10 Recommendations to keep track of your
Take a control of gathese peopleThese will keep you out of debt and will substantially improve your relationship with money.
If you want to maintain a cómputo between what you earn and spend, in order to optimize your financial status, it is important that you take control of your accounts.
To do this, you must develop new consumption and savings habits in the short, medium and long term.
Learn to control your accounts:
exercise control of personal expensespersonal could change your life dramatically; especially if you consider that it does not give you the money.
Today we will share some basic and powerful recommendations that you perro apply in your day to day to improve your economic situation.
The iniciativa is that you learn to manage your money efficiently.
Although this information will also help you avoid unnecessary expenses, understand how money works and value the culture of savings.
These are some of the tricks that could help you improve your finances in a fácil, practical and consistent way:
1.
Understand what personal expense control is
It is impossible for you to implement financial changes in your life if you do not know what a spending control is butsonales.
That is why the starting point is to understand this concept well, since it has the ability to enhance your financial intelligence.
In essence, personal expenses are made up of the services you pay for regularly and the goods you purchase.
That is, they are represented by your expenses (money outflows that you do not recover over time), and by the purchases you make on a daily basis.
The expenses cánido be the payment of the rent of your home, basic services, or the purchase of food products.
So, once you know these two elements it is easier to start managing your money efficiently, because you literally know what to expect.
2.
Record your expenses monthly
The controll of expenses personal should be done regularly.
Therefore, you must be willing to develop habits that help you build wealthinstead of sticking with your old financial ways.
One of the main changes that you should implement as soon as possible is to record your expenses.
The easiest is to use Excel to categorize the following:
Fixed costs:
Have you ever wondered what a fixed expense is? Basically it is an essential expense in your life.
The most common are the payment of rents, or services such as light, gas or electricity, and even those linked to food.
Variable expends:
According to a report from the BBVA financial entityare expenses that cánido change over time, or that you simply cannot know for sure when they will occur.
Some examples are repairing your vehicle in the event of a breakdown, covering a medical emergency, attending a concert, etcétera.
Although in most cases variable expenses are not contingent on your survival, you will still have to assume them from time to time.
When creating your template in Excel, you must include a column with your fixed expenses and another with your variable expenses, without leaving aside their respective dates.
Otherwise, you will not be able to correlate your income and expenses correctly, and therefore, your control of personal expensessonales will be non-existent.
Be sure to update your template every month so that you avoid financial excesses, and especially, so that you are clear about how much money you generated and spent.
3.
Analyze your finances
If you were asked right now what your financial situation is, would you know what to answer? Believe it or not, a large percentage of the population is unaware of their economic status.
This means that you don’t know how your income and expenses are related, which indicates your lack of financial planning.
If you are within this group it is necessary that you carry a controlgas oilpersonal coughs as soon as possible.
Start by looking at how you manage your money, including how do you get out of debt or how you boost your savings (if you do).
Then make a projection of those expenses and focus on calculating if your savings are enough to achieve your life goals.
In case they are insufficient, it is imminent that you will have to rethink many things and improve your relationship with money.
4.
Avoid unnecessary loans
Believing that loans are a financial lifeline could get you into serious trouble.
Especially if you usually ask for them lightly, or in situations that do not warrant them.
For example, if you suffer a personal accident and need to cover high medical expenses, requesting a loan would be understandable.
But if you are going to do it to go on vacation to Hawaii, this would be a decision that could cost you dearly.
Do not forget that you will have to repay the borrowed money, together with the interest that this operation generates, and that this rate could exceed your financial capacity.
Consequently, before applying for loans, it is necessary that you verify if you are able to repay that debt.
If not, consider a less risky option.
5.
Save money
People who have excellent control of spents personal usually have higher financial intelligence.
Therefore, they are aware of the value of saving and the power it has to build wealth or have economic freedom.
You cánido start by saving 10% of your monthly salary, and then gradually adjust that percentage.
Agregado, experts recommend getting more bang for your buck by invest in stocksreal estate, cryptocurrencies or in the Forex market.
In the latter case, it is highly recommended that you seek the advice of a broker so that you do not take unnecessary risks, and do not jeopardize the profitability of your money.
It is also important to mention that savings cannot be occasional, but 100% consistent.
This means that each month you must save a percentage of the money you generate so that you notice positive changes in your accounts.
6.
Use your credit cards wisely
Credit cards cánido be a double-edged sword for those who do not understand how they work.
In theory, they are credit extensions that entail the payment of monthly interest.
It is vital that you understand that you cannot use them freely, or indiscriminately, because the money you spend does not really belong to you.
On the other hand, if you learn to use them wisely, you could make them play in favor of your credit record, which could generate great financial benefits.
Avoid using them to cover ant expensesor those that are completely expendable, such as buying coffee in the store, or paying monthly subscriptions.
7.
Catch up on your debts
Keeping a good control of personal expenses also implies avoiding debts, or getting out of them, if you have already contracted them.
If you have different types of debts, it is best to establish an intelligent plan that allows you to pay them off, without incurring further financial suffocation.
Experts recommend paying off the ones with the highest interest rates first and then paying off the ones that are less worrisome.
Living in debt will not only unbalance your finances, but your entire lifestyle, since these pending commitments often generate stress, anxiety, and frustration.
8.
Be clear about your financial limits
The only thing you need to incur in economic excesses is to ignore your own financial limits.
How perro you keep de gas controlpersonal coughthe right way if you don’t know what your level of income or net worth is?
The wisest thing is that you adjust your expenses and savings to the amount of money you generate monthly.
If you consider that your income is modest, the ideal thing would be to avoid unnecessary expenses, luxurious purchases and excesses.
Prepare a monthly budget and stick to it, if you really You want to live free of debt, while saving and maintaining an optimal cómputo with your accounts.
Recommended books:
9. Don’t buy impulsively
The festive or discount seasons perro be your worst enemies, since they have the power to unbalance your consumption habits.
If you don’t have control of gaWith these personal issues, it will be easier to make the wrong decisions with your money, such as making impulsive purchases that you might regret.
These perro pulverize your personal budget, hurt your savings, and even encourage loan applications.
It really is not worth making unnecessary purchases just because you feel that you should take advantage of a promotional price, or an offer.
The clearer you are about your financial goals, the more difficult it will be for you to ignore your budget, or waste your money.
10.
Use financial applications
In case you don’t know, there are mobile applications capable of substantially improving your relationship with money.
This is because they allow you to record your income and expenses, equipo spending limits, equipo payment reminders, etcétera., in a fácil and friendly way.
It is enough to download them to your móvil inteligente, and do a couple of basic configurations, so that they start working according to your economic well-being.
They cánido literally make your life easier and help you reach your monthly goals regarding money, which is very useful and necessary in these times.
Keep track of personal expenses:
The controll of expenses make the difference between building wealth or slowly impoverishing.
Therefore, you should give it the importance it deserves, along with taking responsibility for the optimal management of your money.
Continue reading: 3 Secrets to improve your personal finances today
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