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Five Easy Steps To Managing Your Finances

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Money plays a significant role in every one’s life. Nowadays you need money to buy clothes, shelter, food, and we need money even to buy water. Without money you can’t survive in this world. In order to meet all the needs you must manage your finances.

Learning how to manage your finance is an crucial way to take control on your life.

Managing finances as a

1 Student

2 Business man

3 Employee

STUDENT:

  • Pay Fees In Time: You can pay fees in time to avoid penalties.
  • Borrow Books From Library: You can borrow books from library or you can buy second hand books or you can study in e books.
  • Saving Power: You can switch off the power after using the tv, radio, computer, etc.
  • Cellphones: Avoid using cell phone regularly as it disturbs your studies and it may causes health hazards.
  • Shopping: Make a note while going to shopping to avoid unnecessary things. While buying the clothes prefer the clothes which are washable.

BUSINESSMAN:

  • Budgeting: If you can estimate your profit and loss you could have a better idea of how much money you will get at end of the month, by having a proper plan you can be out of debts.
  • Recruit Careful: Employees are necessary for your business support and success, recruit the people who are skilled and competent.
  • Strengthen Your Interpersonal Skills: These skills are required not only to communicate with dealers, contractors etc. but also to manage your employees.
  • Creating Goals: Post a goal somewhere where you can see it often, this will help you to reach the targets with in time.
  • Over Investments: While starting a business you should not invest the whole money with you because if you get loss in your business you will fall short of money, if you made profits you can increase your productivity.

EMPLOYEE:

  • Take Good Insurance Coverage: In drastic situations such as when you lost job, met with an accident etc. you need a large amount of money in such situations you can opt for PPI claims.
  • Move To Alternative: It is important to consider alternatives for living even more cheaply. Use public transport instead of using own vehicle, don’t use various luxury products that you may use etc.
  • Get Things Through Online: A lot of people shop online because there you can get different varieties, new models of electronic gadgets etc. with less cost and discounts.
  • Save Money: Make habit to save some part of money in banks. Some banks have the facility of taking a portion of your money into a savings account automatically.
  • Buying Lands: Invest money to buy lands by taking loans; by doing this some part of your monthly salary is taken by bank.

Managing your finances is not an unimaginable, by undertaking the above steps you can lead your life safe with financial independence.


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