Easy money management tips

How you manage your money is an important task that you should take seriously. Not only will it reflect on your situation in the future, but it will also make your days go smoothly as you don’t have to worry about always running low in cash. Here are quick tips so you can have control on the way you live without having to worry about money-related matters.

Set up a spending plan. Identify your sources of income and then draft your budget for the week and the entire month. This will make you more aware of the things you have to put money on, and will give you an idea how much money you will need to survive for the succeeding months. If there is money left, you can plan on how you save or spend it.

Start tracking your spending. Listing down all the things you spend money on will determine your spending habits. Keep receipts and write everything down on paper, on a spreadsheet, or with a software meant for budgeting. This will help you figure out if the items you wrote down are examples of good or bad spending.

Start an emergency fund. Having an emergency fund is important for unexpected expenses. Try putting in some money every payday into this fund. It doesn’t have to be a huge sum all the time, as long as you’re aware that you have money, in case of emergency car repairs or unexpected hospital bills. This also prevents you from borrowing money from someone else when such situations arise.

Ahmed Nashaat goes to UCLA. He’s working toward being an accountant and a financial advisor. Keen on working with numbers, Ahmed sincerely wants to help people manage money matters and their finances better. For more money management advice, go to page.

Tags: money advice, money saving tips, finance



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