To successfully manage personal finance, there’s no necessity to have a degree in economics and experience in accounting. It is enough to be a little more careful about how and what you spend money on.

9 useful tips will help you manage money more efficiently:

1. Make sure your income exceeds your expenses

At the end of each month, you should have available funds left. If the budget turned out to be “in the red” — analyze your spending. Were they all justified? Are you spending on something you can do without? Try to keep unnecessary expenses to a minimum.

2. Set financial goals

Identify what you lack for ensuring financial stability. No savings? Or are they too small? Perhaps you should start saving more money?

Set a clear goal for yourself, such as saving 10% of your earnings every month. Record your gradual progress towards the goal in a special notebook or a computer file.

3. Plan out the financial future

Achieving goals is much easier if they are prioritized and have specific deadlines. Make a plan that classifies your tasks by priority and urgency.

4. Avoid impulse purchases

Unplanned purchases are one of the biggest problems in managing finance. Surely it happened that you left the store, looked at the receipt and exclaimed: “Why did I buy all this?” Unnecessary things fill the space in the home, and there is no longer enough money for something really important.

5. Make a shopping list

This will help you avoid unnecessary spending. Prepare in advance for going to the store and make a list of what you need to buy. Purchase only those products that are listed.

6. Create a financial safety cushion

It means a reserve of funds for unforeseen situations. The reserve should be enough to cover all expenses for three months. With such a safety cushion, financial troubles will not take you by surprise.

7. Find and use only advantageous offers

Do not buy the product you like in the first store you come across. Look around, you might be able to get it cheaper somewhere. Always compare offers and choose those with the best price-quality ratio.

8. Start saving for a prosperous retirement

It’s never too early to think about retirement. Each and every one of us dreams of enjoying a calm, prosperous retirement, and not fighting for survival. A modest pension can’t always meet all the needs of a person. The sooner you start making savings, the more chances you will have in old age to lead the lifestyle you desire.

9. Protect your savings

It’s great if you have already accumulated funds. However, do not forget that the currency is subject to inflation. It may turn out that in a year or two you will be able to buy much less with your money than today.

To avoid this, you need to invest part of your savings in assets that are immune to inflation. The most common and widely available of these is investment gold.

In the Global IndiaGold online store you will find precious metal bars of the highest fineness (999.9) weighing from 1 to 5 grams. Purchasing bars of lighter weight is the best way to start creating your personal gold reserve without spending too much money.

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