spanmylife Blog

Jayapal Reddy
15 min ago
What are good personal finance management tips?

Managing personal finances can be a headache for many. Divide the income to pay bills, invest, save or allocate for extra expenses, is not something that everyone is willing to do periodically. However, being a good financial administrator can become an excellent tool when buying goods, such as a car or a house, or endure economically difficult periods. For this, it is not required to be an expert. It is enough to have some notions of accounting, but even more important is to have the discipline and perseverance necessary to plan all the financial operations that are intended to be carried out.

Here are some of the recommendations that specialists make to learn how to manage financial needs correctly:

1. Use your emotional intelligence: Contrary to what one might think, various studies have shown that the level of intelligence of each person has very little relation to the amount of wealth that he manages to achieve. That is, people with a high IQ can also make mistakes in handling their financial money. This is because the most successful people are not necessarily the smartest, but they have developed their emotional intelligence. In that sense, attitudes such as transforming failures into successes, knowing and managing risks, being modest, and living simply, would be decisive weapons when managing personal finances.

2. Be organized and disciplined: One of the requirements to be a good financial administrator is, without a doubt, to be ordained. For this, experts recommend preparing a balance sheet and calculating the current assets, and then prepare a budget, including disposable income, net income, recurring expenses, and outstanding debts, if any.

3. Save: ?Being thrifty will lead a person to invest on a regular basis, even if the markets are in decline,?-- says Noussan. To achieve this goal, the individual must be able to not get carried away by the desire to buy, unless it is for real need. Not using the credit card as additional money is another recommendation made by experts.

4. Know how to distinguish the risk in each investment: Trying to stay cool, when people face panic, for example in times of crisis, is paramount when it comes to managing finances. In this sense, distinguishing the risk in each investment that is made will help achieve greater balance and profitability.

5. Inform yourself: In order not to be tempted to invest in the assets of fashion, but with the markets down and sell when they are on the rise, it will be necessary to be always informed.

6. Design a flexible plan to achieve your goals: Having a financial plan and follow it, but also be willing to change it if environmental conditions change, is another recommendation made by specialists. The good administrator should plan and trace the objectives he wants to achieve by ordering his money, such as taking a trip or buying a car or a house. Once the objectives are defined, the person will have an idea of how much they should save or spend monthly to achieve all their goals.

And you, what would you recommend to be a good financial administrator?

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Comments (5)

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