#1 Don’t Spend More Than You Make When your bank balance is looking healthy after payday, it’s easy to overspend and not be as careful. However, there are several issues at play that result in people relying on borrowing money, racking up debt and living way beyond their means.
What is the 70 20 10 rule for personal finance?
This system can help you get better acquainted with what you earn and where it goes, while tracking your daily spending (that’s the 70% of your after-tax earnings) plus debt repayment and saving (the 20% and the 10%).
What are the 5 tips for budgeting?
– Don’t ask how to budget money—ask why you want to budget.
– Distinguish between short-term savings goals and long-term saving goals.
– Track your spending to create a solid budget.
– Separate fixed expenses from variable expenses.
– Plan a monthly budget.
– Your money at N26.
What is the first rule of personal finance?
Pay yourself first. Before paying bills and other financial obligations, set aside an affordable amount each month in accounts designated for long-range goals and unexpected emergencies. 3. Start saving at young age.
What are 5 major things to consider in your budget?
– Income. The first place that you should start when thinking about your budget is your income. …
– Fixed Expenses. …
– Debt. …
– Flexible and Unplanned Expenses. …
– Savings.
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