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| Money Management |
Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. --Ayn Rand
1. Invest in yourself: Acquire specialized knowledge and make yourself more valuable in the marketplace, thereby increase your earning power.
Take note of the following 7 ways to manage your money wisely:
2. Save first: The most effective way to do it is by forced savings. Buy an investment-linked policy, arrange a monthly standing order with your bank to invest in unit trusts or if you can save more, buy the property and pay the monthly installments.
3.Protection: Ensure adequate insurance to cover yourself against accidents, sickness, and hospitalization. Don't forget to cover the property you owned as well.
4,.Careful with Spending: Take advantage of special offers, use your credit cards to get cash rebates, buy house brand goods. Save electricity and water at home. Plan your journey to use petrol prudently.
5.Save early for retirement and tertiary education of children: Let compound interest works wonder for you. Start early and you will amass more wealth.
Take not of the following 6. Diversify your investment: As the saying goes: Don't put all the eggs in one basket. Invest according to your risk tolerant level. The younger you are the higher the risk you can bear.
7. Estate planning: Make arrangements for the hassle-free transfer of your property to the next generation. Proper planning can reduce taxes substantially
Try to save something while your salary is small; it’s impossible to save after you begin to earn more. --Jack Benny
Image source:https://www.freshbooks.com/blog/money-management-strategies
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