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 #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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