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Personal Finance Tips and Tricks to follow

 Learn Self Control 

The first step to having control of your finance is to keep your finances in order. You should not purchase anything you do not need. Use fewer credit cards. If you can’t control your credit card buying, stop using it either.

Take debt in small quantity 

Always take debt according to your need, If you take more debt than your present need, it may lead to extra spendings, hence the extra financial budget

Payoff high-interest debt 

Normally debts came with high-interest rates, some are offered with low-interest rates. To avoid financial break down it is advised to pay off high-interest debt at first.

Keep your credit separate

Keep separate credit spending from your family and friends. Never co-sign a new vehicle or loan with your family or friends. It will increase your financial burden.    

Get Rid of Unnecessary things

Get rid of the things you do not need anymore. Because getting rid of old and the thing which is useless for you, can be an easy way to make some extra money and space.

Cut down expensive vices

Vices, like cigarettes, alcohol, and other addictions are expensive, try to control these expenses. Addiction is not only good for health but it is an extra burden on one’s pocket.

Live in a Cheaper area

Living in a bit cheaper area is not only cost-saving but makes living easy.

Pay bills first

Pay your utility bills first before making non-necessity (like clothing, shoes, etc). Delaying in buying of lifestyle items is not much necessary; necessary are utility bills, house rent, etc,

Make a list of necessities and non-necessities 

List down, your needs, and wants. Sometimes your needs are not what you want. Give priority to the wanton need.

Social media lifestyle Hoax

Trying to follow celebrities and people doing on social media is a good way to put you in financial disaster.

Cancel unnecessary subscriptions

Unsubscribed newsletters from expensive businesses. People often buy things they do not need after reviewing the emails of deals.  

Use 30% of your credit limit 

Ensure using less credit card buying to keep your financial limit on the safe side.

Student loan

If you have availed student loan doesn’t keep deferring it.

Set a budget 

Set a budget and send accordingly. Making a budget is a good way to control your finances.

Track your spending

Always keep a record of your spending because if do not keep a record, you may never know which expense is to be cut down or control.

Try cash buying instead of Credit buying

Spend according to your income.

Shop to value 

Buying cheap things is not always a healthy practice. Keep your money save and buy high-quality products.

Divide your Budget (50/30/20)

Divide your budget into the following ratio. 50% of the budget should be spent on necessities like food, utility bills, house rent, loan payments, etc. 30% of the budget should be spent on lifestyle buying like clothing, entertainment, luxuries. 20% of obligations like health, education bills, etc.

Be brave to bargain 

Negotiate prices wherever you can.

Cost-saving substitutes

Choose cheaper but good financial substitutes. For example, Star bucks and McDonald’s both are selling good quality coffee but prices may vary. Without sacrificing quality use good alternatives

Cheap ways to have fun 

Use cheaper ways to have fun Instead of spending a lot on entertainment.

Visit your doctor once a year

Do not let your medical issues undiagnosed. Adopt a healthy lifestyle.

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