It is a fact that the organization of our personal finances is always a challenge, but not why we set it aside. According to the latest Survey of Financial Capability conducted by the World Bank, 65% of peoples said that when thinking about financial planning only focus on the short term. Likewise, only 42% have a plan for spend your money, and you let alone how many stick to this plan.
It seems that when talking about personal finances, rather than the shoe, the people have a pebble in his pocket that he put it there. Nor plan your finances, do not attach yourself to plan and focus only on the short term are serious errors for the health of your personal finances.
So, if you want to improve the health of your pocket, we recommend you follow these tips to get that little stone that weighs all of us so much…
1) Get organized and learn to live with less: It sounds trite but there is nothing more effective than making a budget, organize by categories and allocates an amount to each, the most important thing is that you respect this plan as if it were divine command. Do not forget that in your categories should contemplate saving, it is recommended that this is at least 20% of your income. If you have debts, give priority to liquidate so you can increase your available cash each month.
2) Send all direct saving extra money: Every time we get a little money we did not expect, all we are made easy run to get to spend it, and we justify saying we’re taking advantage of that dropped us an “extra”. But if you will send the money directly to the savings and you will start an emergency fund, the next time you have an unexpected not have to go into debt or will you go looking for how to solve the spending, so better value peace of mind and save that money.
3) Consider investing your money: If you already have a good savings under the mattress, the best you can do is invest. Rather than having saved savings, is put to work for you in investment that will generate better returns than a Bank.
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4) Give good use of your credit cards: Use them wisely, remember that only one payment method, it is not extra money. Preferably, use them to make frequent payments (such as the internet, light, water, etc.) and liquidates each month before your court date and accumulate points on your card and do not need a penny to the bank. Now if you need to take hold of the month interest, do not fail in any payment and purchase products that last longer than your debt. Consider your financial planning debt level that you acquire, experts recommend that the amount you destine to pay your debts should not exceed 30% of your income.
5) Register your expenses daily: At first it is difficult to generate the habit, but you’ll see it has good results. Today there are several applications that let you bring order to your finances. One of the best ways to keep track of your expenses is through online banking. For example, a bbt.com checking account tracks and registers each transaction and provides an easy to access platform to manage your account balance. Of course, it is recommended to also keep your expenses by hand so that you can cross check your balance and expenses at the end of each week thus allowing you to plan your financial future accordingly.
