Guidelines for Personal Finance & Personal Finance Management Tips

Guidelines for Personal Finance & Personal Finance Management Tips

2019/02/25

Personal finance is important. Whether you earn big or small, the way you handle your finances would determine loss or gain. Money is the life line of all expenses whether at home for paying bills or for your personal needs, and the way you handle your monthly budget would finally determine your lifestyle.

But of course, you should not be contented with what you are now; you have to grow, you have to be successful, definitely you have to increase your paradigm.

That is why financial planning is important. You don’t need to be an accountant to be able to do this. Doing a monthly budget of your earning is simple, yet often taken for granted.

The Importance of Recording Receipts: When doing a personal finance, first you have to monitor and record all your expenses. Buy only what is needed at core level, one must identify need and want in clear words, and pay only what is due for the month.

After you encash your salary, the first thing that you should do is to buy food and personal needs, that is to full fill your basic needs first.Supposing, you already cater to your basic needs, keep record of the receipts.

If possible record it in excel format, encode the date and the stuff you have bought and its corresponding amount. By doing this, you can easily monitor your expenses, not only that, you will also know which item or service is taking more of your budget. Your personal finance can be monitored well, if you can see the actual expenses

Maximizing Your Salary : If you are subscribed to a plan or let’s say your internet connection is $30 monthly. Most of you guys received salary in two equally divided amounts in a given month; some call it 15th and 30th salary.

Once you received your salary on the 15th, you take $15 for internet, just keep it aside in an envelope and wait for another half on the 30th to get another $15. That makes it lighter on your pocket, instead of taking the whole $30 on the 30th salary.

Financial planning is done by detailing all your expenses in a given salary period and spending wisely. You should also include savings on your detailed plan. That is how to look after your personal finance.

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