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[rtl]Date of edit:: 2019/11/27 13:34 • 95 times read[/rtl]
A budget and commitment to it is the first steps towards financial independence, according to the magazine Readers Digest.
Your budget is your plan to spend money over the next week, month or year, and is based on the money you earn and the money you spend.
One of the ways to control the budget is to set a clear goal to achieve by the end of the set period.
According to financial adviser Brian Saranovic, in order to achieve any goal in your life, the most important thing is discipline and perseverance, and this applies to financial matters.
As you develop your financial discipline in your life, budgeting is the first step. In every detail of your expenses, your success will always be linked to your ability to set and stick to the budget.
1- Draw your goals
It is wise to have a vision of how to manage your money, to be written, and by imagining the results and drawing a mental image, you are more encouraging yourself to stick to this budget and achieve your goals.
2 - Calculate your monthly income The magazine
advised to determine your current income each month after paying taxes, and this is easier than you think, that is, you must calculate all the cash flowing into your wallet and write all these numbers with paper and pen or use a smartphone or computer, and you can create File to record all these numbers.
3 - Adjust your monthly expenses
You can write on the same page all the expenses that await you monthly, making sure to include all expenses without exception, even entertainment, trips and hobbies, as well as fixed expenses, such as renting the house, food, services, transport and debt, if you are not sure A certain number is overestimated better than underestimated.
For invoices and services whose price changes from time to time, experts advise estimating the average or average of these amounts, based on what has been paid in the last six months.
4 - Living within the limits of your means
The magazine explained that after that you will want to compare your total expenses with your income, to know whether you live within your means or you spend more than you earn, and this result can be reached simply through the process of subtracting your expenses from the income earned after taxes, If the result is negative, there are steps to be taken.
If the result is positive, it means that you live within your means and behave well in your money.
5. Eliminate unnecessary expenses
If you live at a higher level than your financial means you need to make some changes, and you should pay attention to the small expenses that do not usually pay attention to it, you of course need to continue to buy food and consumption of electricity and pay rent, but you can stop spending money in unnecessary things, Such as subscribing to entertainment programs.
On the other hand, you can earn extra money by selling things you no longer use, moving to a cheaper place, or changing your health insurance terms to make it less expensive.
6 - set a goal and adhere to
the magazine reported that in order to achieve success you must read your plans or look at them at least once a week in order to motivate yourself, but commitment to the budget is difficult, because you are exposed to all the temptations and factors of mental distraction provided by the media and propaganda from During the presentation of glamorous products used by people who seem happy.
7 - Ask for help when facing problems
The magazine mentioned that there are many means on the Internet and smart phone applications to help you track your expenses and get advice and guidance, but if you prefer human communication, you can get the services of an accountant or financial adviser, and this type of guidance It is not necessarily paid, as you can get it from a friend or your wife.
8. Review your previous results
It is important to check your progress in your plan and the expenses you have spent and saved in each period.In fact, when we believe that we should live and enjoy life, we also believe in the need to live responsibly with a look at the future, especially the retirement period that will not Where we are able to work and earn money.
On the other hand, there are people who check their budget on a daily and frequent basis, and this can be considered obsessive, and the correct behavior is to do calculations and check the budget once a week, and monitor your progress towards your goals once a month, and advised not to stop controlling the budget and control income and expenses even after arrival To retirement, as this organization always remains useful.
9 - anticipating changes
The magazine pointed out that it is important to plan all the possibilities and transformations that your life will witness in the coming period, such as having a baby, moving a child to university, or requesting a housing loan or to buy a car and other things.
10. Reset your goals
With changes in life, sometimes you have to adjust or change your goals too.When there is a baby on the road, you may have to give up your travel plans and start planning to rent a larger apartment.If you have a wife, it is important to talk to her in order to set common priorities. .
11 - Adjusting the budget
If you are more lucky than expected and got additional funds you should relax and not rush, and first to re-adjust the budget, especially as these positive surprises can be followed by other negative.
People who are good at budgeting and saving are doing better in the long run than those who quickly abandon their commitment.This is no different from exercising and dieting.Giving up a commitment once you get good results can lead to the same problem.
12. When failing, start saving
Experts advise you to write down your total income after paying taxes, and set your goals in terms of saving money, and when you get all of these income start taking savings to the bank or invested, then you can spend the rest of the money.
Seeking to adjust your purchasing behavior to adapt to savings schemes is a skill you can acquire, and if you are not ready for full discipline, you can start saving first, as putting $ 5 in the savings fund in each period can be enough to make a difference.
