Each of us has many reasons and excuses to escape from our self-made giant called “money management” . Lack of economic stability, inflation, low income, high cost of living, variety of installments, unforeseen expenses, and a thousand other big and small reasons and excuses that do not allow us to manage our money and savings.
But money management is a kind giant that can improve our financial situation with any amount of income and in any economic situation if we have the right attitude and attitude towards it.
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10 Money Management Tricks
Here are 10 simple but practical ways to manage money and capital that by applying and incorporating them into your daily economic habits, you have taken a positive step towards managing your capital and savings.
The first and hardest step in managing money: hold pen and paper!
Budget your income. Many people refuse to budget their money because they think it is a tedious process to list expenses and split their budget. If you are new to managing your money and capital, there will be no room for excuses at the end of the month.
Write down the definite costs and expenses that exist, such as rent, loan installments, and more. Then record definite but variable monthly expenses to some extent. Such as fixed monthly bills, transportation costs, gasoline and other items.
If spending just a few hours a month on budgeting and managing money is so rewarding that it puts your capital and savings on track after a while, why not do it? Instead of focusing on the budgeting process and how tedious it is, focus on the value of the work and the difference it will make in your financial life.
Step # 2- Discovering Your Purpose
Implement budgeting. If your budget for managing your money is going to get stuck in your desk drawer, it will not work. See it regularly throughout the month and measure your expenses with it.
Update your budget if you are charged a new bill or unforeseen expense (for example, an accident or a doctor’s visit). You need to know at all times and be aware of how much money you have to spend on other things, given the definite expenses you have to pay by the end of the month (installments, bills, rent, etc.).
Step # 3- Discovering Your Purpose There is no limit to what you can do
Limit your out-of-budget expenses. One of the most important parts of your budget is the excess income over the fixed budget or money that remains with you after deducting fixed expenses. The rest of the money can be spent on fun and entertainment with ease, but to a limited extent.
Do not overdo it and do not overspend, especially if the figure is not significant and there is a lot of time left until the end of the month. Before spending this money or buying anything, make sure that it does not interfere with what you have already budgeted for.
Step # 4- Discovering Your Purpose
Be careful with your expenses. Small, inconspicuous purchases run out of money at an unbelievable rate, and you run out of budget before you know it. So pay close attention to your expenses and purchases to find out where you are spending unnecessarily unknowingly or subconsciously.
Keep your purchase invoices and receipts and write them down in a notebook in a categorized way. In this way, by examining your notes, you will find out in which cases your hands and feet are loose and you have spent too much.
Shopping for kitchens, snacks, food and restaurants, and entertainment are usually expenses that are decided on an instantaneous basis and may not be noticeable at that moment.
Step 5: Until further notice, new installments and loans are prohibited!
Do not add any new monthly installments and payments. The fact that your income is so high that you can afford to pay another installment, however small and short, is not a reason to take out a new loan.
Many people think that banks will reject their loan applications if they do not have enough income or bank debt. While only you know the debts and how to manage your money and you know if you can afford a new installment or not.
It is up to you to decide whether a new installment will have a negative impact on your money and savings management.
Step 6: Look for the best price
Buy goods at the best price. When shopping, you can find the lowest price for any product or service by comparing prices between the products and services you intend to buy or use.
Whenever you want to buy, find out if there are any discounts, vouchers or cheaper alternatives that you can use. This attitude is by no means stingy, but a clever way to manage money.
Step 7: Don’t worry about expensive purchases right now
Delay expensive purchases and exorbitant costs. Postponing the instant gratification of a purchase is one way to help you better manage your money. When you decide to give up a big and expensive purchase or give up borrowing because of it, you are actually giving yourself the opportunity to reflect and evaluate the value of that purchase, and at the same time have time to find better prices and ways. You better buy and even find alternatives.
For example, buying a car audio system or replacing a home TV can be a daunting task. But postponing and saving money will be a much smarter way to manage money and capital .
Step 8: Forget borrowing as much as possible
Avoid borrowing as much as you can. Borrowing is the biggest enemy of money and capital management . When you run out of money, do not borrow. Usually at such times we think more about the needs and purchases we are going to make with than about how and when to return the money.
Resist the temptation to borrow and become carefree about what you can not buy at that moment, especially if it is not something you desperately need or need.
Step 9: Commit to managing your money and savings
Commitment to depositing money into a bank account will help you develop healthy financial habits. With so much software and applications in the world today, you can even schedule a certain amount to be deducted from your income automatically and on a monthly basis.
With this method, you no longer need reminders to manage your money , and there will be no excuse to forget such an important thing.
Step 10: Doing good is more than filling!
Money management requires practice. In the beginning, you may not have the habit of planning and putting aside some of the wrong habits of money and capital management. Adhering to these principles and planning is time consuming, give yourself a chance, but stick to the plan.
The more you incorporate these positive habits into your daily life and the management of your money and savings, the easier it will be to do them and the easier it will be for you to manage your money and capital, resulting in a more financially comfortable life.
In this article, 10 simple strategies for managing money, capital and savings were introduced to you . We all know that in the current economic climate, it has become difficult to achieve economic stability and protect savings and the value of money. But these 10 small steps are the first steps that must be taken to achieve relative stability.
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