Tuesday, February 17, 2009
Learn to manage your money-dont let money manage you
Thinking to start with money management? Hold on for a while and gather useful information from this post which you will need at every step you take and which will also guide you to move ahead in life with successful money-management. Starting from retirement to investing, tax to credit cards or financial freedom to money management, one common thing is to have"control over our money".
The best time to start money management is when we are young professionals. This period gives you money, options to spend the same and options to save as well. Young working demographic people need guidance the most. So, let me give you some tips on it.
i) Eat out less - eating outside is more expensive than cooking.
ii) Set a budget - fix a budget, plug as many leaks as possible and boost your emergency fund today.
iii) Assess your fire ability - recession time so anybody can be fired at any time, hence if you are expert in anything and that expertise is valued, then let those people know specially about this who make the firing decision.
iv) Polish up your resume - always keep an updated resume irrespective of good or bad time and whether you are looking for a job or not. It is also a good idea to accomplish your achievement.
v) Keep good network with people in your industry - reference from coworkers does half the battle. So keep a good network with useful and helpful people.
vi) Avoid signing contracts - do not sign any contracts for expensive products in this kind of uncertain future.
vii) Avoid loans - try to control your wishes so that you do not have that urgency to take loan and fulfil ypur wish.
Explaining some more money saving tips usefull for all readers of any age:
i) Income and expenditure - start thinking big and wide. Untill you have the appetite you cannot think of having more food. So dream big and want more, there is nothing harm in it. Everyone wants to get rich, so explore all possible ways where you live to earn some extra money. Start something small today and you will grow big tomorrow. And on the other hand understand and prioritise your necessities and avoid unnecessary expenditures. Expensive products are not always good, do some bargaining which can save little amount for you. Afterall its your hard earned money.
ii) Investment and Tax Saving - invest your money wisely after checking out all possible opportunities keeping in mind where ever you invest, it should have maximum possibility for growth so that it hepls you in long run. At the same time do some study and research related to your living style and go for some tax saving plan as well. Insurance for example is a very good idea to save tax.
iii) Save money in two bank accounts atlest - keep all your savings in bank no.2 and do not touch it at all and rest amount for expenditure in bank no.1. Now once you make a good amount of savings try out all possible ways to invest them taking calculated risk to increase your profit.
So, I would like to dedicate this post to all my readers and followers as i have done a lot of study and research work in writing this post. I also consulted every possible ways so that people get full assistance from here and can also put their head in understanding their income and expense, make plans to invest and save good amount of money by making it sure they get full tax benefit also. It is always said that "Spending money is easy but earning is difficult, and its even more difficult to save it".