20 tips to help you do more with your money

(Last Updated On: October 6, 2016)

As the say money makes the mare go.  While money cannot buy happiness always but it can do it most of the times. Here are some tips so that you do not run after money but money  works for you.

  • Never Spend more than you earn
  • Most of the time you do not what is happening to your money so always create a budget plan
  • Before you spend pay your loans starting with costly loan which is mostly credit card
  • Whenever possible replace high-cost loan with a low cost one.
  • Investing in real estate is overhyped especially when it is not for personal use
  • Retirement planning starts when you are young not when you are close to retirement
  • Never underestimate the power of compounding, It’s more powerful than anything else.
  • Never underestimate inflation it can eat into your savings quickly
  • When your income increases do not increase your expenses in the same proportion
  • As with life so with your finances, always have goals. So sit back and think about your future requirements and then set up goals.
  • Cash flow is important. Always keep an eye on it
  • Markets generally provide great returns in long term .
  • If there is a market crash don’t panic and go sell all your stocks. It is a good time to buy
  • If you are married manage your money jointly
  • Always have adequate health insurance. Health costs can leave a big hole in your finances
  •  Everyone should have life insurance
  • Do not invest in a financial product you do not understand
  • Invest in experiences they make you more happy
  • Emergency funds are a must put 4-5 times your monthly expenses in emergency funds
  • Share the above tips with your kids
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Save before you spend, when you save just not save but invest wisely, when you invest do it for long term

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