Money is important. Without money, we can never provide for our basic needs such as shelter, clothing, food, and education.
Without noticing it, most of us spent and invested most of our time and effort in earning money. It even determines the kind of lives we are living. Where we can go, what we can eat, where we live and what we can achieve. The thing is, to achieve financial freedom and living a good life, we need to track down our finances by assessing ourselves:
• Do you earn enough money to support your expenses?
• Do you spend too much beyond your allocated budget?
• Have you ever thought about saving a piece of your income for the future?
• Have you ever thought about having your own saving account?
• Do you make a necessity list or a wish list?
• Do you save money intended for emergency cases or for leisure purposes?
By answering the above questions, it will eventually lead us to assessing whether our money goes to a right investment or not. Actually, there is no right or wrong investments. It all depends on every individual’s priority and needs. Most of us lack knowledge and skills in managing our finances that leads to scarcity even though we are blessed with good and stable jobs. Mainly, the problem is not with our income or salary but in our ability to manage our finances properly. So, here are some tips in managing your personal finances:
1. Your Income– It is important to note down your monthly income. This income may come from your monthly salary; monthly allowance from your parents, a friend paid his overdue debt, etc. We are talking about whatever money you may receive. Do the math, add everything and note it down in your notebook, laptop or cellular phone.
2. Make a priority list—On a piece of paper make a list of your basic needs and priorities. Try to consider making a necessity list rather than making a wish list. You may not know, but this piece of paper holds a strong power. Your expenses will depend on your list. If you wish to cut some unnecessary expenses to make a little space for savings then try to review and read your list several times before you start on shopping.
3. Open a Savings Account – Make a little time to go to a bank near you and open a savings account. It would be great if you open an account with a passbook rather than an ATM card. In this way, your savings will be safe from you. The logic is, with an ATM card you can easily withdraw your savings from any ATM Machines.
Following the tips above is your basic foundation toward financial freedom but there are times that we face financial crisis in our life and looking for immediate money may be difficult. There is a lending company in the UK that can help you in times like this. Tree house loan is the best option for you, as much as 5,000 pound as long you are a resident UK and the following requirements can be found in their website.
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