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How to keep a check on your
spending
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Articles
Today's world is more colourful with gadgets,
cars, fashionable clothing lines, restaurants, and holiday packages. To
supplement potential spenders, banks are aggressively marketing credit cards and
personal loans, and also with rise in salaries, the buying power of the youth is
increasing. If one doesn't make a conscious effort towards controlled spending,
he might fall prey to a debt trap.
Here are some tips to help you manage your money:
Housekeeping : Create the physical space in your home or office for storing all
your bills, bank statements, credit card statements and other financial papers
related to spending in an easy-to-access manner. Buy folders to help you easily
locate, work on and clear bills and papers as a matter of routine.
Major expenses: An easy way to track your money is to write down your expenses.
This is not as tedious as it sounds. Simply buy a pocket diary or a notepad, and
carry it along with you. This will ensure that it doesn't get lost, and you will
have it at hand whenever you need to use it. If you happen to spend on lots of
small things, you might find it terrible fishing out the diary every time you
take your wallet out. Try this alternative: jot down how much cash you have in
the wallet when you begin the day. And check how much you are left with at the
end of the day and account for most of the difference, if not all of it.
Planning: Review your bank and credit card statements, bills, and other outflows
to get a clear idea of your monthly expenses, and spending patterns. If you are
routinely running over-due on your credit cards, resolve to bring it under
control within a realistic timeframe. Take the time to allocate funds for
essentials, monthly spending and other contingencies and then plan to set aside
funds for other expenses like vacations, new equipment etc.
( Courtesy: The Economic times )
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