In order to make the most of your money, there needs to be clear defined goals and a budget plan to steer you in the right direction. When financial budget links are missing, money leaks or debt traps become obstacles in the road. How do you prepare your budget to dodge the mess?
Begin your plan with a simple outline. It needs to contain the five basic principles of money management.
1. Income – Have a full understanding of how much money you bring home each month and where the rest of the check goes. Do you have enough tax coming out? Do you have too much? How much goes to health? You can adjust your dependents to increase or decrease the amount of tax that comes out each paycheck.
2. Save and invest – The early bird catches the worm. The sooner you start saving and investing, the longer your money will work for you. Start saving any amount you can now. Even if you can only manage N5000 every month, something is better than nothing. Set up automatic transfers so you won’t ever have to miss it.
3. Protection – Emergency savings accounts will protect you. They will stop you from major debt trouble and prevent you from using alternative payday loans when the budget doesn’t balance. Protection also comes in the form of insurance. Do you have cost-effective insurance for your personal property? You don’t want to pay too much for something you don’t need coverage for and you don’t want to skimp on important items either. Talk with your insurance agent and get what you need for the best price. Don’t forget to get quotes from other agents. You may find that what you thought was the best deal didn’t give you everything you should have.
4. Spending money – Are you getting the best deal? Could you do a better job finding the best price or product if you take the time to research the product? Impulsive buying not only buys you things you don’t really need, but it also interferes with you finding the best price. Separate wants from needs. Buy what you need and prolong the want. Let the purchase sit in your head for a week and then decide if you really do want it. Lots of money is wasted on items we think we need and it ends up in the back of the closet or sitting on a shelf somewhere at home.
5. Borrowing money – Friends, family, banks, creditors and even cash advance lenders. may be used at one point in time. Why did you borrow? Don’t extend your purchasing power with outside cash and keep track of what you spend. If you run out of cash each month, your spending behavior needs to change. It isn’t safe to let debt take over your income.
Once the outline is ready to go, the next step is the plan. Which areas do you need the most work? Is there something missing? Don’t procrastinate setting the plan in motion. The sooner you start to make changes, the faster you will be at saving money every month. That savings will make the difference in whether or not you run your budget with or without flexibility. It will also give you more money each month for emergencies, larger purchases or build a more secure financial future.
http://jobmasternigeria.org/make-money-work-5-step-outline/

AngelicaDivine:
In order to make the most of your money, there needs to be clear defined goals and a budget plan to steer you in the right direction. When financial budget links are missing, money leaks or debt traps become obstacles in the road. How do you prepare your budget to dodge the mess?
Begin your plan with a simple outline. It needs to contain the five basic principles of money management.
1. Income – Have a full understanding of how much money you bring home each month and where the rest of the check goes. Do you have enough tax coming out? Do you have too much? How much goes to health? You can adjust your dependents to increase or decrease the amount of tax that comes out each paycheck.
2. Save and invest – The early bird catches the worm. The sooner you start saving and investing, the longer your money will work for you. Start saving any amount you can now. Even if you can only manage N5000 every month, something is better than nothing. Set up automatic transfers so you won’t ever have to miss it.
3. Protection – Emergency savings accounts will protect you. They will stop you from major debt trouble and prevent you from using alternative payday loans when the budget doesn’t balance. Protection also comes in the form of insurance. Do you have cost-effective insurance for your personal property? You don’t want to pay too much for something you don’t need coverage for and you don’t want to skimp on important items either. Talk with your insurance agent and get what you need for the best price. Don’t forget to get quotes from other agents. You may find that what you thought was the best deal didn’t give you everything you should have.
4. Spending money – Are you getting the best deal? Could you do a better job finding the best price or product if you take the time to research the product? Impulsive buying not only buys you things you don’t really need, but it also interferes with you finding the best price. Separate wants from needs. Buy what you need and prolong the want. Let the purchase sit in your head for a week and then decide if you really do want it. Lots of money is wasted on items we think we need and it ends up in the back of the closet or sitting on a shelf somewhere at home.
5. Borrowing money – Friends, family, banks, creditors and even cash advance lenders. may be used at one point in time. Why did you borrow? Don’t extend your purchasing power with outside cash and keep track of what you spend. If you run out of cash each month, your spending behavior needs to change. It isn’t safe to let debt take over your income.
Once the outline is ready to go, the next step is the plan. Which areas do you need the most work? Is there something missing? Don’t procrastinate setting the plan in motion. The sooner you start to make changes, the faster you will be at saving money every month. That savings will make the difference in whether or not you run your budget with or without flexibility. It will also give you more money each month for emergencies, larger purchases or build a more secure financial future.
http://jobmasternigeria.org/make-money-work-5-step-outline/

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