The 3 keys to successfully manage your finances are paying yourself first, budget and manage your money and set automatic payments to your bankaccounts. The benefits are that you will increase your savings and/or investments and you will decrease your expenses.
If you want success in your finances, start thinking of the success in your finances. Focus daily on your finances. The results do not come overnight.
Key # 1: Paying yourself first
The first key to successfully manage your finances is the key to pay yourself first. You are the most important person on this planet, so pay yourself first. Pay yourself each time you receive income. This means before paying your rent, your utilities, your Internet, mobile providers.
Paying yourself first is the concept of putting 10% of all income you receive in your financial freedom account. Create this good habit of paying yourself first. Build your financial future.
Paying yourself first means that the money must only be used to acquire assets as a business that generates income, real estate. Do not used the money in your financial freedom account for any vacation, car or boat.
Replace the habit of spending with the habit op paying yourself first. Spend your money wisely. Unexpected money making opportunities can come your way. Keep practicing the habit to pay yourself first.
Key # 2: Budget and manage your money
Budget and manage your money. Make different bankaccounts for different purposes as financial freedom account, necesities, pamper, give, long term saving. It does not matter how little money you have. You have to start creating the habit.
Budget 65% for your living expenses, 10% to pamper yourself, 10% for your financial freedom account, which is the account you pay yourself first, 10% long term savings and 5% give account.
Make a monthly budget in an Excel sheet or on paper. A monthly budget is a requirement as the amounts of your expenses change every month. When you make a budget you get control over your finances. Get through your fear and put the numbers in an Excel sheet or on paper.
The key is to form the habit to successfully budget and managed your finances in an Excel sheet or on paper. At the income side list all your income as paycheck, bonus, vacation allowance and other income.
Write all the expenses you have every month, expenses as rent, utilities, Internet and mobile costs, groceries and other expenses. Your expenses vary per month. That’s why you need to make a new budget every month.
Key # 3: Set automatic payments to your bankaccounts
Always when your receive income transfer the payments to your different bankaccounts based on the budgetted percentages. Use the amounts in the bankaccounts for the specific purpose of the account.
If your are buying groceries do not use the amount in the pamper account to buy any grocery. You can also put the monthly amount for grocery in an enveloppe and used this amount only to buy groceries.
You are now on your way to become successful in the management of your finances. Keep working towards your financial goals. See yourself becoming financially free.
For your financial success!
Kelli
on 26 Jun 2016http://www./
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