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[QUOTE="Moni2402, post: 79157, member: 27691"] [B][COLOR=rgb(41, 105, 176)][SIZE=5]Tips to improve your finances[/SIZE][/COLOR][/B] Pay attention to the following tips to improve your finances and avoid unnecessary expenses. Getting personal finance advice can be a bit confusing as it introduces terms that are not as common. Therefore, the following list is focused on simplifying things and obtaining the best keys to manage your money well. -Define financial goals: It is very difficult to get to a place if you don't know where you are going. The first step to managing your money well is knowing what you want to achieve with it. The objectives must be short, medium and long term. -Identify all your income: By identifying where your income is coming from, you can put a better value on your time so that you can devote special attention to activities that earn you money. -Consider eliminating as many variable expenses as possible: Variable expenses are those that are not necessary to survive. To reduce them, you must eliminate those that do not pay off positively in your life. -Analyze if you have a positive balance at the end of the month: A positive balance is that at the end of the month, your expenses are not greater than or equal to your income. To find out what type of balance you have, subtract all of your expenses (fixed and variable) from your income. If you have money left over, it is positive. If it does not have a surplus or is in debt, it is negative. -Set your limits and learn to tell yourself "I'm not enough": If any expense or activity is out of your budget, avoid it altogether. The importance of saying "I'm not enough" lies in knowing precisely what are the unnecessary expenses that are out of your budget. -Prioritize your debts: A good way to prioritize is by the date they must be met, another way is to prioritize those that will have the worst consequences by not covering them and another way is by those that can be covered more easily. -Don't get into debt to cover other debts: If you already have debts, acquiring new ones to pay off old ones is not the best idea. It is true that there are consolidation or refinancing methods, but the truth is that they should be the last options and should be accompanied by a good analysis of the implications. -Don't get into debt: The ideal is not to go into debt beyond what you can afford. However, it is quite common to go into debt thinking that you can meet those obligations. You need to keep debt under control and use credit options to your advantage. -Distinguish between wants and needs: To avoid impulsive purchases or unnecessary expenses, we must be very clear about what the whims are and what the needs are. -Save: Probably one of the most important tips. For you to achieve your goals, you must have the support of good savings that allow you to enjoy it in the future. -To invest: To grow your money you have to save. However, depending on your goals and objectives, you should consider putting your money to work taking advantage of the different investment plans on the market. -Learn constantly about financial education: Fortunately, financial literacy is an ever-improving topic. To keep up to date it is necessary to be in constant education; not just learn, but reinforce what is already known. [/QUOTE]
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