MONEY - Managing Your Money Better

As the UK's and the World's economy is going through a difficult time many ordinary people are going through many financial difficulties. Here are some tips and advice on how to manage you money better so you can overcome your financial difficulties:

Spending Spree

Avoid buying unecessary things. Ask yourself "Do I really need to buy the lastest music cds and dvds?". When buying something you really need, try to get a big discount by shrewdly shopping around.

Don't over spend when you go out

Take a limited amount of cash with you so you don't bust your budget each week. Leave your credit cards at home so you can avoid using them.

Avoid paying hefty fine on Current Account by slipping above limited overdraft

Monitor your bank account closely so that you can avoid these mishaps.

Plan your monthly payments

Put in a place a plan to reduce your debt, first to reduce to a manageable level and then to zero. Pay atleast the minimum anmount to avoid charges.

Emergency Fund

Hav an emergency savings fund set a side to cope with life's little setback. This will avoid borrowing more money in emergency situation and increase your debt again and put you into more difficulty.

Don't dream about winning the lottery

Instead have a long term plan to build and preserve your wealth.

Don't automatically renew your insurance policies

Shop around for quality quotes in order to get the same level of protection for less.

Boost your earning from work

Get more work and more money. If your present employer pays you extra for overtime then few extra hours a week could add hundreds of pound to your annual salary. When times are tough, there is nothing wrong with taking temporary second or evening job if you can manage.

State Benefits & other entitlements

Check if you are entitled to any state benefits or other credits. Even if you are working, you may be entitled to benefits such as working tax credit, low income benefits and childcare benefits if you have children.

Increase income from Capital & Investments

One way to increase your income is to boost the returns which you recieve from income generating assets such as savings accounts, shares and so on.

Mahbubur Rahman (sasta10)

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