Category Challenge: Business
I don't know much about business but I know a little bit about budgeting and financial planning (okay my hubby does) but as we discuss most stuff with each other, I will share some ideas here. These are more his tips than mine but I am sure he will let me keep all the PP coins I earn from this post :D
Don't start spending your money until you have separated all utility-bills and a portion of savings.
Your savings should have an emergency-fund where you keep 4-6 months worth of necessary expenses (rent, medical, school fees, utility bills etc.) in it. Keep reviewing your emergency fund and keep adding to it to adjust increments.
Try to discover investment avenues. While investing, you must know about low, medium and high risk investments.
My hubby also recommends three books 1) "The Richest Man in Babylon by George S. Clason" , 2) The Automatic Millionaire by David Bach 3) One up on Wall Street by Peter Lynch to anyone who is interested in learning more about improving personal finance, money planning and investment.
My own tip: Before buying anything, just ask yourself, do I really need this thing? I think adopting simplicity and not running after brand names and trying to keep up pretenses also helps in keeping finances under control. And so does keeping away from betting, gambling and most forms of addictions.
Of course, when times are hard and we are struggling, then tips and ideas don't seem to work that well. How do you save money?
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