Life and Career Skills
Everything you need to know
"You fall out of your mother's womb, you crawl across open country under fire, and drop into your grave." -Quentin Crisp |
| Some obvious, but rarely followed money tips |
| Written by Azhar Laher | ||||||||||
| Saturday, 09 January 2010 23:22 | ||||||||||
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After helping a few friends with their 2010 resolutions, I realised thatwhat I take for granted as it relates to money management is not that obvious for most people. Here are some reminders on how to manage your money. 1. Pay yourself first. Try to put away at least 10% of your pre-tax income into a savings account. 2. Spend less than you earn. While this seems obvious, most people are notorious for doing just the opposite. Stop spending and start saving. 3. Pay your bills on time. Avoid needless late fees and know how much money you actually have. 4. Avoid debt. Student loans and mortgages can be "good debt", but even then, make paying them off a priority. 5. Set a budget and live by it. Use a computer program or just a paper and pencil. Whatever works. 6. Set concrete goals. Know when you want to buy a new home, when you want to retire, and how much you are expecting each to cost you. 7. Have an emergency fund. Have at least three months' income in a high-yield savings account that can be easily accessed. I am interested to know what else you may have to add.
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