How Can I Manage My Money?
There's a reason so many Americans are short on savings and drowning in debt: They have no idea how to manage their money. If your finances are deep in disarray, it's time to get a handle on them sooner rather than later. This means understanding how you're spending money, establishing an emergency fund, and determining what financial goals you want to focus on. Here, we'll review a few key steps for getting on top of your finances.
It's estimated that almost 60% of Americans fail to follow a budget, even though a budget is probably the single most effective money management tool out there. If you've yet to create a budget, the first thing you need to do is set one up immediately. To do so, simply list your recurring monthly expenses, factor in once-a-year expenses, and compare those numbers to your take-home pay. Ideally, you should come to find that you're able to save at least 10% of each paycheck while keeping up with your regular bills. If that's not the case, then you'll need to start making changes to free up more room for savings.
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Source: Fool.com
