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How To Do Constant Financial Checkup

July 11, 2018

The weekend is around the corner and you are probably getting ready to spoil yourself. Of course, you deserve it! Anyone who works should definitely ‘flex‘ at some point. But before you blow away that large amount of money, have you done a review of your financial expenses? No? Then do it now. Tracking your expenses is very important. You need to take a look at how much money you make and how much you are spending. If you are spending more than you make, then there’s a problem somewhere. If you have not done a review of your finances, then let us tell you how to do it.

Have savings. To make things easier for you, have a bank account that you will never touch (come what may). In it, save a specific amount of money every month or week (depending on how often you make money). A specific amount will give you a rough idea on how much you have saved so far.

Have a budget. In today’s economy, you might go shopping and then…money might just develop wings and fly away. We don’t want that to happen to you, so you have to create a budget – and follow it strictly. A budget will help you track your spending.

Have a spending limit. We’ll admit that sometimes things we do not plan for spring up at times. Despite this, it is still good to have a spending limit. A spending limit will help you to stop spending when you see that you are out of money. This is an essential step in staying within your budget.

Use cash. Who still does that today? Well, we do. It’s so easy to whip out your ATM card and insert it into that POS. Having and spending cash will help you realise how much goes out of your pocket daily.

Use a software. You may not know the amount of calories you consume everyday until you download a tracking software for it. It’s the same thing with money. There are a lot of budget tracking apps today. Go ahead and download one to help you monitor your spending.

Adjust your budget. If you still spend too much, then do a review of your budget and then adjust it to suit your income.

 

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