Manage Finance in a Better Way!

Bbazaar.my

Tips to manage your finances Tips to manage your finances betterbetter

Listed below are the tips that everyone should follow in Listed below are the tips that everyone should follow in order to be financially stable.order to be financially stable.

Set a budgetSet a budget 1)1) The first step to manage your finance The first step to manage your finance

better is to set or make a budget. better is to set or make a budget. 2)2) A budget will help you analyse how A budget will help you analyse how

much money you spend and where much money you spend and where exactly you spend it. Setting up a exactly you spend it. Setting up a budget will also help you cut down on budget will also help you cut down on unnecessary costs. unnecessary costs.

3)3) There are times when you might not There are times when you might not remember where or how you’ve spent remember where or how you’ve spent your money and making a budget will your money and making a budget will help you keep track of it.help you keep track of it.

Why is managing your finance Why is managing your finance important?important?

Financial independence is one of the Financial independence is one of the crucial factors that affect your life as crucial factors that affect your life as an independent individual. an independent individual.

Living on your own or being an Living on your own or being an independent individual is a pretty independent individual is a pretty hard and if one doesn’t know how to hard and if one doesn’t know how to manage their money, it is just going manage their money, it is just going to make everything harder.to make everything harder.

Knowing how to manage the money Knowing how to manage the money that you have and the money that you that you have and the money that you spend is very important. spend is very important.

Everyone should know how to make Everyone should know how to make money work for them so that they can money work for them so that they can lead a happy life and be financially lead a happy life and be financially stable.stable.

Track your spending Track your spending 1)1) It is very important to keep an eye It is very important to keep an eye

on your spending to ensure that on your spending to ensure that your money is not being spent your money is not being spent unnecessarily. unnecessarily.

2)2) Small expenditures like bus tickets, Small expenditures like bus tickets, magazines, food might seem magazines, food might seem negligible but it amounts to a lot negligible but it amounts to a lot when you calculate your spendings.when you calculate your spendings.

3)3) It is important to keep a diary or It is important to keep a diary or something similar to make a note something similar to make a note of all your expenditures including of all your expenditures including the negligible ones so that way you the negligible ones so that way you will know where exactly your will know where exactly your money is going.money is going.

Clear pending credit Clear pending credit card debt and loans card debt and loans

1)1) Not making loan or credit card Not making loan or credit card payments might affect you very payments might affect you very badly as it might not only lead to badly as it might not only lead to penalty charges but it will create penalty charges but it will create a very negative remark in your a very negative remark in your credit history. credit history.

2)2) It is very important to make It is very important to make minimum payments on your credit minimum payments on your credit card and make the card and make the monthly payment of loanmonthly payment of loan on time. on time.

Make payments on Make payments on timetime

1)1) Laziness and care free attitude is Laziness and care free attitude is ingrained in most of us. More often ingrained in most of us. More often than not we tend to fall back on than not we tend to fall back on making payments which will lead to making payments which will lead to penalty charges later. penalty charges later.

2)2) Be it bill payments or EMI payments Be it bill payments or EMI payments for a loan or credit card, it is very for a loan or credit card, it is very important to ensure that you make important to ensure that you make payment before the due date to payment before the due date to avoid any additional fee. avoid any additional fee.

3)3) Making payments on time will not Making payments on time will not only ensure that you pay only what’s only ensure that you pay only what’s needed but it will also help you build needed but it will also help you build a good credit history which in turn a good credit history which in turn will help you get a good credit score.will help you get a good credit score.

Invest wisely Invest wisely 1)1) Investing wisely and saving up is Investing wisely and saving up is

another important step in another important step in managing your finances. managing your finances.

2)2) Investing in saving schemes, Investing in saving schemes, insurance policies, mutual funds insurance policies, mutual funds will help you save and get benefit will help you save and get benefit for the money you spend. for the money you spend.

3)3) There is no dearth for options There is no dearth for options when it comes to saving schemes when it comes to saving schemes and investment schemes. and investment schemes.

4)4) Every individual should invest in a Every individual should invest in a suitable scheme based on how suitable scheme based on how much they earn and what their much they earn and what their priority is.priority is.

Build an emergency fundBuild an emergency fund

1)1) Everyone is aware of the saying ‘Little drops of water Everyone is aware of the saying ‘Little drops of water make a mighty ocean’ and the same applies for money. make a mighty ocean’ and the same applies for money.

2)2) Every penny that you save will help you in the future Every penny that you save will help you in the future and that is why it is important to build an emergency and that is why it is important to build an emergency fund. Build an emergency fund by investing consistently fund. Build an emergency fund by investing consistently no matter what the amount is. no matter what the amount is.

3)3) Emergency funds will help you get access to instant Emergency funds will help you get access to instant cash in case of a financial emergency and it will also cash in case of a financial emergency and it will also ensure that you don’t have to resort to loans or other ensure that you don’t have to resort to loans or other borrowing schemes unnecessarily.borrowing schemes unnecessarily.

Presented By;Aysha Maria