how to effectively manage your income

the level of poverty in many countries around the world today is rising heavily, upon all the effort of some organization, government and corporate bodies to eliminate poverty it’s still increasing on daily basis, if you ask i will say the number one course of this is “mismanagement of resources either by individual and generally
but below are some ways you can manage your resource and funds.

1•write down anything you purchase: when purchasing any have an accounting notebook write it down even if it’s lunch, recharge card even water, this will allow you see where majority of your money goes, if you are spending too much on a particular hobby, maybe it’s time to rethink.

2•live within your means:
think of what you are earning and the lifestyle you are living, can your really sustain the kind of life you are living with the resources you are currently earning. ask your self what you are working for?

3•spend money on big ticket item not your favorites: spend on things that will add value to your life in years to come, not gadget that will phase out in years to come.

4•stop that job that is not educating you:
job that you will over work and under pay, the best must not be the once in offices or on computer, but the one that add value to you, every day you discover new technique and knowledge.

5•SAVE: the best part of working is knowing within you that you have something you hold on to when you are in need or when you retires. save at least 25-35 of your monthly salary even if you are paying off debt, at the end of every year you will be amaze with your success, because believe it or not even if you don’t save all your salary will not even be enough for you to use, there are needs every where.

6•pay off your debt:
either big or small pay them off, this will allow you to calculate and manage the money with you.

7•do not borrow money to purchase irrelevant item like shopping clothes and shoe, buying cards or gadget, if you are to borrow use the money for product that pays back.

8•keep your credit card at home: this will enable you prevent on unnecessary spending.

9•have two account: one for your budget, your daily spending, second one will be your saving account which must not be touch no matter the situation.

10•INVEST WISELY: this days we have alot of business opportunity around, chose anyone you are comfortable with research on it, ask experts and then carry on…. remember we control money, money don’t control.

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