MONEY TIPS

Learning effective money management not only enables you to live comfortably within your means but also helps you to increase your wealth. Use these money management tips to stays in control of your money.

1. Set your money management goals
    
     Money management is a mean to an end. However make sure your goal practical and be 
     sure the end"is in clear sight. Althought your money management goal may be to have a
     comfortable retirement, start small with objectives like paying off a credit card witin X
     number of months or saving $X by the end of the year. In money management like in any
     regimen there's like the satisfaction of success to keep you on track.

2. Know what you have

    Before you can live within your means, you need to know what your mean are. Start your
    money management by taking stock of your money. You'll will surprised at how rich you are.

• As well as the cash in your pocket or purse, including piggy bank cash and bank balances.
• Go on treasure hunt to find lost money. Lock in coat and trouser pockets, through birthday or other greeting cards, jewelry boxes, dresser drawer, under furniture and under your bed.
• Although our money is an asset and all of our assets are types of our money.

   However although all of our possessions are parts of our wealth that we can turn into cash,
   usually we want to protect these possessions from creditors. For instance, you probably don't
   want to sell your caror cash in valuable coins colletion to pay a bill. Yet the ability to convert
   property to cash is good concept to rememberin identifying and effectively managing your
   money.

3. Track your income

   Really track your income. If your have at least month's worth of old check stubs, add them up
   and divide them to see what your average income is. Better yet if you can addfor a quarter
   year and divede by 13 (number of weekin a quarter)you'll get a more accurate view of earning
   power. If you haven't saved your salary, do ti for at least four weeks. Dont just add your weekly
   wage times four. You'll be forgetting sick's days, flat tire days and omitting extra income from
   overtime and holidays. 

4. Track your spending

   Once you know what money you have now and what income you expect to get, it's time to find
   out where you money goes. Take a month and track your spending down to penny.


Record everything! In additional to trcking the cash you spen, record every bill payment, cheque, debit and credit card expenditure. Include the amount you paid, who you paid (or where you shopped) and the date you made the purchase.

After the couple of weeks, you'll find yourself reconsidering if you are really need to pack of gum or mid-morning cafe latte. This money management exercise is designed to show you how you usually spend you moneyso it important during this month not to deny yourself your usual pleasures no matter how trivial they are.

setting a realistic goal, knowing what you have, what you expect to earn and tracking your spending are the basics of money management that enable you to control tour money and make wise budgeting choises in future.