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Personal Financial Management Tips

by Misbaudeen Adeshina

 

Eight (8) Tips to Start Managing Your Finance

Congratulations! I understand you have been tirelessly searching for personal financial management tips and have almost given up. I understand what you must have been going through right now; which is why I’ve compiled some of the best financial advice that would enable you to have more control over your money as well as boost your earnings.

Some of the Personal Financial Management Tips on this list might require some effort from you as it might take time and commitment to building up these new habits. But I can assure you that in the end, you would understand that it’s worth your effort and time.

Have a quick read through these tips, start implementing them and I’m sure you would be glad you did.

Cultivate the habit of spending less than you earn

Recent research shows that 80% of full-time workers live from pay-check to pay-check. We all know and want to spend less than we earn but actually doing seems a lot harder. In order to achieve this, you might need to start tracking your daily and monthly spending as it’s one of the key tips for managing your personal finance.

Start Budgeting

A lot of people feel awkward once they hear of the word budget. However, it’s not as hard and doesn’t stop you from making memories and having fun. It simply implies creating a plan or idea on how you spend your earnings. You can start by breaking down your paycheck to adhere to the 50/30/20 rule with 50% means for your needs, 30% for your wants, and 20% as your savings.

Set Financial Goals

This is another great financial management tips, setting a goal would help you in formulating an achievable plan and even serve as a motivation in managing your finance. Your goals can either be short term, medium term, or long term.

Staying out of Bad Debts

I believe we all understand what is meant by debt, however, there’s something called bad debt and I have learned that staying out of it as much as possible will no doubt help in reaching your financial goals. Are you wondering what I meant by bad debt? Bad debt is debt incurred from buying items that would bring no income or generally lose value with time.

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Emergency Fund is a Must

What happens if you lose your source of income today? Would you have enough to live on while sourcing for another source of income? If your answer is No, I’m afraid it’s bad but you’re not alone. The best way to avert this is to start saving for a rainy day.

It doesn’t necessarily have to be a loss of your source of income; it can be for natural disasters, repairing of your house, medical bills, or car faults.

Know Your Net Worth

What’s your net worth? It’s the amount you would be left after selling everything you possess excluding all your debts. How can you know your net worth? Start by compiling and estimating the price of all your assets and a list of all your liabilities (debts). Your asset can be money, shoes, gadgets, jewelry, cars, and others; and your liabilities can be a loan, credit card debt, and others.

Start Investing Today

How would you feel about increasing your net worth today? If it sounds like someone you would be interested in, then I will suggest you start investing now. I understand you’re afraid of losing your money which is why I’ve compiled some trusted and effective ways you can invest your money

  • Real Estate Investment
  • Cryptocurrency
  • Bonds
  • Treasury Securities

Start a Side Hustle

I know you like and wouldn’t mind earning extra to complement your income just like me. If it seems like what you’ll be interested in, then you can start making decent and cool money today from the comfort of your home without stress. Start making judicious use of your extra time to make extra money today.

Start taking action today with the above personal finance tips and you would be one step closer from your financial breakthrough

 

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