Monday, 14 August 2023 02:49

Learn how to manage yourself and understand how your personal finances work

Written by Evelyn Alas

The most effective tip for saving fast is to learn to manage yourself. If you stick to a budget, you will take control of your finances. Financial independence is essential to reach your short and long term financial goals.

1-Track your personal finances for 30 days (include all your income and expenses).

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2-Match your monthly income with your monthly expenses to evaluate how much you are managing to save or how much you are overspending each month.

3-Divide your expenses into fixed and variable. Your fixed expenses are the ones that are usually difficult to adjust, such as rent and utility bills. Your variable expenses are the ones that are easier to adjust, such as groceries, entertainment and service subscriptions.

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4-Identify those variable expenses where you can cut back, that is to say, unnecessary expenses, to increase the amount of money you save each month.

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5-Evaluate your progress regularly and make adjustments if necessary. If this seems overwhelming, there are plenty of financial management apps that can help you stick to your budget.

 

Translated by: A.M