Capital Management Services - 8 Simple Money Management Tips

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Capital Management Services - 8 Simple Money
Management Tips
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As my dear old grandmother used to say, save
30, use 30 to pay bills , enjoy the 30, and
always hold 10 for emergencies.. Home economics
at its humble best , but if you stick to it, and
as a rule of thumb this genuinely works. But let
us dig deeper and look at specific, shrewd and
basic money management tips which will compliment
your lifes financial balance sheet - Accounts
payable and receivables.
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8 Simple Money Management Tips Create A
Budget Track Your Net Worth Money
Goals Organize Your Savings Investments Automate
Sinking Funds Organize Your Debts Allocate
Additional Money Allocate Additional Money
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Create A Budget This common sense move is
vitally important as you have to know where every
single dollar comes from and where it is going.
Take it from me this will make a huge difference
to the management of your money. Once you have
created your budget, abide by it at all times.
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Track Your Net Worth Money Goals Invariably
this will entail redeeming outstanding debts, or
saving for a house deposit or, that dream holiday
you have always wanted. Once you do this, it will
prove to be an eye opener and more so when you
see the numbers change monthly.
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Organize Your Savings Investments Quite simply,
it is not wise having all your money in one
account. Have a short term savings account, a
long term savings account and finally, an
emergency account which is easily accessible.
Look at investment products which pay a fixed
income and compound this income. Max out your
annual tax free investment allowances.
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Automate Pay as much as possible by way of direct
debit, including but not necessarily limited to
debt obligations, but rather investments as well.
This is quick, easy and simple and far from time
consuming.
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Sinking Funds These allow you to keep your mind
clearer and facilitate the requirement for medium
term monetary expenses. For example, have a
sinking fund for birthdays, Christmas and other
special occasions. Set up one for car and house
repairs.
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Organize Your Debts Write them all down together
with their respective rates of interest and
ascertain a way you can optimize them. Could you
for example, get a zero per cent interest rate
card? Can you get a low interest rate loan in
order to consolidate all your debts?
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Allocate Additional Money If you hit an
additional windfall of money, birthday gifts or a
tax refund, implement a method of allocating this
money wisely. For example, put it towards paying
off high interest debt obligations.
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Start Investing In one succinct sentence this is
the most important tip of them all. Start of
small and regular, even if it is such basic
investment products as index funds. Build up your
knowledge of investment matters, and look at blue
chip stock plain vanilla investing. Understand
the different types of investment risk and the
importance of capital market investment
diversification. Put simply, educate yourself on
all matters pertaining to investing. In summary,
most of this is common sense and logical, but
where money is involved many of us depart from
the realms of common sense finding ourselves in
choppy financial waters. Capital Management
Services have the knowledge and expertise to help
you in money management. They very well know
money management and have team of experts.
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To know more visit https//www.capital-management
.com.au/