Where Does Your Money Go?

12 Oct 2015
How you manage, save and spend your money can have huge impact on your life. The most important is keep learning how to manage your money in the exact way and understand where your money it’s going to.
The best way to manage your money and stay out of debt and have a strategy to settle everything consistently before the expenses arises.
                                

Setting Financial Goals
Financial goals often fall into short term and long term categories. Short term goals may be ones you want to achieve in one or two years, such as finishing your education or getting married. Long term goals may take more time to reach probably five years or more to be in the position to buy a home and much longer if you’re talking about a secure retirement or paying for your children’s college education.
You are the only one who can set your goals. Sit down with a pen and paper and "brainstorm" about your needs next month, next year and in the next 10 to 20 years. In a short time, you'll have a list of financial goals.
Savings and Investing
You can use your money to create more money. The money you save can work for you by earning interest at a bank or other financial institution, or by being invested in companies. When you invest in a company, you buy stock or bonds issued by that company. These are called investments.
Short term money can be kept in an insured saving account, where there is no risk of losing the money and where you can get easily when you need it. Saving accounts keep your money safe and the interest it earns helps it grow.
Probably you want to invest the money you are saving for long term goals in uninsured investments such as stocks, bond or mutual funds. You can find out more about these options by talking to a brokerage, bank or investment advisor. 
Insurance
Don’t skimp on insurance because it can help you protect the things you own against unforeseen events. By searching and finding carefully for the insurance you need, you can find lower premiums for example the cost of the insurance, usually paid monthly, quarterly, semi-annually or annually. What you need to aware is getting your own health insurance, life insurance, personal insurance or paying medical bills without insurance, costs a lot more.
Manage money wisely by follow these tips:
·         Establish your financially
·         Start budgeting
·         Save money
·         Beware of credit card debt
·         Shop wisely
·         Pay cash
·         Spend less than you  make
Article source:
Image source:

No comments:

Post a Comment