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Quick and Simple Ways to Manage your Hard-Earned Money

Quick and Simple Ways to Manage your Hard-Earned Money
Quick and Simple Ways to Manage your Hard-Earned Money 
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Albeit, getting paycheck is quite overwhelming especially for young adults who just started earning on their own. Most especially if saving money is not a priority and bills are not yet piling up. Spending the hard-earned is the number one we could think of as soon as having it. Right? Well, I was guilty of that on my early age, hence, here I am sharing tips on how to manage your money or salary in a quick and simple ways. By doing so, you will eliminate being buried in debt and worst, borrow money to live the day.



    Set a short-term and long-term goal


    In everything we do, we need a purpose. And that purpose will be the fuel for you to do more, save more and be frugal to achieve that goal. Though, I would suggest that be realistic in setting goal, include a timeline. If the timeline requires about more than a year to achieve classify it as a long term goal.

    Keep track your expenses


    Track your expenses daily, weekly and monthly. Do this for a couple of months. You can download an app that will help you track expenses. By doing so, you will get an idea on where your money went. Our priorities and responsibilities differs that’s why I suggest to track your expenses first before creating a budget so you won’t feel being deprive in my life – whether food, transportation and lifestyle.

    Create a budget


    The most common rule is the 70-20-10; 70% of the income would go to expenses, 20% for savings and 10% for tithes or charity or onto helping others. However, since we already tracked our expenses for month or two, we now have an idea on what to budget. We can add or lessen some unnecessary expenses. For example, going out with friends on weekends would cost us 15% our income, then have it lessen to 12% or 10% maybe and the remaining 3% or 5% will go to savings. We can still enjoy life and yet there is still money left for savings. Again, make it realistic. A small amount or percentage, in the long run, will accumulate and gets bigger.

    Live within your means


    The way I compute on how I can live within means is that by knowing how many hours will I need to put on work to get that thing or to buy food. Let’s say, for me to buy the latest iPhone in town, I need to work for a year for me to avail it and by that time – a latest model is about to launch.

    Have an Emergency Fund


    A conservative emergency fund is a savings of 6 months’ worth of expenses. This will be the fund to be used once income is on hold or I would rather call it, rainy days. Better to have something handy in bad times.

    Keep Learning!


    The best investment above all is to keep learning! Invest in yourself. Everyday there will be a new information that would help us achieve our financial goals and freedom!

    There you have it! I made it simple so it is easy to digest and understand. Financial Freedom is not that complicated, we just have to set a clear goals on where we want to be in the next 3 months, 6 months, in a year, 5 years or more! Delayed gratification also works and yet, don’t deprive yourself to enjoy life. I believe that perfect balance is the key to achieve and figure out what we want to build for ourselves.





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