Best Way to Manage Expenses

by Misbaudeen Adeshina

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Eight Must Know Secrets About How to Manage Your Expenses

Managing your expenses can be deciduous and seems like an impossible task, but it’s the best way to avoid debts now and forever. Learning to manage expenses is the best thing that happens to me years ago; it set the way for my financial freedom.

I’m super excited to share these amazing tips and ways to manage expenses with you; I know it would surely help cut your debt and set you to your financial freedom as it does with me.

Set a Budget

One of the best ways to manage expenses is to set a budget and works towards actualizing it. You have the sole power over your budget and periodically reviewing it would be great.

Stop Impulse Buying

Putting a stop to impulse buying is one of the best ways to manage expenses. Impulse buying simply implies buying goods that are not planned for earlier; goods which are a result of sudden urge or whim. A good way to stop impulse buying is by just moving home anytime you see something you feel like buying without having planned for. Once you get home, you can now decide to ask yourself whether it’s your wants or needs.

Limit Your Debt

If you really want to manage your expenses, then you better start limiting your debts. Your monthly debts should be consuming your paycheck. Research has shown that your monthly debts shouldn’t exceed 20% of your paycheck.

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Reasonable Mortgage and Rental Payments

One of the best ways to manage expenses is by keeping a reasonable mortgage and rental payments. Your rental or mortgage payments should be consuming your paycheck. Live within your means and only go for what you can literally afford now. There’s a general rule from research which states that your rental or mortgage payments should not exceed ¼ of your monthly paycheck.

Limit Your Spending Habit

You can manage expenses by limiting your spending habit. You can start by taking advantage of promotions in your cities, renting some of your wants rather than purchasing them, and many other things that could help limit your monthly spending.

Start Investing

Are you serious about managing your expenses? Then you better start investing more. I started investing at a very young age and I’m enjoying the dividends of my investment today. You can get started today by making prudent investments. Want to get started? I’ll suggest you start with real estate investment.

Never Stand in as a Guarantor for Anybody

This might sound funny and harsh but if you had been through what I had, you would surely not consider me that standing as a guarantor for someone. In case you don’t know, if the person you stand in for fails in paying up, you would be responsible for the repayment.

Home and Health Insurance

Another great way to manage expenses is by obtaining adequate home and health insurance. In the case of ill health and home hazards, the bills can pile up and might cost a fortune but with the right and adequate insurance plan, it would just be a walk in the park.

This shortlist of the best way to manage expenses can go a long way in assisting you with your financial burden if and only if adhered and followed strictly.

 

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