Taking the time to manage your money is more important than people think. It can help them stay on top of their bills and save $1,000s or even more than that. You can use these extra savings to pay off any debts you might have, put them towards your pension, or spend them on your next car or holiday.
How to set up a budget
Make a budgets, In order words, write on a piece of paper, Type on computer, or even screenshot. The amount of money that your earning and the amount that your expanding. Most of the people think making the budget is the most boring thing. They simple dont make it, because they "think" it won't work. Setting out a budgets also means people are less likely to end up in debt because they will know how much they have and how much they are spending, this will surely stopped them from buying something they simple can't afford, no matter how cool is it- Simple!!
There are so many free app out there, that help with the monthly budget planning, In couple of days I am planning to make a list of such apps. Planning your money is not a rocket science.. Its simple.
All you need to do is to write how much you spend on the following!
- living costs
- financial products
- family and friends
- travel
- leisure
If you’re spending more than you have coming in, you need to work out where you can cut back.
This could be as easy as making your lunch at home, or cancelling a gym membership you don’t use.
You could also keep a spending diary and keep a note of everything you buy in a month. Or, if you do most of your spending with a bank card, have a look at last month’s bank statement and work out where your money is going
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