Don’t do this with friends!
There are many people who often wonder why they work as hard as anyone but do not have much money, even have to regularly borrow to be able to make a temporary living. Usually, they will blame it on low, unstable income… but no one who doesn’t care about low salary can still live well.
The simple reason for this situation is that they have made financial mistakes that make “money lost”, regret later below.
1. Don’t budget for monthly expenses
When we don’t budget, we are prone to making a common money mistake: living beyond our means. We all cannot maintain a lavish lifestyle money, beyond the capacity to be. Trying to keep up with the need to spend more than you earn will often land you in money trouble, debt, and financial collapse.
Always make sure you have a monthly budget and stick to it to know where your money is going and make adjustments when needed.
2. Ignore making money in your spare time
Most of us are satisfied with having only one job and one source of income. Because many people think that just going to work is tiring enough, free time should be spent resting and having fun.
But, find a way make money in your spare time is very important and not only for your bank account. It also helps you open up more skills, gain more experience to improve your career prospects later.
3. No salary negotiation
Many people when starting a new job often easily compromise with the salary offered by the company. However, this is a common mistake in personal financial management.
Negotiate wage Yours is essential. Because the company will not be able to understand your spending needs. Proactively giving your desired number will help ensure that you have enough money to cover your basic needs in life. On the other hand, if you start with a really low number, you’re underestimating your work and encouraging your new boss to do the same with other candidates.
4. Lend money to friends even if you can’t afford it
Because of the respect, not knowing how to refuse some people even though the finances are tight, the debt itself still tries to lend to friends.
Lending money to friends while you are still in trouble is really not advisable. First, it will make you even more needy, having to cut many of your best friends’ basic needs. Next, that will make every time you see that person spend something, it’s easier to think about when the money will be returned to you and easy to break the relationship. So, if you’re still struggling to make ends meet, keep your wallet tight.
5. Set unrealistic financial goals
Without financial goals is like playing soccer without golf, you will be disoriented and difficult to control and accumulate money.
However, not all financial goals are good.
Want to buy a house? Want to open your own company? Want to travel the world? When these ideas emerge, you must map out a clear roadmap with realistic timelines and money. How long does it take to save enough to deposit a house, the amount of capital to open a company is equivalent to how many months’ salary, how much do you need to spend on traveling every day…? Without a realistic roadmap, all those other goals will become far away, difficult to achieve and also make you waste time, easily discouraged in earning more income, accumulating assets.
Photo: Synthesis
at Blogtuan.info – Source: Kenh14.Vn – Read the original article here
