Managing Your Personal Finances : 5 Steps to Personal Financial Fitness and Independence
Managing your personal finances as a career newbie can be tough especially when you make barely enough. However, with some good managing personal finance habits you should be able to have money saved at the end of the month. Hence, allowing that money to be spent on purchasing a car or perhaps a better car or even in the long run a house!
Good habits in managing your personal finances have to start early. If you are a career newbie, start on these habits now and keep to it. To you these advice may seem common or cliché, but I assure you they work. I have personally practiced them as a career newbie and they worked for me. Following these tips so to speak has allowed me to save and do more with my pay and life.
1. Record Your Daily Expenses
When I graduated and came home, I left my hometown for the big city. Again, as a city dweller from a small town I needed to save all I could in order to pay rent, transportation and all. By recording my daily expenses, I was able to know if I was spending too much on certain items that may not be necessary at that time. If you do this, you would be surprised at the amount of things you can cut out.
2. Pay Yourself First!
In this case, you take out a portion you are comfortable with and put them away in another account. Inevitably, you will find that at the end of the month you will still be able to pay the bills with money saved for yourself. Try this, it is fun to see how you will naturally self-adjust your spending when you have saved some money aside.
3. Avoid Credit Cards
If you have a tendency to delay your credit card payments and buy on impulse even when your finances cannot support it then avoid credit cards. Credit cards are there to provide a convenience. Not to sustain a lifestyle you cannot afford. Managing personal finances takes great discipline. Avoid credit cards if you have a problem controlling spending.
4. The Two Week Rule
Money that could be saved, I spent. I was lucky to realize this fast enough – via my daily financial records – items that I was spending unnecessarily on. I created a two-week rule for myself. Each time I wanted to buy something on impulse I walked away. I tell myself that if in two-weeks I still want it bad enough I would then return to buy it. Often times, by two weeks I would have forgotten how much I wanted that item!
5. Shop with A List
Managing your personal finances is easy. Yes, it requires a little self-discipline but it can be done. And its returns are well worth it!
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