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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Tags: budget, invest, investment, personal finance, save