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What's the best approach to managing debt in 2023?
The best way to manage debt is earning money. You need money to pay loans and so you should focus on earning that money. This may seem hard because maybe the money you earn is just enough for your daily expenses. That way, you may need to increase your income sources by taking up a new high payingRead more
The best way to manage debt is earning money. You need money to pay loans and so you should focus on earning that money. This may seem hard because maybe the money you earn is just enough for your daily expenses. That way, you may need to increase your income sources by taking up a new high paying job, taking a second job or starting a business.
You could also cut back on your expenses in order to have enough money left to pay off debts. There are those things you buy but aren’t really necessary, stop buying them and use that money to pay loans.
See lessHow do I secure my financial future in an uncertain job market?
It is important indeed to secure your finances in such unpredictable market. You need to have money that works for you rather than you working for money. You know, when you work for money, losing a job is highly devastating. But when money is working for you, you don't even worry too much about losiRead more
It is important indeed to secure your finances in such unpredictable market. You need to have money that works for you rather than you working for money. You know, when you work for money, losing a job is highly devastating. But when money is working for you, you don’t even worry too much about losing your job.
One great way to make money work for you is to invest a lot on assets. Have things that bring money into your pocket. It could be a property you rent out or a business that someone else is running for you.
You will also secure your finances if you have emergency savings fund and insurances. Those act as your saviours in times of emergencies and disasters.
See lessWhat is meaning of money management?
I understand money management as that practice of using money in the best possible way. Meaning that you don't spend it carelessly to the extend that you lose more than you make it. Money management is the practice of clearly defining how to use money and following through with discipline. It meansRead more
I understand money management as that practice of using money in the best possible way. Meaning that you don’t spend it carelessly to the extend that you lose more than you make it.
Money management is the practice of clearly defining how to use money and following through with discipline. It means having a budget that you follow to the later.
Money management also entails using it the right way in order to make it grow. This means that you invest the money in great methods that make it grow, that is how you build wealth.
See lessWhat is the role of a financial advisor in investment planning?
A financial advisor is a key person to consult before making any investment. This is someone who is well informed about money management and will be of much help when investing your money. One of their biggest role is helping you identify the sources of money that you will use to invest. They will aRead more
A financial advisor is a key person to consult before making any investment. This is someone who is well informed about money management and will be of much help when investing your money.
One of their biggest role is helping you identify the sources of money that you will use to invest. They will advise on the best sources that won’t affect you financially.
Another important role they play is conducting researches to know the most viable investment methods that fit you. They know your risk tolerance and so they will connect you with the most suitable investment.
See lessWhat are the principles of money management?
Some of the principles of money management that I know of include; 1. Budgeting - this is one of the most important money management strategy. A budget gives you an overview of what you spend your money on. There is need to prioritize needs over wants in your budgeting. 2. Investment - this may notRead more
Some of the principles of money management that I know of include;
1. Budgeting – this is one of the most important money management strategy. A budget gives you an overview of what you spend your money on. There is need to prioritize needs over wants in your budgeting.
2. Investment – this may not sound as a money management strategy but it is. It is one way to keep money and make it grow. When you invest money, you rarely become poor. You may be broke from time to time but it is because you can’t access your money right now as it is somewhere growing.
3. Emergency fund saving and insurance – emergencies are known to hinder with financial stability and balance. It is best to be prepared for them by saving towards them.
See lessWhat can I do to save enough money?
Saving money requires that you be making money. So always start with having an income source before you start saving. You can work either online or offline, or both, make money and start saving. Planning is very important in saving too. You have to plan on how to save. This may require you to budgetRead more
Saving money requires that you be making money. So always start with having an income source before you start saving. You can work either online or offline, or both, make money and start saving.
Planning is very important in saving too. You have to plan on how to save. This may require you to budget well and consider how much you use for expenses alongside how much you earn.
Having a clear objective is great for saving too. Otherwise, if you don’t have a specific thing to save for, I advice you to just invest the money.
See lessShould I have a goal or objective before saving money?
I think saving should be done with a clear objective and goal. That ensures that you save with discipline and consistency. Having a goal in mind such as buying a home, paying for a trip or buying a new phone. Such definite goal is great for saving. When you don't have a specific goal in mind, it isRead more
I think saving should be done with a clear objective and goal. That ensures that you save with discipline and consistency. Having a goal in mind such as buying a home, paying for a trip or buying a new phone. Such definite goal is great for saving.
When you don’t have a specific goal in mind, it is best to invest money rather than saving it. Investing ensures that your income grows and you keep it for a long time.
See lessWhat are the golden rules to save money?Â
Some of the rules that I hold on to in order to save money include; 1. Proper planning -Â saving isn't possible without a plan. Doing it randomly will only lead to inconsistency and indiscipline. So draw up a plan and follow it to the later. 2. Have a specific account for saving -Â it should be differRead more
Some of the rules that I hold on to in order to save money include;
1. Proper planning –Â saving isn’t possible without a plan. Doing it randomly will only lead to inconsistency and indiscipline. So draw up a plan and follow it to the later.
2. Have a specific account for saving –Â it should be different from where you put your personal finances. That way, you don’t find yourself using your savings for personal use.
3. Invest as a way of saving –Â this is the most preferable saving method. It not only helps you keep money but also helps you grow the money.
See lessHow to manage student loan debt this year?
Student loans can be a great burden for sure. Especially if you are not yet employed. The good thing is that most student loans don't hinder with your other financial services. So you can wait it out till you have enough capability to pay it back. When you finally have a job or a stable income sourcRead more
Student loans can be a great burden for sure. Especially if you are not yet employed. The good thing is that most student loans don’t hinder with your other financial services. So you can wait it out till you have enough capability to pay it back.
When you finally have a job or a stable income source, it is your responsibility to budget and add the student loan to your financial plans. That way, you can pay off consciously and with a plan. That will ensure that you stay stable, afford your expenses while paying off the loan in installments.
See lessCan negotiating with creditors help you get out of debt faster?
There was a time when I was in great debt from money I borrowed from a friend. But then I was also in a very bad place financially. No job, no income source and so many expenses waiting for me. I had to talk with the friend. I genuinely expressed the condition I was in. Luckily, the friend understooRead more
There was a time when I was in great debt from money I borrowed from a friend. But then I was also in a very bad place financially. No job, no income source and so many expenses waiting for me.
I had to talk with the friend. I genuinely expressed the condition I was in. Luckily, the friend understood and excused me from paying back.
I guess negotiation can quickly get you out of debt. But only if the person is so close to you and understands what you are going through. Some people and institutions will never excuse you of a loan no matter how you negotiate.
See less