Finance Friday

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 SET A BUDGET.. 

It is essential to learn the importance of saving money. For some odd reason they don't teach you the importance of managing money in school. Here are a couple ways to save money:

1. Create a budget

A budget is a breakdown of how much money you have coming in and how much you have going out each month. Once you know your income and expense total; you subtract your expenses from your income. You should have money left over, but you should also still spend this money wisely. 

2. Save with a purpose

You should put a certain percentage of your income in your savings based on how much money you are making. Recognize what you can spend less on such as, dining out, entertainment, and material things.

3. Shop smarter  

Try to avoid impulse purchases by making a list, and sticking to it. Look for sales and compares prices of items. Be cautious not to buy more than you realistically need. 

 

Knowledge is power. Obviously no one is perfect when it comes to dealing with money, but it is important we are aware that managing your money could make life a whole lot easier.