  2. ·      Plan and take any actions
  3. ·      Do spending analysis

·      Try to  improve your financial knowledge

 

 

This knowledge I gather from the psychology of money book by Morgan Housel

I hope this content was useful to you.

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