Top Ten Financial Tips.
1. Pay for what you are doing and spending less than income.
It sounds simple, but many people struggle with this first basic rule. Make sure we know what the market value of our work. We can carry out an assessment of the skills, productivity, job tasks, contribution to the company, and the rate constants, both inside and outside the company, for what we do.
2. Stick to a budget
Budget is very important. How can you know where your money is going if you do not budget? How do you set spending and saving goals if you do not know where your money is going? You need a budget whether you make thousands or hundreds of thousands of ringgits a year.
3. Pay Off Credit Card Debt
Credit card debt is the number one obstacle to getting ahead financially. Small pieces of plastic that is easy to use, and it's very easy to forget that it's real money we're dealing with when we hit them out to pay for a purchase, large or small. Despite our good resolves to pay around quickly, the reality is that we often do not, and end up paying more for things than we would have paid if we had used cash.
4. Contribute to a Retirement Plan
Make sure we have our own retirement plan. This is to ensure a comfortable life after we retire.
5. Have a Savings Plan
You've heard it before: Pay yourself first! If you wait until you've met all your other financial obligations before seeing what's left over for saving, chances are you will not have a healthy savings account or investments. Resolve to set aside at least 5% to 10% of your salary for savings before you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.
6. Invest!
If you're contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better
7. Maximize Your Job Benefits
Flexible spending accounts, medical and dental insurance, etc., are of high value. Make sure you maximize your own and take advantage of people who can save you money by reducing taxes or out-of-pocket expenses.
8. Review Your Insurance Coverages
Too many people are talking in paying too much for life insurance and disability, either by adding protection for car loans, buying whole life insurance policy on the life expectancy of more sense, or buying life insurance when you do not have dependents. Rather, it is important that you have enough insurance to protect your family and your income in case of death or disability.
9. Update your "wasiat".
Many of us do not have a wasiat. If you have dependents, no matter how little or how much you have, you need a wasiat. Protecting your loved ones. Writing a wasiat now.
10. Keeping Good Records
If you do not keep good records, you may not be claiming all your allowable income tax deductions and credits. Hold the current system and use it throughout the year. It's much easier than scrambling to find everything at tax time, only to lose the things that might have saved you money.
It sounds simple, but many people struggle with this first basic rule. Make sure we know what the market value of our work. We can carry out an assessment of the skills, productivity, job tasks, contribution to the company, and the rate constants, both inside and outside the company, for what we do.
2. Stick to a budget
Budget is very important. How can you know where your money is going if you do not budget? How do you set spending and saving goals if you do not know where your money is going? You need a budget whether you make thousands or hundreds of thousands of ringgits a year.
3. Pay Off Credit Card Debt
Credit card debt is the number one obstacle to getting ahead financially. Small pieces of plastic that is easy to use, and it's very easy to forget that it's real money we're dealing with when we hit them out to pay for a purchase, large or small. Despite our good resolves to pay around quickly, the reality is that we often do not, and end up paying more for things than we would have paid if we had used cash.
4. Contribute to a Retirement Plan
Make sure we have our own retirement plan. This is to ensure a comfortable life after we retire.
5. Have a Savings Plan
You've heard it before: Pay yourself first! If you wait until you've met all your other financial obligations before seeing what's left over for saving, chances are you will not have a healthy savings account or investments. Resolve to set aside at least 5% to 10% of your salary for savings before you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.
6. Invest!
If you're contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better
7. Maximize Your Job Benefits
Flexible spending accounts, medical and dental insurance, etc., are of high value. Make sure you maximize your own and take advantage of people who can save you money by reducing taxes or out-of-pocket expenses.
8. Review Your Insurance Coverages
Too many people are talking in paying too much for life insurance and disability, either by adding protection for car loans, buying whole life insurance policy on the life expectancy of more sense, or buying life insurance when you do not have dependents. Rather, it is important that you have enough insurance to protect your family and your income in case of death or disability.
9. Update your "wasiat".
Many of us do not have a wasiat. If you have dependents, no matter how little or how much you have, you need a wasiat. Protecting your loved ones. Writing a wasiat now.
10. Keeping Good Records
If you do not keep good records, you may not be claiming all your allowable income tax deductions and credits. Hold the current system and use it throughout the year. It's much easier than scrambling to find everything at tax time, only to lose the things that might have saved you money.
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