Personal Finance is one very important element for a good quality of life and ultimately to your Personal Fulfillment.
The activities and actions of Personal Finance are about managing your money, savings and investments. Your knowledge and positive actions will give you greater control over you budget, your banking, your investments, your retirement, your tax, your insurance and your spending.
Personal Finance is also about knowing the generally accepted ways of accumulating monetary wealth and keeping it.
For starters, keep in mind these 2 fundamentals of personal finance
- Spend less thank you earn
- Save for the future
There are many great outcomes of actively attending to and managing your personal finances. Such as…
Making life more . . . comfortable
Reducing stress . . . and make life healthier
Giving yourself options . . . to change jobs or career, move location…
Personal fulfilment . . . of having your financial ducks-in-a-row, and maybe financial independence
Here are eight steps you can start immediately to manage your personal finances….
- Know and understand your current financial situation and obligations
- Identify you financial priorities
- Start pay off your debt – the most expensive debt first
- Set finance goals, and an action plan to achieve these goals
- Create a budget . . . stick to it
- Start saving (more) for retirement
- Build up a cash reserve for unforeseen expenses
- Track your money, track your money. And one more time . . . Track your money