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Money Matters

PERSONAL finance is not something they teach in school. Most of us learn by trial and error and, inevitably, costly mistakes are made.

Whether you’?re trying to save for a rainy day, plan your retirement or purchase your first apartment, it is never too late to start building your nest egg now.

Start by making a list of all your expenses and consider small adjustments to your lifestyle that can help save you thousands.

Here are some practical tips offered by financial experts:

– Never spend more than you earn. Focus on needs and not wants when you go shopping.

– Limit the number of credit cards and make use of the privileges which offer up to 20-per-cent discount on food and shopping.

– Pay your bill on time to avoid unnecessary interest charges.

– Save whatever is left after deducting daily expenditure, allowance for parents, tax or insurance.

– Work out your financial goals and develop effective investment strategies to meet them.

– Fully understand the risk of the investment before handing over your money.

(via Todayonline, 10 Mar 2009)

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