Money control begins when your parents give you a coin to shop at the candy store. There you start to be an administrator, but maybe you didn’t find out until many years later.
If you are visiting this blog because for years you have asked yourself “How to improve my finances”, you are going to the right place.
We have thought that the culture of economic administration is learned in a University of large doors and gardens with a library the size of a shopping center, but nothing more false. The financial culture develops at home from an early age.
There are people who begin to be aware of this issue until they are sunk in commitments and that is when they start looking for ways to get out of debt.
So that this does not happen to you, we summarize in three steps how you can take control of your finances from now on.
1. Make a budget
The first thing you have to be very clear about is how much money you receive and what you spend it on. Record all the purchases or payments you make regardless of size, it is not about judging you, but identifying the numbers that could be damaging the entire budget like that morning coffee or that pack of cigarettes a day.
Do not complicate it too much and use this simple formula: 50% for basic expenses such as food, clothing and home; 20% to save; and 30% for wishes, fun or luxuries.
2. Get out of debt
If you already know where your money is going, then you will have detected that a good part dissolves in debts. From the mortgage, to what you owe to the lady who sells clothes and accessories in the office. Red numbers are heavy not only for their color, but for the interests they generate.
Consider debt consolidation as a definitive step to abandon loans. This is to get a great loan with a softer rate and term to pay off all the debts you have and only keep one.
If you change the concept “savings” to “investment” you will have another motivation to save money. Saving is not just depositing what we have in an account, but making a purpose such as buying a house, going on vacation or having an emergency fund.
Considering it within a budget strengthens these objectives that can be the size and duration you want.
The business world has a wide variety of numbers, indicators and indexes to measure the success of a company and the same applies to your personal finances. If you have a budget and a savings you already have a good share.
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