How to manage your money better?

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How to manage your money better?
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I have often come across people in my life who
have little monetary resources but they seem to
be able to buy everything important in life
without any financial stress and then I have also
seen people who owned wealth beyond their wildest
dreams and yet they ended up making wrong
decisions and ended up debtors. So, how do we
manage our money better? Well, that is the topic
of todays blog. Just slide through the next to
find ways to not only manage your money, but also
to invest it.
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There are many small tricks that one can use to
manage ones money. But to begin, one must first
learn the basics of budgeting. If you want to get
on top of your finances, a budget is a really
good way to start. Its just a record of money
you have coming in and payments that you make.
With most of us having access to smartphones, one
way of doing this is to make use of budgeting
apps. They will keep the track for us all we
have to do is enter our income and expenses
without fail. Those who dont use a smartphone
can do the same with a spreadsheet or a diary.
Keep record of what you spend and then see where
you can cut the expenses. While budgeting, one
must also remember to keep money for emergencies,
vacations or a yearly payment that one tends to
forget but has to spend on anyways. That will
make for a reliable budget plan.
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Pay your monthly bills on time and avoid late
charges. As simple as it may seem, this is one of
the most neglected mistakes of budgeting. The
late charges are an added expense and one that
could be avoided in the first place. It is good
to have a credit card but it is also mandatory to
remember that it is not earned money but
borrowed hence, you have to repay it sometime.
One should therefore use a credit card
judiciously.
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Also, if you have loans or owe money on credit
cards, it usually makes sense to pay off the debt
that charges the highest rate of interest first
its the fastest way to clear your debts. And, if
youre focusing on paying down another debt, you
must pay at least the minimum on any credit cards
and your monthly required payments on any loan
agreements to avoid breaking any terms of the
agreement/conditions of the debts. Often, the
hardest part of paying of your debts is taking
the first step. Its easy to feel overwhelmed if
you know youre struggling financially. But, the
best way out is to face it outright and then plan
to increase income or find ways to pay those off.
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If youve already missed credit card or loan
payments or if youre behind with so-called
priority debts such as your rent or mortgage,
energy bills, property taxes, child support, or
court fines, take advice from a debt advice
agency right away. You will be glad you asked for
help. One of the most frequent advices one gets
about managing finances is to save, save and
save. But hey, like Arman says, Saving is
boring, investing is interesting. It is healthy
to take risk once in a while and try to put the
hard-earned money into reliable investments. I
know people would say thats too risky, but what
is life without a risk? Plus, this one will help
you increase your moneyhow does that hurt?
However, before investing one must do all the
research possible (including researching if the
financial institution in question is legitimate
or not and if there are any unknown charges or
interest that they apply) and know the fine print
so that it doesnt come back to bite you. You
might also want to check this beautiful wikiHow
article on investing smartly. (Disclaimer We are
in no way connected to the authors of the wikiHow
article and would not be responsible for any
decisions taken based on the article).
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Take advantage of free money. If your employer
offers a contribution match for retirement
savings or heath savings accounts, be sure that
youre contributing enough to obtain the maximum
match amount. Otherwise, youre missing an
opportunity for free money. Maximizing your
contributions can also lower your taxable income
and hence, investing your money thus is a smart
solution. One can also chose to have a portion of
ones paycheck automatically transferred to a
savings plan/investment plan. This is a great way
of saving, because payments come out of their
paycheck before it is cut and most people dont
even miss the amount invested.
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Have good insurance coverage. They say that smart
people expect the unexpected, and have a plan for
what theyll do just in case. You never know when
youll need a large sum of money during an
emergency. Having good insurance coverage can
certainly help tide you over through a crisis.
Discuss with your family and insurance agent what
kind of coverage is best suited for your
needs. If you can borrow or rent, dont buy. Lot
of people spend considerable amount of money in
buying CDs/books, etc. and then let it gather
dust. It is much more economical to rent these.
At the same time, if one needs a particular
product frequently, then one should of course
consider if it is a more intelligent and
cost-effective option to buy the product instead
of renting.
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If taking a loan, it is advisable to pay high
down-payment (as much as possible) on your
mortgage. That will ensure you minimize the
interest payments and fees while balancing the
rest of the budget. Sell what you dont need.
This may sound a bit extreme, but it is
definitely an intelligent way to increase
available money while also getting rid of the
junk that we rarely/never use but still own. Let
someone else enjoy those while they are still
usable.
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Also, ensure to maintain a good credit score. It
not only helps you in the long run but also
ensures you get the lowest interest rates for
loans if ever you need one. Try these simple
tricks and I assure you that being financially
free and managing your money wont be a
far-fetched dream anymore! All the best.
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Website https//titaniumsuccess.com Titanium
Success Mr. Arman Sadeghi, CEO arman.sadeghi_at_mail
.com [phone] Resources
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ney-better/