The global economy might not be at its best level yet, consumer spending however remains robust.
The global savings level is less than one percent as against the many debts that many people owe. The rate of foreclosures is on the increase and many seem to be unperturbed by this.
Living a life of luxury is everyone’s wish. The truth remains that life is in stages. Putting spending ahead of savings is the best way to a wretched life.
Saving more opens a door to unending possibilities, which a life of debts shuts out.
Here are some ways to better your personal finance management:
1.Shop for priorities
Most of the items people get from stores are never used but the money cannot return.
Others go for them because their friends have them and not because they are necessary.
To avoid keeping a load of unwanted items, do not shop until there is a need to do so. By reducing the number of items per shopping, you should save a small token daily.
2. Do not use ATMS of other banks
Most banks charge people for using their ATM and they make a fortune from outsiders.
Some people may say it does not cost much, but if they could just take stock of how much they throw to other banks lately, they would agree they were wasteful.
No matter how pressing the need may be, use sister ATMs.
3. Have a record for all spending
A week to one month should be enough to keep track of all spending. The record should include even the chewing gums and the sodas.
This will show just how much goes into what and will help you keep track of your sending.
When buying many things,they might cheap but when the list is compiled, you may be astounded by the outflows .
A track of spending could stop the unending spending.
4. Reduce credit card debts
Offset all credit cards debts to avoid losing twenty-one percent in the end. Keep paying until there are about one hundred to five hundred dollars left.
This may sound okay but it is better to have no outstanding here.
You must not have more than two credit cards, and you should only use them when emergencies arise.
5. Use debit cards more
Most stores that accept credit cards accept debit cards.
The reason the debit cards are better is that people pay for what they buy from their accounts directly.
This weighs against credit cards that lure you to pay later with huge charges.
6. Know credit rates always
You must find out credit rates from time to time. This will help you correct any errors and close all unwanted accounts.
Mistakes and open accounts can create unending problems if folks fail to verify their ratings constantly.
7. Review progress
Once you have adopted the above lifestyle, it will be wise to review your progress at a fixed pace.
By constantly reviewing your progress, you will be able to know your strengths and weaknesses and work on them.
The key to a better financial situation lies in watchful spending and learning to save.
Reviewing the effect is the way to monitor progress. Discriminate spending can unlock unending savings.
Image by ToddHenry
Adolph Obasogie is the Founding Partner of Adolph Obasogie Professional Services, and CEO of Harrison Global Capital