Perhaps it is not so obvious to everyone to understand that if you have to borrow money then it means you cannot afford to make that purchase, that trip, or anything else.
A good rule of thumb is to check whether it is possible to make the purchase twice without impacting our budget.
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 finances:
- 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 #12 | If you get a raise, increase your savings
If your income increases, because you receive a raise on your salary for example, it is a good habit to increase your savings accordingly.
Good financial advice #11 Think about tomorrow
Try to have clear goals to plan a life and economic path that can lead you to their realization.
Good financial advice #10 Start saving early
The earlier you start your savings plan the better. Saving and creating an emergency fund is imperative to have proper management of personal finances.
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