Money needs to be managed to maintain a growth of savings and wealth. Spending money takes away from having money to spend. Learn to spend money on essentials to allow organizing income over expense for later investments. These five tips on Money Management will guide the flow to wealth.
1) Download a Budgeting APP into the phone. As money is spent or earned, keep recorded directly and instantly into the APP. This habit building activity will make any individual aware of money in and out and keep them under CAP of that budget.
2) Spend less than you save. A simple idea with major benefits. If the money is not there to spend, then don’t spend it. Save money, and forget about it until the time is right. Your budget should help maintain a controlled expense.
3) For unforeseen expenses, adjust by taking smaller portions into consideration. If new tires each year cost $400 ($100 a tire), divide that by 12 months, which equals $33.33 a month. This can be placed into the car expense, waiting for the day tires are needed.
4) Place CAPS on your bank account so no more than ‘X’ amount of money can be withdrawn. Or take out the weekly amount and keep the cash handy. If need be, take the cash out weekly and place it into a separate account (like a personal stipend). Or entrust money to a personal Treasurer.
5) Place financial goals in writing. Know how much saving leads to a ‘Safety Net’, how much will pay off debt over five years, keep a record of which investments will make sense in three to five years. Seeing these goals written how set up SMART Goals for security, growth, and your dream!
PS… Can you find the monkey?
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