Of all the things in the world, which are difficult to get hold of, money is probably the toughest! No matter how much you try, there will always be a discrepancy between your earning and spending! New Woman suggests the ways in which you can get rid of this paradox.
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1. Define your goals: If you do not have a plan in place to use your hard-earned money efficiently, all your financial goals will go haywire. To set your objectives right, make a note of the important things you need to spend on, on a monthly basis. When you are clear with your monthly goals, there are lesser chances of unnecessary spending — and you can balance your needs and wants.
2. Say no to impulse buying: Impulse buying disrupts your monthly budget. Be firm and make a decision to not splurge just because you have the money at that moment. Think of your future goals and investments before the itch to splurge takes over.
3. Save up: Make it a point to keep a certain amount in your savings or fixed account—quite like you saved every single penny in your piggy bank when you were a child. It will help you to take charge of your spending.
4. Invest wisely: The most important point is to invest your money wisely to get greater returns in future. If you are not aware of any good investment plans, consult a trusted agent to guide you on. Do your research before you take a step.
5. Say no to budget: The word ‘budget’ is intimidating for many, as many people find it synonymous with sacrificing. Call it something else—a plan or roadmap—and write all your income sources and expenses in it. This will help you define your objective in a smarter manner.