Sometimes making money is not hard like managing money. No matter how much you make, the ability to manage it well is what sets you financially free.
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Sometimes making money is not hard like managing money. No matter how much you make, the ability to manage it well is what sets you financially free.
To manage your money effectively one must follow these simple steps:
Make a Budget , know where your money is going and make sure to cut the expenses that are not necessary or you don’t care about.
Pay yourself First , when money comes in our account we tend to pay everyone but ourselves ie. we pay for EMI, rent , family ,etc. but we must first keep a portion of our earnings for ourselves and then spend from the remaining.
Investing ,The money saved must be put to good use and invested to make more money .This investment can be in any thing Stocks , Mutual Funds , Real Estate ,etc. but before you make any investment do proper research and invest only in things you understand.
Following these simple steps you will be able to take control of your money.
Start with understanding where your money is and where it is going. Get a financial management app that connects to your banks, credit card and investment accounts, and pay close attention to your pattern of spending. Then, work on your long and short term goals and start creating automations that execute against it. Want to save for a down payment? figure out how much you need, and create a budget to make that possible, then you can use the app to track how you are sticking to the budget and make changes as necessary.