What is Money Management & Advantages of Money Management

What is Money Management & Advantages of Money Management

2019/02/25

Lots of couples that they are spending more than they are earning. You need to be very careful when you are spending money. Sit down together and discuss where you are both going wrong and why saving is so difficult.

Firstly getting loans is very easy and you often take advantage of it. With the availability of so many credit cards also; you find yourself spending a lot more than you should. What you need to do is to first is make a list of your earnings and compare how much you earn with how much you spend. Also before going on a holiday or a shopping spree make sure you have a set budget and work within it. In fact try to spend less than what you decide up on and save the remaining money for a later contingency.

If you are using credit cards; you and your husband should try and limit yourselves to keeping only one so that you do not splurge unnecessarily. Always see that your income earned is more than your expenses. To do that make a list of daily expenses for the whole month. Do this for a few months and compare your expenses and see where you are spending extra and how you can cut costs. This way you will understand your expenses better and will be able to figure out how you can save money by cutting costs.

It is sometimes the small household expenses that add up and rock the budget. Be clever when you shop and look for things that come free with what you are purchasing. Go for all the sales and stock up for later. If you are a couple put your earnings together and sit down to calculate. Decide on the things that you need to save for; be it retirement, children’s education or things like that and set aside those expenses first.

Even while planning a holiday go to cheaper destinations and stay in decent yet cheaper hotels. If you somehow spend less than expected do not spend it. Save it again. It makes you feel better. Money will always come to some use.

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