subject: Money Management 101 How To Take Control Of Your Finances [print this page] Every penny counts in today's economy, whether you're struggling to make the rent on a lower salary than you're used to or whether you're still marching forward through these rough economic times. Everywhere you look you'll see articles or reports on how to save money, rebuild credit, or just put groceries on the table. There's one basic principal that can help you tremendously, however, and it applies to those dealing with financial difficulties just as much as it does to those who are still doing fine financially. That principal is basic money management, and if you lack it then you'll never be able to keep your head above water.
1) Basic money management.
Design a budget that fits your needs. It can take time to plan out your budget, but it's an investment in time and energy you can't afford not to make.
Make a list of all your expenses and bills.
Compare that list to your income after taxes.
This will give you an idea of how much money you have left over each month to spend or save. Doing so may also give you an idea of bills you can eliminate and luxuries you can afford to do without, two excellent ways to save money.
2) Take a look at your credit report.
Be sure to review your various credit cards as well and note which ones have the highest interest rates. If you can avoid using those high-interest cards, you may be able to save money in huge sums over the course of a year.
Knowing if you have good credit or if you need to repair your credit can help you see just how you've done with money management in the past and learn what you should focus on in the future as far as your credit is concerned.
Essentially, good money management comes down to understanding your budget and exercising a bit of self-control. Online financial sites like Prudent Financial will have budget and mortgage calculators that you can use to figure out where your money is going, and can simplify financial planning. Look at where your money is being spent, cut out all of your unneeded expenses, and force yourself to try to save money whenever you can. Rewarding yourself is great, but buying a new pair of shoes or going out to eat each week are costs that can add up. It may be tough at first, but once you see your bank account starting to gradually improve, the efforts that you make will be well worth it. For more valuable information, visit www.prudentcreditrepair.ca
by: Prudent Financial Services
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