January 29,2023
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Want to achieve financial overall? Get to know more deeply the following characteristics of managing finances well.
The process of getting financial success is not an easy thing to do.
It takes time and stages. We need to be disciplined in managing finances so that we can enjoy it in old age, educate our children and not cause trouble for those closest to us. So, so that you can have a healthy financial condition, managing your finances well is one of the first things to start with.
Then what are the characteristics of us being able to manage finances well?
1.Have Neat Records for Routine Entries and Expenditures
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How big is your income? And do you realize how much money you spend per month? Making notes about routine expenses can certainly make you able to manage your finances well.
READ MORE:7 Strategies for Preparing Children's Education Funds Up to the Graduate Level
By having a good financial record, you will know your financial direction. This record will be useful to find out where your spending allocations are going in more detail so that you can make a more informed decision in the future.
2.Knowing how much Budget is Budgeted
Managing finances will certainly be difficult to let go of preparing the right budgeting. If you want to have secure finances in the future, you need to determine a budget and financial priorities in order to achieve the desired goals.
3.Have Savings
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Having savings is mandatory for some people, because we don't know our fate in the future.
Setting aside some money for savings is important. Even though it doesn't have to be in large amounts, saving little by little will help you face the future. Saving does not have to be in large amounts but according to your ability. And try not to use these funds to spend what you want but to save for the future.
4.Discipline in Shopping
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When shopping, the most important thing is to set priorities, meaning spending according to what is needed is very important and to avoid spending more than income. When you shop blindly this can get you into debt. And that debt will make your financial condition worse. Imagine the interest on the debt and the longer it takes you to pay it off, the heavier your financial burden will be in the future.
So stay away from unnecessary shopping, be stylish according to what's in your wallet.
5.Have an Emergency Fund
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Having an emergency fund is important so that our financial condition remains healthy. Because we can't predict what will happen in the future. An emergency fund can be like gold jewelry, so when we need it, we can just sell it for money, or put your emergency money aside in a safe place. An emergency fund will really help us in dealing with unexpected events. For example, what happened during this pandemic, by having an emergency fund we can still make ends meet when our income is declining.
6.Don't feel miserable at the end of the month
Record each budget, between income and expenses. Don't get bigger than the stake. If you often feel stressed at the end of the month because of difficulty paying bills or debts, then this is a sign that your financial condition is not doing well. If at the end of the month you feel calm and are not worried about the contents of your wallet, this is a sign that you are able to manage your finances well.
7.Have Health Insurance
Every activity we do has a risk. And if that risk occurs, it usually has a significant impact on our personal financial condition. For example, if you suddenly experience pain that requires care and treatment at great expense. Of course this will shake our finances.
For this reason, having health insurance is important for us to cover the required medical expenses so that personal financial stability will not be shaken too deeply.
Being able to manage finances well is important. Because everyone's age will continue to grow but their energy will decrease. And when we can manage finances well, we have enough provisions for a happy old age. We can also live independently, be able to meet our needs and not be a burden to those closest to us.
Having health insurance is important to cover the required medical expenses so that personal financial stability will not be shaken too deeply.
Today, financial intelligence is often interpreted as investing routinely. Although this term has many interpretations, the main concept is maintaining a healthy financial position.
Financially intelligent people are well versed in dealing with expenses, credit, and other money matters. Financially smart people have a series of good financial strategies, namely through proper planning and budgeting. Therefore, it's time for you to know smart financial tips to become a financially smart person. That way, your financial condition will be much more stable. To help determine how financially savvy you are, share financial tips that you should know. The following are some of the characteristics of financially intelligent people quoted from the Pure Point Financial site.
Characteristics of Financially Smart People includes:
1.Live according to existing abilities
One of the important and best steps for your financial success is to plan and budget early. You need to keep track of how much income and expenses are. In addition, you also need to determine your short-term and long-term financial goals. Financially smart people also always find alternatives to save on the cost of necessities.
2.Look for the best deals
Even though account balances keep growing, the financially savvy person knows how to shop the right way. For example, when they want to buy something, financially savvy people will look for discounts and coupons. The financial savvy knows, they can still use their money as future savings.
3.Routinely save and invest
Another thing that financially savvy people do is save regularly. They always try to set aside a portion of their salary to meet short-term and long-term goals. When saving, they don't forget to take profits from investing. Although the stock market fluctuates, historically investments can return as high as 7% per year.
4.Always Monitor Credit
You probably already know that credit affects interest rates. This is a concern when you apply for car, home, and credit card loans. People who are financially healthy routinely check their credit reports every year.
Those are some of the characteristics of financially intelligent people that you must know. If you don't feel you meet the criteria above, start changing your habits. You can start small, like saving money and avoiding buying unnecessary things.
Source
www.allianz.co.id
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