One rule that always applies to a good investor is to spend less than you earn. If, for example, you earn 2,000 euros each month you can consider that 1,500 will be devoted to expenses, necessary and otherwise, while the remaining 500 euros will be savings.
There are many best practices for managing money better and better…here are some fairly common ones to avoid missteps when it comes to managing your money:
- Create a financial diary
- 50/30/20 rule
- Spend one minute of money a day
- Set financial goals
- Set a periodic budget
Learn about other financial best practices
#25 | Be conscious of what you spend
Payment awareness is critical. Very often you buy a lot of things using installments or financing, so you have to be aware of what you are paying month after month.
Good financial advice #24 | Learn to say no
Have you ever found yourself self-imposed a spending limit beyond which not to go, so you can manage to save money at the end of the month? It is certainly not easy to make all the accounts add up.
Perhaps it may help to start using a magic word: no.
Good financial advice #23 | Buy without credit cards
The credit card has the virtue of making people pay for things in a deferred manner, but so it is not possible to have full control over purchases and thus monthly or weekly outgoings. If you want to be in control of your spending at all times, make payments and purchases with your debit card.
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