Whether you are a billionaire or zero-naire, managing your money is key, to having more of it.
In this article, I share 8 tips to help you manage your money more wisely.
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Spend Only What You’ve Earned.
Don’t use money you don’t have: such as credit cards-especially in case of emergencies.
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Examine Your Spending Habits.
Take time to see what you mostly spend on and determine if you are a compulsive shopper or actually take time to budget.
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Make A Money Plan And Stick To It.
If you don’t have a plan then you won’t know where you are going. Remember that a plan is like a GPS that leads your way. Note that although we have to be flexible with the planning and execution of our financial needs, it is better to have a plan on how we want to spend our money.
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Do Not Buy What You Don’t Need.
Before you go shopping firstly make sure that you don’t already have what you are going to buy. Secondly, examine why you are buying that item in the first place. Are you buying that item to escape a reality, fill a need, and satisfy a want or simply because it is on sale? We are accustomed to buying things because they are on sale, and for the most part we don’t even need these things. Don’t let the “sales” syndrome entice you into buy what you don’t need.
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Always save a percentage of your money—at least 10% of all the amount you earn.
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Pay Attention To Your Bank Balances So That You Don’t Overspend.
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Think Positive Thoughts About Money. Create positive mental pictures to represent money.
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Have Jars For Your Coins. Keep all your coins and only take them into the bank once a year or every other year. After the money is counted, immediately transfer it to your savings.
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I’m certain there are many more tips for managing money. However, the above tips will get you started on managing your money.
If you need to read a good book about saving money and accumulating sustainable passive income, check out my book, Do Not Force It, Tap the Book.
Dr. Jacinta Mpalyenkana, Ph.D., MBA is a published author of 5 books, a transformation coach and counselor. For more about her, please visit, http://www.tapthegood.com
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