Best Free Personal Finance Software For Mac Not Web Based The 10 Great Strategies On How To Improve Your Personal Finance Immediately

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The 10 Great Strategies On How To Improve Your Personal Finance Immediately

1. Know your current financial situation.

Before you can make plans to save for any endeavor, whether it’s for your children’s education, retirement, or buying that dream home, you need to know where you stand financially today. You may have to go to the trouble of getting a financial planner if you don’t know how to create a financial plan. If you know how to create a financial plan, you can save a little money by hiring a financial planner.

2. Save regularly.

Acquiring the habit of saving is a good virtue. You’ll never know when you’ll need that extra cash badly when the unexpected happens like a layoff from work or a loved one falls ill requiring a lot of medical care that incurs high medical costs. As a guide, it is imperative that you have 3-6 months of your current salary set aside to meet emergency needs.

3. Control your cash flow.

No matter how rich you are, you must be able to control your cash flow. The simple rule is that what goes into your pocket should be more than what comes out of your pocket. You must know which item is giving you income and which is making you spend.

4. Reduce your expenses

Start by tracking your daily, weekly and monthly expenses. Find those expenses that are not a necessity and eliminate them. A good example of this is paying for magazine subscriptions you don’t read. When you have identified all of these items that are not worth your dollar, you can greatly reduce your expenses by 25-30%. It is advisable to have only one credit card to be able to better track your expenses. Make sure you pay the full amount on the due date of each credit card bill before it turns into incredible debt.

5. Review your debts

As a general rule, your debt should not exceed 30-35% of your total income. Gambling and vices are good candidates that can lead you into debt. Poor money management can also lead you into debt even if you could have hit the 2 million lottery or inherited a great deal of wealth from your relative.

6. Be frugal but not stingy

Buy goods only when they give you good value for your money. It’s wise to know when to buy something quality and pay a premium versus when to buy something off-brand but still serves the same purpose as a branded item. If you always choose items based on a cheap price, that item could fail in a short period of time and cause you to buy another one, leading to more expenses than you initially anticipated. You will also be labeled as someone who is stingy, unwilling to spend money when absolutely necessary.

7. Review your investment portfolio

If you’ve invested in stocks, unit trusts or individual funds, you’ll want to review them regularly. Your review period can be quarterly, half-yearly or annually. For example, when you have done your quarterly analysis and you find that the stock of the company you invested in is not giving your target return based on financial figures or external interference, then you want to replace those stocks with better performing ones.

8. Educate yourself financially

There is a wealth of financial information out there and it’s free when you browse the internet or go to your local library. You could attend seminars, read books, read newspapers and listen to audio tapes, which are some of the ways you can gain more knowledge.

9. Be generous

There is a famous saying “You get what you give”. When you are generous, some of the spiritual forces know it and reward you many times over. When you give, there is a natural tendency for the other person receiving to want to give back.

10. Pay yourself first

Before you pay all your monthly expenses, you should cultivate the habit of paying yourself first. If you have a day job, when it comes to paying for the day, you can start putting say 5% of your salary into another bank account. You can gradually increase this percentage when you have more salary or feel that you deserve more reward. Many people pay themselves last. When they pay other expenses, they will have nothing to pay themselves.

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