To manage finance is equal to managing life. When you are financially sound, life becomes easier and stress-free. You can travel around, enjoy your life, and when you fall sick, there is no worry and tension for medical expenses because you know you are financially covered.
Money comes easily to some while it takes all energy and time for some. Whatever way it comes if we do not know how to manage our finance properly, then soon it will go out of our hands.
So it is very important to learn the certain important things to manage our finance. Here in this blog post, I will share 5 important financial tips which will help you to enjoy your life peacefully.
5 IMPORTANT PERSONAL FINANCE TIPS
- Keep 10% of your income for you
- Clear your debt
- Buy only very important things
- Buy long term policy
- Look for extra income
Look below the details about each of the above-mentioned points and follow them sincerely like a ritual to make the flow of money in your life with these personal finance tips. Here we go
KEEP 10% OF YOUR INCOME JUST FOR YOU
Whether the money is coming from your income, your spouse or your kids, or any other source, you need to keep aside 10% of your income only for you- for your investment
We usually spend money on the monthly expenditure of our family, education for our kids, paying bills, paying EMI, but we hardly think of ourselves. We think this is normal. But it is not so.
Unless we keep it for our own we will not be able to multiply the money. If all the money goes away every month living paycheck to paycheck, then we won’t ever be able to save them.
But if you keep 10% of your income, the money will start to work for you and will give you its children, grandchildren, great-grandchildren and so on and on. This is one of the principles I learned from the book, ‘The Richest Man in Babylon (a must-read).
Apply this and trust in the law of the Universe. You may think it will be a burden, but trust me it will not affect your monthly expenditure. It will manage on its own like magic.
Just try once and see yourself. The points I am writing are from my own experience, I applied each one of these and now I enjoy my life to the fullest. Please try and apply them to understand yourself with trust it’s guaranteed that you will never be in crisis.
CLEAR YOUR DEBT
A small amount of debt is enough to block the good fortunes in your life because it is the greatest form of negativity if neglected. Some people overlook it and think that it is just a tiny amount and I will clear it shortly.
Some people think I will clear when I will have enough money after saving. But if you keep waiting for when you have enough money to get saved, it will never clear on its own.
Start by keeping 10% of your income for paying out your debt as soon as possible. The faster you clear your debt, the faster the blockages in your financial situation will disappear.
Clear how much ever you can, but trust that you are going to clear it soon and never going to have any debt in the future. This way you can manage your life and your finance.
Here is a video by the Finance Guru Robert Kiyosaki on how to clear debt fast,
BUY ONLY VERY IMPORTANT THING
Remember all the things you bought in your last shopping. How many of them have you used in the last couple of days or months?
We go shopping, and end up buying more things we don’t need than what we needed in the first place.
But the most important thing to remember is- Buy the only very important things while shopping. This is the area we often neglect. We go to buy our groceries and come back with bags, clothes, shoes, and whatever we see in the mall.
So to maintain your shopping and to stop you from buying extra unnecessary things-always go with a list of essential things and carry your cash, not your card.
This way you will not be able to buy other stuff. This habit will help you to save your money.
BUY POLICIES
Buying policy gives security in life and at the same time, we save money for the future.
I always have my recurring or buy a policy so that my money is used in saving for me and my family’s secure life. You can check online the best policy. Buying policy is saving money.
LOOK FOR EXTRA INCOME:
There is competition everywhere. Things are costlier day by day. Our expenses are getting beyond control and our income is the same. If do not take this matter seriously, then our life will be boring and stressful.
So it is a very good idea to have some extra income. In this time of the internet, the world has become a small place. We can work from home staying with our kids and family and support the earning member of the family.
We can earn extra ourselves despite working 8hours. My daughter is a Professor and earns a good sum of money from her blogging by just giving her extra time from her daily schedule of teaching.
Blogging is a very good platform to earn money for housewives too. Here you just need your ideas and desire to earn money. I am trying my hand at this age of 49 and I am enjoying it.
There are many more sources of income if you are only willing to look for it and find your own idea. Here are 18 passive income ideas to help you make more money.
With these 6 magical financial tips you can not only balance and safeguard your wealth, but also attract abundance in your life.
Final thoughts on Best Personal Finance Tips
Lastly, to conclude I just want to tell you- Have faith. Without faith you cannot move forward.
For your financial balance, an abundance of wealth in your life, have faith total faith that you will always enjoy abundance. Have this strong desire always. Have this desire backed with faith that it is going to be 100% true.
