Best Books On Understanding How Cash Flowing Strategies Work The 10 Great Strategies On How To Improve Your Personal Finance Immediately

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The 10 Great Strategies On How To Improve Your Personal Finance Immediately

1. Know your current financial situation.

Before you can make a plan to save for any activity, be it for your children’s education, for retirement or to buy that dream home, you need to know where you stand financially today. You will need to take the trouble of financial planning if you do not know how to make a financial plan. If you know how to make a financial plan then you can save a lot of money by engaging a financial planner.

2. Save regularly.

Getting into the habit of saving is a good virtue. You never know when you’ll desperately need that extra cash when unexpected events occur, such as a job reassignment or a loved one falling ill that requires a lot of medical attention leading to high medical expenses. As a guideline it is important for you to set aside 3-6 months of your current salary to meet emergency needs.

3. Control your cash flow.

No matter how rich you are, you should be able to control your cash flow. The simple rule is that what comes into your pocket should be more than what comes out of your pocket. You need to know what is giving you income and what is causing you to spend.

4. Reduce your expenses

Start by calculating your daily, weekly and monthly expenses. Find the expenses that are not necessary and eliminate them. A good example of this is paying for a magazine subscription that you don’t read. When you have identified all the things that are not worth your dollar, you can reduce your expenses by 25-30%. It is recommended to have only one credit card so that you can track your expenses better. Make sure you pay off each credit card invoice in full by the due date before it snowballs into an incredible debt.

5. Review your debts

As a rule of thumb, your loan payments should not exceed 30-35% of your total income. Gambling and gambling are good candidates for getting you into debt. Poor money management can also lead you into debt even if you win 2 million in the lottery or inherit a large fortune from your relatives.

6. Be frugal but not stingy

Only buy equipment when it gives you good value for your money. It is wise if you know when to buy something of quality and pay a premium versus when to buy something that is less branded but still serves the same purpose as a branded item. If you always choose items based on the cheapest prices, the item may fail in a short time causing you to buy another one, which will lead you to more expenses than you originally expected. was You will also be labeled as someone who is stingy, unwilling to spend money when it is absolutely necessary.

7. Review your investment portfolio

If you have investments in stocks, mutual funds (unit trusts) or diversified funds, you will want to review them on a regular basis. Your review period can be quarterly, semi-annual or annual. For example, when you’ve done your quarterly analysis and found that a company stock you’ve invested in isn’t giving you your target return based on financial numbers or outside interference, then you can outperform that stock. The company wants to replace it with stock.

8. Educate yourself financially

There is a wealth of financial information out there and it’s free when you surf the Internet or visit your neighborhood library. You can attend seminars, read books, read newspapers and listen to audio tapes, which are some of the ways you can gain more knowledge.

9. Be generous

There is a famous saying that “you get what you give”. When you are generous, some how the spiritual forces know this and reward you many times over. When you give, there is a natural tendency for the other person who receives to want to give back to you.

10. Pay yourself first

Before you pay all your monthly expenses, you should get into the habit of paying yourself. If you have a day job, when it comes to payday, you can start depositing 5% of your salary into another bank account. You can increase this percentage faster when you have a higher home payment or you feel you deserve a higher reward. Many people pay themselves last. Until they have paid other expenses, they will have nothing to pay themselves.

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