You may have heard Benjamin Franklin’s famous quote about money: “A penny saved is a penny earned.” Savings can bring many benefits and this can only be done when money is managed effectively.
Even though you start your year with high ambitions and effective investment plans , at some point, you find yourself without the cash you need. This does not mean that you have made a wrong investment because it is a common situation faced by many people in their lives.
The reason is that you may not have managed your cash flow in the right way. Here are some common money management mistakes people make. When you avoid these mistakes, you can get rich:
Choose assets that no generate a flow from box positive
The value of the investment to often is related with their Profits on cash, regardless from Yes I know spend in a restaurant, in a Park from amusements or in any other place.
For maintain a flow from box healthy, it is important make sure from that the money follow flowing toward its bill.
By it so much, each time that perform a investment, think two times in the Benefits that may get from she, on place from to invest on possessions that will increase their expenses.
Incurring on expenses elevated or to pay a rate elevated
Yes want to avoid to pay a rate excessive, it better that may do it is consolidate its bill.
Make sure from that its bill have money enough for cover everybody the debits direct. Make sure from that I don’t know charge rates additional What retirement or rate from bill.
Choose a option from investment that no copper a rate monthly by the maintenance of the bill.
No to have a projection from flow from cash
Although it is important that know its flow from box current, it is you too important do predictions adequate upon their flows from box futures.
In the most of the cases, may predict any trouble from flow from box at future righ now. This anticipation will be from big help for reduce their expenses, from agreement with the reduction of the flow from box.
Maintain too many accounts
Whether returns important evaluate and manage different accounts, will be hard do a good and effective administration of the money.
Then, the better suggestion that give the experts it is that has to manage only a or two accounts banking.
No pay you to you same first
Although this sounds simple, many persons commit this error at give priority to the payment from the bills monthly What food, telephone, payment of the mortgage and later comes the spending daily on the ready. Although it is important perform these Payments, has to to plan the savings that may perform on function from their income monthly.
For each month, the money that save I know may to deposit at Bank in a bill from savings and no forgot to deposit something from money on is bill each month, What it does for others expenses mentioned previously.
No perform a follow-up of the balance of the bill
When have two accounts banking, never has to let scam by the details of the bill on a bill from savings, otherwise that has to perform a follow-up of the balance net on both accounts for understand its situation financial in a moment dice.
Here, too has to to have on bill everybody their Passives, assets and other sources from income.
Without understand to where he the money
This error starts by no to have a budget own. Although it is certain that no will have that to plan everybody and each one from their income, I know recommends that believe a plan for you.
A good plan tea force to to spend plus wisely. TO weigh from that no plan do big shopping on brief, may to be prepared for expenses unexpected when have a budget Sure and understand their expenses monthly.
Start a new business for sort out problems from debt
There are some persons ambitious that they take measures for get rid of from their debts starting new business. But, the done hard from to digest it is that a minimum 70% of the little Business fail within of the first months from establishment.
Even, those that they had success only got Profits minimal. By it so much, although Be a entrepreneur successful, it is possible that be aware of the done from that until that establish its business, the generation from income will be something hard.
TO weigh from that Start a business it is something well, never has to to think on comply with the requirements financial from a company from this kind.
Use cards from credit from stores retailers for use discounts and no pay from righ now
Remember that the cards from shop that we carry have a rate from interest plus high. By it so much, will have that to pay a interest enormous Yes no cancel its balance each month. This rate from interest plus high you it will cost plus 10% of what that he has saved of the discount on shopping granted by the vendors. By it so much, remember use cards of the shop, only when may to pay on that moment.
Other trick important that may continue it is no to buy, Yes no may perform the payment on cash immediately.
To delay the Payments with card from credit
Generally, some people know they forget of the Payments with card from credit that will have that do by the articles that bought at EMI.
When they forget it same during the first month, they are Bill to a rate from interest by it same. For to avoid are situations, may mark the days from payment and the Payments on its calendar monthly and may set up a reminder for perform the payment before the date from expiration.
Yes send Payments by mail, do it with a minimum from 7 to 10 days skillful from anticipation. Yes I forget to pay by a month, may get the suggestion of a creditor, who you will suggest the remedy appropriate for give up in charge by payment late.
The administration effective of the money it is something that he has helped to the people in big measure to get rich already carry a life free from debts. By it so much, try from to avoid the mistakes mentioned previously.