It is not how much money you make but how much money you keep how hard it works for you and how many generations you keep it for (Robert Kiyosaki)
Throughout your life, you may endure financial guidance from people around you. Yes, they may be your parents, friends, or any CFP (certified financial planner). However, it isn’t very comforting to know if this advice will pull the point, you need until you fulfil it in your life. But what do you think of these advices, powerful or demotivating? A consumer authority, Andrea Woroch, told in her email to a Business Insider that increasing your financial position becomes successful when you follow and use tips that are compatible with your current lifestyle.
Below is some financial advice. We bet after reading these; you will consider them the best tips you have ever got.
Best Financial Advice: Always Spend Half of What You Earned
Must live under your averages! All of us have different income levels, savings, and debts. Everyone is in the race to impress others. Unfortunately, it will end up in deficit. Rather than spending, you should prefer money saving or invest it to make it worthwhile for the future. Many of us have short or no savings because we spend our money on needless slopes. But we can be troubled due to a sudden act like job loss or other pressures.
Control Your Expenses
Many of us are lucky to buy whatever we like but not all! If your parents guided you to save money for what you want to buy, it is great! But if you do not have this sense, then you must learn it. Add satisfaction to your life. Whenever you fancied anything, don’t use the cash you have that time. Be satisfied and wait for the time when you save enough money from your expenses. It will let you easy to run your finances in succession.
Best Financial Advice: Never Increase Your Expenses Right After Your Income Raise
Remember! Maintain standards, don’t change criteria! We often get emotional when we get increment or financial raise. We think now the time has come to uplift our life standards and this is our biggest mistake.
Spending every penny we earn is no less than foolishness! You should not head towards lifestyle change until you save or invest some amount for the future. Afterwards, what remains behind can be spent on maintaining living standards.
Maintain Your Expenses Record
Keeping a financial diary is essential to control your expenses and ideally spend it. You can use an app to get a record of all my monthly expenses. you will get shocked to see that your monthly salary will get finished at early days of the month due to lack of sense to spend. If you keep a financial diary, you will better realize the way to spend money. You will learn to budget your earnings. Once you calculate your supper tea cost for the whole month, you will understand to make short, flexible moves in your regular expenses.
Buy From General Brands
Boost the famous labels! Indeed, many famous brands are pick-pocketing with our own hands. To feel ourselves a part of the class, we waste our precious money running after brands. You need to understand the importance of your money. It is earned with hard work, and you own its rights. It should be spent on you, not on the others. Don’t look at that packaging or fancy logo. For example, if you buy a costly branded dress, does its cost always show on the clothing? No! Similarly, all generic brands cost significantly less as compared to a marked-up brand. However, they, too, work well.
Minimize Energy Bills
It is wise to save money on energy bills by making a few tweaks in your house. Start taking simple steps like no long showers, repairing cracked pipes, laundry with tap water. Moreover, you should install low voltage switches and LED bulbs. Keep your refrigerator switched off for a couple of hours when it is chilled and not kept on the buttons, fans, and light unnecessarily.
So, these are our humble financial advice for you. Remember, there is no need for super degrees or particular experience to become finances managing expert. Using these economic rules and tips can prosper you for a lifetime.