![]() ![]() Harv Eker said it best – “It comes down to this: Either you control money, or it controls you. Once you have a foundation and have developed strong money management skills, this will help you succeed in the future. If you can’t manage a certain amount of money/month, you will be in trouble when you start making a lot of money. ![]() It’s important to do this as early as possible. If you budget and track your spending every week, and you are ensuring that you have a positive cash flow, you will have a better sense of control of your life. Doing so allows you to see where your money is going every month, and it helps you build up your credit score. I also highly recommend that you use a debit/visa card for all of your transactions. If you find that your expenses are too high then you need to set up a budget.Īsk yourself, “How much do I want to save every month?” From there, look for ways of how you can cut down on your spending. You always need to make sure that your income is higher than what your expenses are, and that you have a ‘positive cash flow’, which will allow you to save money, invest, build a business, etc. From this list, you will know what your expenses are and what your income is. In addition, you need to track and add up how much you are making from your job, business, investments, passive income streams, etc. Make sure that you are tracking this on a weekly basis, especially at the beginning. When you look at the total number of what you are spending every month, it will be an eye opener for you, and you will realize how you are living. You can track this by using Microsoft Excel, a Google spreadsheet, etc.Įxamples of categories could be rent/mortgage, cell phone, internet, gym membership, groceries, eating out, entertainment, car payments, gas, transportation, school fees, etc. It’s even better if you can categorize your spending. Go through every transaction that you have and add it all up. You need to go back several months in order to identify your patterns of spending. Make a list of all your existing expenses – credit cards, online banking, receipts, debit cards, etc. Ask yourself, “How much is my budget going to be/month?” You cant live for today, rather, you need to think ahead and prepare for the future. I wanted to make money and spend money, but I soon realized that living that way was at a cost to my future. When I was younger, I remember that I never wanted to make a sacrifice. A budget is a way of sacrificing something in your life. Before you can even think about investing money, you need to make sure that you manage your money and set up a budget. If you are living paycheque to paycheque, then you are stuck in the rat race, and you are never going to be able to get ahead. ![]() #We gotto have moneymoney how to#Want to learn how to build your own online business? CLICK HERE to get my free course on 7 online business models that have made me an internet millionaire! ![]()
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