Talking about money is not always an easy task - especially when the topic is the health of your personal finances. With control over your income and expenses and your accounts up to date, it is possible to carry out shelved plans and even invest a portion of it thinking about the future.
We know that simplifying your financial life involves different variables, but that is no excuse for you not to start getting organized today. How much do you really earn per month? What are your fixed and variable expenses? Where can you save? And, even more interesting to think about: what are your plans for the future that involve money?
We have listed 8 Personal Finance tips that are the first step to simplifying the conversation:
Know your profile
Being aware of your spending is extremely important ghana whatsapp data to stay in control of your finances. This is because everyone has their own tastes (and weaknesses). Some people spend a lot on clothes, while others spend almost their entire salary on going out to restaurants and bars, for example.
Understand your spending habits and which ones really bring you happiness. And which ones, deep down, don't make a difference. Being aware of this will help you have more discipline when it comes to spending.
Write down your expenses and income
Writing down exactly how much you earn and spend will give you a clear view of how you manage your money and help you calculate your real budget for the month.
This reflection is important to avoid false certainties regarding how much is actually available for spending, avoiding buying more than you need.
What are your debts?
No matter how much you avoid talking about it, if you have debt, you will have to deal with it. The first step is to identify it so you know exactly what territory you are treading on. To help, ask yourself four questions:
1. What is the purpose of the debt?
2. How much do I owe?
3. What is the interest rate?
4. What is the deadline for payment?
It is possible to save, yes!
To get rid of the debts listed above, you need to have money left over at the end of the month, right? So, now is the time to save. A practical tip is to consider 70% of your income for fixed expenses, 20% for variable expenses and 10% for saving or investing.
Other tips to consider when spending:
1. Calculate how much the desired item costs in hours of your work;
2. If the price is low, give yourself 24 hours to think about it before buying;
3. If the value is low, give yourself 30 days to think about it before closing the deal;
4. Always negotiate, negotiate, and negotiate how much you are going to pay.
Attack the debts
Once you've saved, it's time to say goodbye to debt. Depending on your profile, you can start with the ones with the highest interest rates or the ones with the lowest amounts, to achieve small victories.