PS: I love money management
9 Pillars of Personal Finance.
• Upgrade Your Income, Without Upgrading Your Lifestyle: Be a little mindful of your expenses and adjust them to suite your needs. Limit your lavish treats so that each penny saved increases your overall wealth.
• Maintain Good Credit Score: Supporting the earlier point, you should always pay off credit card bills on time. If you cannot afford to pay your credit card bills, you are certainly treading on a dangerous path. Also, watch out for signs of fraud and identity theft on your card bills.
• Never Say No To Your Ambitions: Always dream and dream big. Always ask "How can I afford it?” or “What should I do to afford it?”. Please seek advice from 5nance to plan your goals.
• Get Rid of Unrealistic Time Frames: Always set your goals with a well-defined long-term savings and investment plans. Financial plans that revolve around narrowly-defined time frames and milestones make a perfect recipe for disappointment.
• Don’t Use a Coupon for Something You Don’t Need: In the current era of internet there are lots of sites which come out with discount coupons and offers. Do take advantage of coupons and internet promotional codes as often as possible, but stay away from impulse purchases so that you don’t repent it later.
• Review Your Monthly Budget: Online applications such as 5nance.com provide platforms to plan and review your budgets for free. Make use of these platforms and diligently follow your budget. It’s one thing to create a budget, but if you don’t have the discipline to put it into action, it would go in vain.
• Plan Your Taxes: Plan taxes well in advance so that may contribute in a phased manner rather than taking a hit at the end of the financial year.
• Plan Your Retirement: Start saving part of your income for retirement by doing a retirement planning through 5nance. Try saving at least 10% from every pay check; it’s never too late to start.
• Plan For An Emergency Fund: Always maintain an emergency fund. It is highly recommended to maintain three to six months of living expenses in the bank. One should not tap this fund unless it is an emergency.
Treat your household as a business you run. You will be a successful personal finance manager.