The No.1 Personal finance strategy for you starts within you,
The No.1 personal finance strategy to know how to pay yourself first,
How to pay yourself first!
By paying yourself first you are starting the process of making you financially stable in your life so it is the most important thing today,
The No.1 Personal Finance strategy to be kept in your radar need to be this:
- Add up monthly income
Figure out how much money you make monthly after TAXES write the amount down.
It doesn’t depend on how much money you make but it depends on how much money you keep.Tweet
By doing this exercise you will come to know that how much you exactly make from your job or business so that you can plan your personal finance according to that,
By doing this exercise it will help you to build your personal finance after having that much money have on your hand.
2. Total up monthly bills
Housing, automobile, student loans, consumer debt, insurance, cell phone costs, pet costs, groceries and any other expense add up.
To help go 3 months back and average discretionary costs.
By cutting your monthly bills you can save and try to invest that surplus money to work for you.
3. Figure out the leftover amount
Subtract monthly bill requirements from monthly net income, this is your positive cash flow.
This exercise will help you understand how much positive cash flow you have every month in your hand so you can understand where your major money bills are going in.
4. Pay yourself first
Before ever spending money on entertainment, eating out or travel, “Pay yourself first” basically decide how much from your positive cash flow you will direct towards debt, savings or investing!
Major and master of all the richer person to accomplish wealth in their lifetime by paying themselves first help to achieve enormous wealth.
5. Pay Bills, then spend
Before spending your money, after you pay yourself first, then pay bill requirements, then spend. This process will keep you on track every month!
This above-mentioned exercise will help you to manage your finances.
For more detailed information on personal finance please read: http://meetpaniya.com/2020/06/top-10-smart-ways-to-save-and-grow-money-wisely-in-2020/
Thanks for reading,
Meet Paniya ✍