Money Management – 7 Things You Need to Do

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Money Management – Having Money Problems?

Currently not doing well financially? Are you having trouble keeping up with credit card debt? Experiencing never-ending money problems? It’s never too late to start taking action. Here are some recommended step-by-step basic money management methods in proper budgeting and financial management.

Get educated

Take the time to educate yourself about various finance topics. The more you know about your own finances, the more confident you will feel about managing your money for the long haul.

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Check your credit regularly

Get in the habit of checking your credit report and credit score regularly.

Create a budget for money management

Track your income and expenses. Lessen your expenses by planning your meals, trying to stay home more on the weekends, buying local, cand more.

Automate your finances

Set up automatic transfers every month for your bills. That way you don’t have to worry about whether you’re paying your bills on time or being charged late fees for late payments.

Pay off Debts

Make a plan to pay off your personal debits as soon as possible. Start by making a list of all your debts.

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Build your own cash cushion

It allows you to use cash to pay for those random expenses or emergencies that wrist in your day-to-day life instead of creating more debt or tapping into long-term investments.

Start investing outside your business

Work with a financial planner to create a long-term investment portfolio of stocks, bonds and real estate that is aligned with your financial goals and risk tolerance.

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Money Management – Where do you want to be financially 20 years from now?

Becoming financially free does not happen overnight. Know where you are and where you want to be financially 10, 20, 30 or even 40 years from now. The earlier you start managing your finances, the easier it would be as you grow older. Setting aside 10% (e.g. Php2,000 or Php5,000 or Php10,000 etc) of your monthly salary can go a long way. Every P10 or Php 100 per day can grow into a fund that can aid you with your future needs. All it takes is proper awareness, a good financial blueprint and the willingness to start budgeting your expenses.

Related Link: Creating Passive Income: From 10 to 10 Million

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Money Monkeys

Money Monkeys seeks to educate Filipinos on finance, entrepreneurship, and the rising fintech innovations. We provide easy to digest articles with the aim of raising financial literacy, cultivating a growth mindset, and harnessing the spirits of fellow entrepreneurs.

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