Money management tips
1. What’s your worth?
Know your net worth. Your net worth is the difference between what you own and what you owe.
Draw up a budget and make sure you stick to it. You should spend less than you earn, so work on ways to cut your costs and/or find other ways to increase your income, rather than borrowing to pay bills or to pay for shopping/holidays.
Borrow only what you really need, and before you commit know the true cost of your debts; as the interest payments can greatly increase the total cost of a purchase. Work out a plan to pay off your debt as quickly as you can - your high interest debts first, like credit cards.
4. Stash some cash
Save for an emergency fund or 'cash cushion' of two-three month’s income. This will help cover you for emergencies, such as if your car breaks down or you lose your job.
Once you've paid off your high interest debts, start saving on a monthly basis for your shorter and medium term goals.
10 Ways to Save on Everyday Expenses
1. When you have multiple errands to run, take a few moments to check your driving route and plan the stops along the way. Save time and gas by running errands together.
2. Buy only what you need. Compare advertised sales prices with other brands (including generic).
3. Make sure to follow manufacturers' recommendation for the correct usage for laundry and dishwashing detergent. If you use too much per load, you can use up the product twice as fast. Use similar logic with other household products.
4. When buying for convenience, ask yourself if the actual cost is really worth the time you think you save.
5. Using bleach full strength or diluted does the trick for a variety of surfaces. Makes you think about how many different types of cleaners you really need to have.
6. Reuse or recycle items vs. buying something new.
7. Check classifieds and online auction sites for bargains.
8. Do it yourself to save money.
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