58% do not use any tools to manage their personal finances, while 55% spend their money altogether.
Constantly analyze your financial situation:
Find out what you earn and where to spend:
In order to adjust your financial situation and manage it well, you must first know your sources of income well and exchange terms, which qualifies you to make effective decisions afterwards.
Use tools to record and analyze expenses:
A comprehensive tool that enables you to manage your money, investments, bills, exchange areas, priorities and comprehensive statistics.
One of the most popular and popular personal money management tools, you can manage all your financial transactions, and see statistics and numbers to help you make your financial decisions correctly.
This app tells us how its users were able to save after using it, budget and financial goal and track it easily.
Financial conduct planning:
There is no doubt that planning is almost the focus of our conversation in most of this article, if I plan before getting any money: how and when will I spend every pound? What are my priorities? And how much do I save? And why? Your financial life will change.
Spend less than you earn:
There is no doubt that spending more than the income you get is a big crisis that increases your debt and always narrows you down, so the next advice must be applied.
Save 10% of your monthly income:
Don't make savings without specifying a certain amount, you save 1,000 and 2,000 months, but set a certain amount to which you commit, some set certain percentages and say 20%, some say 10% and so on, but you're the one who's in your financial position, put the most appropriate percentage for you and stick to it and never think about using it and do it before you spend any money.
Save in a place you can't easily reach:
If you save in a place you can easily reach, the incentive to take refuge for this saving amount will be weak, and you may take it at the earliest opportunity to write down a mujahedeen, but if you save with someone else or an association or in any way that makes you not reach it easily, that is a big incentive to resort to the amount saved only when you need it.
Why are you saving?
- You save for basic needs larger than your monthly income, such as annual school expenses and annual commitments.
- You save to be ready for non-periodic occasions, as a wedding day gift you can't forget, as a sudden illness and all the unexpected circumstances.
- Save to keep pace with increased life needs, your needs before marriage may not be many, and then after marriage the needs increase may not be enough for you before, and after having children and so on, your needs may increase and you need to be prepared to save and increase your income.
- You save for your retirement period, and after you retire from work and your monthly income is cut you will need an amount to secure your life in this period.
Don't buy what you don't need albeit at a cheap price:
A great budget lost because of the purchase of products that are not necessary and can be dispensed with or satisfied with a part of them, especially when entering a store with well-displayed products or a lot of offers, which doubles expenses without prior intention to go home and ask yourself: Why did you buy this? You must therefore follow the next advice.
Make a list of needs before going to buy:
You'll be able to control your purchases if you write a list in advance and stick to it, and don't weaken in the face of temptations just stick to the list.
Buy in the off-season product:
One of the great ideas that helps save a lot of expenses is to buy products in the off-season, where the price is expected to be higher, buy summer clothes at the end of summer for next year, buy study tools some time before school starts and so on.
Reduce periodic and frequent expenses:
Periodic expenses such as invoices, subscriptions and purchasing habits must be viewed as well and reduced as possible because spending on them, although a little bit, makes it significant and influential, for example: you subscribed to a home Internet package worth 200c per month but you usually use as few meg as possible to cover the 100c package, but you may find a small 100c number to decide on and contact the service company to change the package, but this will mean spending 1200c a year without any interest!
Another example: If your breakfast at work costs 20c, but if you buy it from somewhere else it will be the same nutritional value but it will be 10c, this means saving 300c per month and 3600c a year which you might not imagine when making these small decisions.
Sources of income:
Number of sources of income:
Don't just have one source of income if you have the time and effort to increase your income, which is a safety factor even if it happens and you leave a job that doesn't get in trouble and stays without work until you find someone else.
Price yourself well:
Don't be satisfied with less than your value in your job, many employees deserve more than the salary they get, but they don't claim them or even don't know they deserve more, nor do you put yourself in a higher position than your real value so you don't look foolish and you won't find a proper job, and if you find your true destiny soon, your true destiny will be revealed.
Be sure to keep track of the labor market and update your perception continuously, there are websites that place Ring salaries for a particular job name in a particular place but this may be completely inaccurate, but it is a delicate way to follow job ads while considering the required qualifications and the salary offered.
Raise your price:
You may like to use the word "price" in this position, but the fact is that it is very convenient because as an employee you are assessed financially, and put a salary suitable for your value to the company, what's the like!
Your price depends on your skills, experience and knowledge, here are these simple tips:
- Gain new skills and experience that you know will raise your assessment in your field.
- Make it a workplace selection criteria that your experience will increase your value.
- Look at your shortcomings to force them, and look at the skills you gain that will increase your value and give it priority.
Get out of comfort zone:
Many employees or employers get used to a particular lifestyle and get used to it and do not want to change even if there is a better chance, the employee may be working in a place for many years, and used to this pattern of work, and then come a good opportunity with a much better income, but he does not want to sacrifice his comfort area so he loses many opportunities, and it is better to be constantly evaluating the situation of your work and comparing it to others, so that you improve your situation constantly.
Borrow only for absolute necessity:
Easy borrowing and borrowing at every opportunity you can be patient with, dispense with or even reduce borrowing, will show you a lot of debt, which you can't pay.
Don't leave payment depending on the circumstances, calculate how and when you can pay? I begin to adhere to this plan.
Invest what saves your money and increases it:
Make your savings what you invest in a personal project, partner with a successful business owner, or even buy a property or asset that saves money and increases over time.
Other money management tips:
Make good financial management a habit:
The power of change in habits is the strongest that can affect people's lives, but the habit, although small, makes its impact great, and talking about the power of habits and their influence too much can be read, for example, the Power of Habit.
Motivate yourself and its efficiency:
Acquiring a new habit is undoubtedly difficult, and the financial aspect is perhaps one of the most difficult personal aspects that can be organized, so you must always motivate yourself with ideas such as:
- Think about what you need to buy in the long run and set chronic goals.
- Reward yourself if you commit, for example next month and can save 1000 c you will buy yourself something you love.
- Let someone know your plan to improve your financial situation and share with them the ideas you will implement.
Set your own rules:
I read in this article many tips and rules and you may have read and heard before or after that you feel confused, and you may try some ways and did not succeed with you, it is okay, not all ways work for all people, be flexible and take what suits you and leave what does not suit you, put your own rules to the end without hardening on a certain base.