The easy way to stay financially fit
So you've got a few pay cheques under your belt, a decent bank balance
and things are going well for you. But it never fails -- just as you
are getting used to the pleasing comfort of financial independence,
certain problems you hadn't anticipated suddenly threaten to drag you
into a pit of despair.
Sure, your pay cheque ensures that the stress of meeting expenses is
taken care of, but there's more to saving than just raking in the
bucks -- besides regular spending, you've got to take care of
recreational expenditure, credit card payments, loan repayments and
maintaining your minimum bank balance.
to help you stay financially fit, we've put together a few easy steps
that will help you beat your money worries.
Plan and budget wisely
It's never too early to start financial planning. Ideally, you should
have taken your first money-planning steps with your allowance -- how
much money you get every month versus how much you spend every month.
Ideally, your expenses should be less than the money coming in,
allowing for some sort of savings.
The same logic should apply when you have a steady income. Calculate
your monthly budget, your savings and your possible investments. But
remember, planning is just half the battle won. If you don't stick to
your it, you're already heading down the road to financial crisis.
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Prioritise
Not every need is a necessity and not every desire needs to be
satisfied immediately. All of us dream of owning the ideal home, a
cool car, electronics and what-have-you, but not all of us can afford
the luxury of a down payment within a year or two of starting work.
That's where prioritising comes in. Make yourself a list, a list of
all the things you want and all the things you need. The needs are
your necessities (food, clothes, rent, etc) and your wants are your
luxuries (holidays, electronics, a car etc). Put them down in the
order of their im****tance and calculate how much you need to spend on
each item.
This will help you gain a better idea of how you are placed
financially and how long it will take you to attain a comfortable
lifestyle.
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Watch your credit cards
Credit card debt is one of the sneakiest offenders when it comes to
financial stress.
No sooner do you deposit your pay than the calls start coming in --
free credit cards with all sorts of offers and benefits. As tempting
and convenient as they seem, try to limit your credit cards to a
manageable number -- they are just another way to spend your own
money.
The more you spend using your credit card, the higher they raise your
credit limit -- another point of pride for many young professionals.
But a high credit limit means you have more spending power and that
will encourage you to splurge on more than is necessary. Don't flaunt
plastic money every chance you get.
Use your credit card only where necessary and clear your dues by the
due date -- that is the easiest way to ensure that you won't find
yourself reeling under a debt of thousands one day, with little hope
of recovery.
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