The A-Z Of Good Personal Finance
The A-Z Of Good Personal Finance
The A-Z Of Good Personal Finance
We learnt how toadd, subtract, multiply and divide, and even how to work out complicated trigonometry and calculus problems. We learnt about different chemicals and gases, the laws of Physics, and the secret of all living things. We learnt history and geography and even civics. What we did not learn however was how to live within our means, how to apply simple Math to our daily lives, and how to avoid accumulating huge mountains of debt that ruin our peace of mind and boost stress. So today, here's a lesson for you, one that will hopefully make you a better manager of money, and one that teaches the A-Z of personal finance:
MaintainACCOUNTSof all your expenditure; if you don't, you won't know what you're doing with your money, even if all your expenses are absolutely necessary.
I'm not going to tell you prepare aBUDGETbut to stick to the one you've prepared. We all know how to draw up one and do so every month; however, when it comes to sticking to it, we fail miserably.
This has been said time and again, but it's still worth saying useCREDIT CARDSwisely; pay your entire balance rather than just the minimum due to avoid debt from piling up, and don't assume that the money you spend using your card is "free" and gratis.
CollectDEBTSthat accrue value to your life a home and its mortgage allow you various tax benefits and also adds in value to your asset; but credit card debt is a waste and only ends up making you pay more than you've spent to your lender.
Don'tENVYyour neighbors or acquaintances for what they have and try to keep up with them by spending beyond your means.
Eat healthyFOODand follow a diet that does not tax your body or bring on diseases that make you spend more on healthcare.
GREEDdoes not pay be happy with what you have; and even as you aspire to come up professionally and personally, remember that relationships, family and your health are much more important than the pursuit of money.
Look after yourHEALTH; even though it's clichd, it's also true that health is wealth.
INVESTwisely don't succumb to greed and take huge risks for large payoffs that could amount to nothing; spread your money over various investments to minimize your risk.
YourJOBis important, so think carefully before you jump from company to company or give up one position before another is secure.
KEEPwhat you own carefully when you maintain your assets and possessions well, they gain in value and their life is extended too.
Know when and where to cut yourLOSSES if you know it's a losing proposition, don't worry about what you've already spent, just get out before you incur further losses.
MINIMIZEyour expenditure in any way you can if you spend lots of money on eating out, cut back to improve your health and save yourself some money; if you buy clothes and other stuff that you hardly ever use, make a conscious decision to avoid doing so; and if you don't make the effort to search for bargains and discounts, start doing so from now.
NEVERdo certain things that end up costing you much more than they should if you borrow cash against your credit card, you pay an exorbitantly high interest; if you fail to make good on your debts, your credit score reflects it for years to come; and if you spend more than you earn every month, you're going to end up with no money and a pile of debts.
OVERSIZEwhen you can when you buy in bulk, you save a lot of money.
PAYyour debts on time if it's credit card payments, make them in full and before the due date; if it's your home or any other mortgage, make the necessary payments on time to avoid defaulting and losing your assets. Remember, the longer you delay paying dues on your debts, the higher the interest you have to pay.
QUESTIONevery purchase before you make it if it's essential, buy it; if it's not, ask if you can afford it. If you're borrowing to finance the purchase, it's not worth it.
RECYCLEandREUSEas much as possible you not only do your bit towards saving the environment, you also do your bank balance a world of good.
SHOPwith discretion buy what you need, and when it comes to what you want but don't really need, remember that you need to live within your means.
Take advantage ofTAXbenefits invest in assets that allow you to make tax-free payments.
UNDERSTANDmoney how it's made, how it grows, and how quickly it leaves your hand if you're not careful.
VERIFYall your bills, especially your credit card slips, to ensure that you have not been charged for what you did not buy.
Set up aWORKOUTroutine that keeps you healthy and which does not cost too much money don't spend on an expensive gym membership that you hardly ever use; instead, work out at home or go for a regular walk or jog in the park.
XERCISEcaution with your credit cards and watch your spending habits prevent your cards from being stolen and misused and prevent yourself from going overboard when you shop with your cards.
Learn from the mistakes you madeYESTERDAYand make wiser money management decisions today and tomorrow.
Put aZIPon your nest egg don't touch it unless you face a real and immediate financial crisis
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