2 Simple Money Tips For 2015

Dear friend, Happy New Year! Now that the parties are over I will be sharing with you 2 simple financial tips that will help you reach your financial goals in 2015. A budget can help you pay your bills on time, cover unexpected emergencies, and reach your financial goals—now and in the future. Most of the information you need for your budget is already at your fingertips.

When you understand how to manage your finances, you’ve got an invaluable tool in taking control of your life. Wise use of these skills can provide peace of mind, financial freedom, increased buying power and a secure future.

1. Make a ListDetermine your future expenses and set aside funds for your needs. If you run a business, make sure you separate the working budget of your company. These include money for purchasing, maintenance and your employees’ salaries. If you do not have a company and only work for yourself or for others, know your expenditures until the next payday comes. Use a spreadsheet or write down specifically each item and opposite each, its corresponding amount. This way, you will know whether you are still within your budget or are exceeding your earnings.

2. Separate your MoneyFor people who are very impulsive when it comes to spending, separating the budget into parts is ideal. You can allocate your funds based on the following:

Working BudgetYour working budget includes your daily or monthly expenses. Usually, this comprises the biggest share of the budget. This is where you will get the payment for your monthly bills, food, allowance and transportation.

•SavingsNo matter how small your income, savings should be a part of your budget. To be wealthy means to save more than what you spend. Even a low income earner can become rich as long as they save enough for their future. It is recommended that the savings comprise at least 20% to 30% of your monthly budget.

•Spending MoneyOf course, life will be boring if you only work to live and save. Your monthly leisure activities must be a part of your budget. As the cliché goes, “All work and no play, makes a Jack a dull boy.”

Working is more rewarding and fun if you get to treat yourself occasionally. You can get the money for your new clothes, go on vacation or pamper yourself from the spending money. To avoid overspending, make sure to leave your debit and credit cards at home and stay strictly within your spending limit.

Until next time, make this a week one in which you are living your life to the fullest.

With appreciation and gratitudeNigel St.Hill

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