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First step to make your money grow

By Edited May 24, 2016 0 0
Grow your money(110863)

Grow your money

Before you try to make your money grow, you first need to understand your own personal situation and manage your current financial position. Most of the time when it comes to personal finance the answer is so obvious and simple that it is often overlooked. This article will help you to understand where you currently stand, before you can measure how far you have travelled you first need to measure a starting point.

When a ship starts to sink the first step is to look for the leaks before bailing out the water, by no means am I saying that your financial ship is sinking. Start off by looking at your bank accounts; make a list on a piece of paper of all your financial accounts. In the next column write out any fees that are associated with that account. In the final column decide whether the account is necessary or not.

Work backwards through your list, first step is to close or cancel any unnecessary accounts. Now look at your remaining accounts and have a shop around, look for bank accounts that don’t charge fees or charge a lower amount of fees than your current accounts. These simple steps can save you money.

Personal Finance(110865)

When did you last take a close look at your bills? It’s easy to simply pay the bill each month and not concern yourself with a more in-depth look but how much damage is this doing. Most bills are created automatically and therefore there is always the possibility of an error, each month make sure you have a quick look through your bill to ensure there a no anomalies like a long distance call to Australia or a charge on your credit card for 100 fake noses.

The next question is “do you need all your bills?” Monitor your consumption for each bill and decide if the quota is too much for your situation, for example if you have a quota of 100Gb of internet and you only use 12Gb a month, than maybe you should consider decreasing your plan and quota and saving some money, also consider shopping around and looking for better deals from other companies.

Your wage is your life support without it you would find it hard to put food on the table. You work hard so you should make sure that your wage is correct, use a simple Microsoft excel spread sheet to keep track of your payroll, If something does not make sense on your payslip make sure you ask your payroll department i am sure they will be glad to help.

Once you have stream lined your bank accounts and assessed your bills, sit down and calculate how much money you have to spend once the bills have been paid, this money is the money which you can put into savings accounts or pay of excess credit card debt. Whatever you decide to do with the extra money make sure it is working hard to give you the maximum benefit.

Remember money saved today is worth more than money saved tomorrow, Happy Savings

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