Money determines and affects most spheres of our lives. Almost, whichever activity we engage in or do, money dictates. That's the ultimate reason why people keep looking for money, some even engage in very cumbersome tasks to gain money.
The holy book stipulates in Ecclesiastes 10:19 "a feat is made for laughter, wine makes life merry and money is the answer for everything. Going by this, people keep searching endlessly for the previous commodity-money. Nonetheless, have you ever asked yourself why you can't hold money for long with you once you acquire it? That's the big question that many can't fathom out, others attribute it to the ever tough economy while others just can't tell why.
Below are some of the reasons why money runs away from you and you can't hold it for long.
Set a budget
Budgeting is the most appropriate way to prepare your financial goals and track them, also it's the best practise that can help one save money and plan adequately. If saving money tops your priority list, start drawing a budget right now and actively handle your finances.
Avoid credit card debt
Accumulating credit card debts will have a negative impact on your finances. It even proves saving to be difficult. For proper saving, cease from using your credit card and break the loop.
Manage recurrent expenses wisely
Recurrent expenses like rent should be managed wisely as they can impede your ability to save any extra coin. Rent, for instance, should account for only a quarter of your monthly salary. If your rent exceeds that, then you should consider a new residence. Expenses in general, shouldn't account more than half of your income.
It's wise to first know how you're going to manage your money. This is only possible if you know how to handle your finances wisely in order to save extra coins. So take your time so that you make well informed financial decisions that best suits your income.
Unexpected expenditures have always proven to negatively affect savings. It's akin to taking one step forward and making two steps backwards in successively. If unexpected expenditures aren't taken care of, they can drive one to unexpected debts that in the long run prevents you from saving. To avoid this scenerio, learn to save for emergency expenses.
Content created and supplied by: Mike00001 (via Opera News )
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