1. How to identify your personal incomes and expenses
I thought I'd share some of my knowledge with your guys and hopefully you'll find it useful so. These tips will hability in different ways depending on your situation. For example, are you trying to get out of debit, or are you trying to live with a tight budget or are you saving for something in particular. So that's maybe a good way to categorize yourself you need fit yourself into one of these three groups, and we're trying to get out of debt, or living with in a tight Budget or saving something.
In particular the first step is to ask yourself two questions: Do I spend more that I earn?, what can I afford to spend?
- So, tip number one is understand your financial situation, where you money is go in?, understand, how do you spend your money?, you can understand your own finances, then, there's no way you're going to be able to manage you own finances. So it's really important to understand exactly how much is coming in and going out. Do you enjoy spending a lot of money on a daily basis? you know, being out and about drinking coffee or buying magazines. Things like that you need to know how you enjoy spending your money.
- Tip number two is make a money plan or budget and stick to it. I always make money plans every month. I make plan and I don't really understand why some people don't. I find that it's the only way to keep track of my finances. So, if you stay tuned until the end I'm going to actually give you an example of a money plan, but I just want to go through the other tips first because they're kind of all relate to the money one.
- Number three is do not borrow won credit cards or store cards or go into your overdraft. This is justone of those things that is obvious but still people do it. You know if you can't afford to buy clothes, out of your normal current account or your normal bank account, then, you shouldn't be able to afford clothes onn a credit card. I don't understand that people always spend on a credit card every month and then, their wages pay off the credit card every month (but if you ask me that's living on borrowed time, because really you should do it the other way around you should only spend what you've got I just don't really agree with getting today).
- Tip number four is pay off all your bills and debts, first, when you very first get your money for the month, the first thing you should do it's pay your rent, pay your phone bill, pay your electric bill, pay everything. First, because it's no good going to the shops thinking, "oh yeah, I'm going to spend a bunch of pound on food today" and then, "tomorrow I'm going to buy a 100 pound worth of new shoes" and then think afterwards, oh, no!, what that means I'm not going for money to pay iff my credit card, to pay off my phone bill?, and things like that, and that's how you end up getting further into debit.
- Number five if you want something save for. You know, if I want a new camera or something kind of expensive like that I won't just buy it on a credit card and then worry about if afterwards I will pay for it.
- Tip number six I don't really enjoy spending money on things that I don't need, I think it's really important to try and refrain from buying little things to eat at events. Such as coffees or food when you're out or magazines and things like that.It's also really important to learn how to do things cheaper, for example, I take lunches for a work day lunch sometimes, because eating out every single day that would cost us too much let's say it, you spend two euros per day and there's a five-day week, that's 10 euros, so over a year that's five hundred and twenty euros on eating out in the daytime. You really don't need to do that, that's 520 euros you can spend it on something quite better. Also means that if I take like a bottle of water with me and I need a drink then it won't costs me 1-2 euros as 0'50-1€ to go into a cafe to buy a drink. I know it sounds like I'm tight a little bit but it's not tight, it's just that I know my money and I know what can afford. I know that I can't afford to buy drinks when I'm out and about all the time. So I take a bottle of water with me every single day.
Questions:
1. What is a budget plan?
It's maybe a good way to categorize the money you have to fit into one of the budget groups.
2. What three reasons to save money she shows us?
- Trying to get out of debt
- Living withing a tight budget
- Saving for something in particular
3. What is the first tip to manage your money plan?
Tip number one is understand your financial situation; know where your money is go, understand how you spend money. When you can understand your own finances then, there's no way you're going yo be able your own finances, so it's really important to understand exactly how much is coming in and going out.
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