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
Good financial advice #03 Set a periodic budget
Planning is everything in finance. Setting a periodic budget for expenses is essential to avoid living a life beyond your means.
Good financial advice #02 Keep track of your wealth
Keeping track of expenses and income is essential to be aware of one’s finances and to make decisions.
Good financial advice #01 Create a financial diary
Learn about good financial education habits to better manage your money.
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