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[/rtl]
To control your budget and reduce your expenses .. 12 practical steps recommended by experts
[/rtl][rtl]Date of edit:: 2019/11/27 13:34 • 95 times read[/rtl]
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[rtl]A budget and commitment to it is the first steps towards financial independence, according to the magazine Readers Digest.
Your budget is your plan to spend money over the next week, month or year, and is based on the money you earn and the money you spend.
One of the ways to control the budget is to set a clear goal to achieve by the end of the set period.
According to financial adviser Brian Saranovic, in order to achieve any goal in your life, the most important thing is discipline and perseverance, and this applies to financial matters.
As you develop your financial discipline in your life, budgeting is the first step. In every detail of your expenses, your success will always be linked to your ability to set and stick to the budget.
1- Draw your goals
It is wise to have a vision of how to manage your money, to be written, and by imagining the results and drawing a mental image, you are more encouraging yourself to stick to this budget and achieve your goals.
2 - Calculate your monthly income The magazine
advised to determine your current income each month after paying taxes, and this is easier than you think, that is, you must calculate all the cash flowing into your wallet and write all these numbers with paper and pen or use a smartphone or computer, and you can create File to record all these numbers.
3 - Adjust your monthly expenses
You can write on the same page all the expenses that await you monthly, making sure to include all expenses without exception, even entertainment, trips and hobbies, as well as fixed expenses, such as renting the house, food, services, transport and debt, if you are not sure A certain number is overestimated better than underestimated.
For invoices and services whose price changes from time to time, experts advise estimating the average or average of these amounts, based on what has been paid in the last six months.
4 - Living within the limits of your means
The magazine explained that after that you will want to compare your total expenses with your income, to know whether you live within your means or you spend more than you earn, and this result can be reached simply through the process of subtracting your expenses from the income earned after taxes, If the result is negative, there are steps to be taken.
If the result is positive, it means that you live within your means and behave well in your money.
5. Eliminate unnecessary expenses
If you live at a higher level than your financial means you need to make some changes, and you should pay attention to the small expenses that do not usually pay attention to it, you of course need to continue to buy food and consumption of electricity and pay rent, but you can stop spending money in unnecessary things, Such as subscribing to entertainment programs.
On the other hand, you can earn extra money by selling things you no longer use, moving to a cheaper place, or changing your health insurance terms to make it less expensive.
6 - set a goal and adhere to
the magazine reported that in order to achieve success you must read your plans or look at them at least once a week in order to motivate yourself, but commitment to the budget is difficult, because you are exposed to all the temptations and factors of mental distraction provided by the media and propaganda from During the presentation of glamorous products used by people who seem happy.
7 - Ask for help when facing problems
The magazine mentioned that there are many means on the Internet and smart phone applications to help you track your expenses and get advice and guidance, but if you prefer human communication, you can get the services of an accountant or financial adviser, and this type of guidance It is not necessarily paid, as you can get it from a friend or your wife.
8. Review your previous results
It is important to check your progress in your plan and the expenses you have spent and saved in each period.In fact, when we believe that we should live and enjoy life, we also believe in the need to live responsibly with a look at the future, especially the retirement period that will not Where we are able to work and earn money.
On the other hand, there are people who check their budget on a daily and frequent basis, and this can be considered obsessive, and the correct behavior is to do calculations and check the budget once a week, and monitor your progress towards your goals once a month, and advised not to stop controlling the budget and control income and expenses even after arrival To retirement, as this organization always remains useful.
9 - anticipating changes
The magazine pointed out that it is important to plan all the possibilities and transformations that your life will witness in the coming period, such as having a baby, moving a child to university, or requesting a housing loan or to buy a car and other things.
10. Reset your goals
With changes in life, sometimes you have to adjust or change your goals too.When there is a baby on the road, you may have to give up your travel plans and start planning to rent a larger apartment.If you have a wife, it is important to talk to her in order to set common priorities. .
11 - Adjusting the budget
If you are more lucky than expected and got additional funds you should relax and not rush, and first to re-adjust the budget, especially as these positive surprises can be followed by other negative.
People who are good at budgeting and saving are doing better in the long run than those who quickly abandon their commitment.This is no different from exercising and dieting.Giving up a commitment once you get good results can lead to the same problem.
12. When failing, start saving
Experts advise you to write down your total income after paying taxes, and set your goals in terms of saving money, and when you get all of these income start taking savings to the bank or invested, then you can spend the rest of the money.
Seeking to adjust your purchasing behavior to adapt to savings schemes is a skill you can acquire, and if you are not ready for full discipline, you can start saving first, as putting $ 5 in the savings fund in each period can be enough to make a difference.
[You must be registered and logged in to see this link.]
[/rtl]
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