How important it is to plan your finances? This year of 2019 make sure that you plan your budget well to improve your financial state. Take a fresh look at your budget this 2019.But how will you do it? You need an expert advice to manage your finances. MoneyMindz, Free Financial and Investment Assistance Portal provides you professional financial advice to make you aware of financial planning and help you attain financial literacy.
These 5 steps can help you to walk towards the right financial path 2019:
Look at the money coming in
It is important to know what money is coming into your bank account each month in order to create a budget which works for you. A look at all of your money sources is necessary. You need to have a realistic idea on how your budget should be planned. Confused where to start from? Have a look at your old pay stubs and comb through your bank account to see those deposits. A crucial part of budgeting is to spend less than you earn, so having clarity upon what you earn every month is the key.
Look at the money going out
You need to look at all the money which goes out of your accounts every month. What are your current expenses? The expenses include rent/mortgage, groceries, car insurance. Gasoline, cell phone, utilities, travels etc. You need to look at the last 90 days of your spending by checking your bank account. This helps you to get an idea about how much you usually spend each month.
Keep an eye on your credit
Are you planning to make any big purchase this year? If yes, knowing your credit score is a must when you’re preparing your budget. Your credit score can influence the interest rate you pay on any loans you take out for big-ticket items, so you will need a clear picture of your score in order to correctly account for your monthly payments.
Evaluate Needs VS Wants
As you now know your income and expenses, the basic building blocks of budgeting. The main key is to spend less than you earn and still be able to earn and still be able to budget your current expenses as well as savings and debt repayment.
Use a system that works for you
Once you’re done with the above steps, it’s time to work your budget. Using your income amount, create a list of budgeting categories and plan a budget which will plan your finances. Make a track of your spending in order to make sure that you stay within your budget.
India’s First Oncall Financial Advisory Portal, MoneyMindz advices you to plan your budget in the beginning of the year in order to manage your finances leading to a carefree life. Now get professional advice from our financial experts and live a secured life.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.
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