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Do you manage your money? Ultimately, financial success depends on its ability to better control their financial affairs. Here are five good habits to help you be more efficient in managing their money, no matter how you begin: 1. Start by taking the whole family in the learning process. Participate in a family of learning how to effectively manage your money. Do not keep your financial affairs, investments or in secret. Continuous information you need on economic matters is essential if you want to create trust, accountability and a sense of financial peace in his home. 2. Reduce your debt and spending while increasing your savings. Can you reduce your expenses and just spend a little less? A list of three to five zones can be reduced while allowing you to reassign the unused money to increase their savings over time. Reducing the debt load could have the long-term goal, but when you remove the heavy credit losses, you can start collecting wealth. 3. Gain peace of mind with an emergency fund. There’s nothing like being regardless of how you will pay for the next crisis on the road. Your goal should be to build a reserve fund sufficient for the next year to cover three to six months of normal expenses. Start by opening a savings account or money market does not penalize you for deposits and withdrawals. Ultimately, you will also realize additional savings for long-term projects, such as holidays, the post-secondary education or projects around the house. 4. Create balance in your money management plan. The management plan after the money that you can build your savings and prizes each month for their efforts. Start by creating separate accounts for each of the following categories and allocate funds according to the recommended amounts: 10% of your net income to invest in your financial freedom Your goal is to put money aside each month to build up your capital in various investments. At no time should you spend the capital already invested. You can share capital to finance the project, which aims to create wealth, but avoid the temptation to pay all costs. 10% of their studies Financial education is essential to becoming an investor. This knowledge can be acquired from a variety of sources, such as self-learning at home, workshops, seminars, books, CDs investment clubs, and websites. 10% to Give not only brings joy to others, but also gives you a feeling of satisfaction that adds value to the lives of others. Get used to support your community and helping those in need. 10% of its emergency fund and future plans As mentioned already, the money aside to cover unexpected expenses. 10% to play Life should be enjoyed from now until retirement. One secret to managing money well-established balance between hard work and reward. Your game account must be spent each month on ways to rejuvenate your body and mind as a weekend for two, a meal at a fancy restaurant or a day at a spa. 50% for necessities Most of their monthly financial obligations or expenditures are included in this category. Make a concerted effort to reduce costs in the corridors start by cutting spending or desires a luxury. A key factor to get ahead is to reach an agreement with your spouse about how to manage their financial affairs, including its long-term financial goals. 5. Track your cash flow and your net worth. Its cash flow analysis An important part of the control of money and the world economy has managed to keep an eye on cash flow on a regular basis. Your analysis of cash flows is a written plan of how your money. This is a simple breakdown of cost-effectiveness of your expenses, as seen in most budgets and includes follow up on your income and expenses on a monthly Basis. Your cash flow analysis should take into account several important factors, such as: • Your family budget priorities, based on your passions and dreams • The impact of your family values ??on your specific cash flow • Plan a special budget in the short term and long-term forecasts from six months to one year. An easy way to keep track of your cash flow is to use a spreadsheet. You’re net In addition to monitoring cash flow, it is important to periodically assess your net worth. To calculate your net worth, you must add the property that you own and subtract your liabilities. The assets are usually in categories such as: • Investment • Bank accounts; • Pension plans, • Furniture or • The heritage of their residence permit. On the other hand, the categories of liabilities: • Credit Card Debt • Long-term financing • Mortgages • Taxes due or • Unpaid bills. Calculate your net worth right from time to time monitor your net worth every three to four months. The easiest way to keep track of your net worth is an electronic spreadsheet. In summary, the implementation of these five money management positive means that you can begin to realize your dreams of a better future. Remember that what you have to concentrate on growth. ________________________________________________________________ Author: Yasir Samad is a head marketing and SEO consultant for Hilal Technology. Hilal Technology provides a wide range of SEO and website design services.
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