Five point checklist to manage money

The day starts with the same quest everyday where we get dressed and head to the office to earn our daily wage. It’s the same story the world over. The only difference being, some earn more and some less. However, what matters is how well one manages in whatever one earns. Today, the middle class comprises a very big chunk of our society where the middle class is employed with big companies. Especially with the boom of the IT sector people are earning pretty well but yet again maximum people live from the pay cheque day to the next one. Well such a situation can be very frustrating and makes you think seriously about managing your money in a better manner. For example, restructuring a home loan or other loans to a better rate of interest can help get more in less. Crown Mortgage Brokers can help you save thousands of dollars and build your path to financial freedom, by owning your home sooner.

In fact, it is rightly said it is somewhere easy to earn money and very tough to manage it well.

Managing money the simple way

Managing your money is not a very tough exercise though all it requires is effort at a person’s individual level. We all are aware how much is our salary and what are our expenses, try following these simple steps:

  • List up everything: So to begin the exercise of managing your expenses, every month write down on a piece of paper all your expenses. This needs to be followed by your income or in other words the money at your disposal to cover your expenses. Now, here you keep some amount as saving which you will not even touch for spending and thus some money will be always in your account.

The only point is that this regime has to be religiously followed every month to see some substantial savings getting accumulated in your account.

  • Avoid binge shopping: Avoid all those off the shelf shoppings which are not planned. These could be something like buying that latest mobile or that electronic tab which was not on the cards. However, in order to save just ignore these frantic shopping bouts as they are never ending. So self-restrain is the key.
  • Plan big expenditures for later: You so wish to go for holidays, but all of us know they are expensive too. Even going for one can burn your pocket. We don’t say that get choked with all the tensions of life, it’s just that plan this holiday for later when you can shell out some money that you have saved.

The whole idea is to keep the saving spree going and only touch your money when it’s going to pinch minimum.

  • Consult financial advisers: You could take guidance from financial advisors on investments,  as to where to invest. Also you can take guidance especially in areas where risk is involved because we as a layman have very little idea about how and where to invest.
  • Read as much as you can: Discuss and learn from people. There are so many books and finance articles that financial advisers keep on writing. It is best to read them and take as much knowledge as possible. Though they are not a benchmark for authenticity but will surely be of some help.

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