The long term improvement in your financial well being can be achieved only if you can bring long term changes to the expense pattern. Here, David Justin Urbas has suggested few ways which you can follow to have a wealthy year.
Start with making a budget:
Without having a clearly defined budget, the chances of taking wrong money decisions reduce. In order to save significant amount of money each month, you have to track the regular expenses and plan for future spending in advance. When making a monthly budget, try to set limits on unnecessary expenses that restrict you from achieving the targets. Along with regular savings, try to keep a little portion side for seasonal expenditure. Urbas suggests to learn some money management tips also to save significant amount of money.
Limit use of expensive credit cards:
Huge debt of credit cards is another reason that restrict people from saving money significantly. In some credit cards, the interest rate is quite high. So, when you are purchasing with these cards too much, you have to pay for the past instead of future. Thus, before starting to save, reduce use of expensive credit cards. Rather, look for those which have lower interest rates.
Be less wasteful:
For increasing the savings, you have to live below the means. It does not mean that you have to follow cheap lifestyle. But, try to be less wasteful, i.e. ensure that you have good value for the purchases. In addition to this, search opportunities using which you can increase the income slightly. Even a hike of $100 in your weekly income can make significant differences in savings.
Creation of an emergency savings fund is another move that you have to take in 2017. To many of us, it may sound odd. But, when you have such a fund ready, handling unexpected expenses will be easier.
Start with making a budget:
Without having a clearly defined budget, the chances of taking wrong money decisions reduce. In order to save significant amount of money each month, you have to track the regular expenses and plan for future spending in advance. When making a monthly budget, try to set limits on unnecessary expenses that restrict you from achieving the targets. Along with regular savings, try to keep a little portion side for seasonal expenditure. Urbas suggests to learn some money management tips also to save significant amount of money.
Limit use of expensive credit cards:
Huge debt of credit cards is another reason that restrict people from saving money significantly. In some credit cards, the interest rate is quite high. So, when you are purchasing with these cards too much, you have to pay for the past instead of future. Thus, before starting to save, reduce use of expensive credit cards. Rather, look for those which have lower interest rates.
Be less wasteful:
For increasing the savings, you have to live below the means. It does not mean that you have to follow cheap lifestyle. But, try to be less wasteful, i.e. ensure that you have good value for the purchases. In addition to this, search opportunities using which you can increase the income slightly. Even a hike of $100 in your weekly income can make significant differences in savings.
Creation of an emergency savings fund is another move that you have to take in 2017. To many of us, it may sound odd. But, when you have such a fund ready, handling unexpected expenses will be easier.
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