How to Control Your Finances: Save Money, Increase Income, Invest, & Grow your Networth. Stephen Berkley

How to Control Your Finances: Save Money, Increase Income, Invest, & Grow your Networth

      By Stephen Berkley

      Copyright 2019

      Third Edition, License Notes

      Copyright Info:

      This book is intended for personal reference material only. This book is not to be re-sold or redistributed to individuals without the consent of the copyright owner. If you did not pay for this book or have obtained it through illicit means then please purchase an authorized copy online. Thank you for respecting the hard work of this author.

      Legal Info:

      This author and or rights owner(s) make no claims, promises, or guarantees in regards to the accuracy, completeness, or adequacy of the contents of this book, and expressly disclaims liability for errors and omissions in the contents within. This product is for reference use only. Please consult a professional before taking action on any of the contents found within.

Preface

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      Contents

       How to Control Your Finances: Save Money, Increase Income, Invest, & Grow your Networth

       Preface

       Introduction

       How to Successfully Live Within Your Means

       Know What You Earn

       Spend Less Than What You Earn

       Step-Up Your Earning

       Stop Banking on Your Credit Card

       Forget About Tracking the Joneses

       Save For Your Purchases Rather Than Using Your Credit Card to Purchase

       Get an Exigency Fund

       New To Budgeting? Why You Should Try the 50-20-30 Rule

       What’s the 50-20-30 Rule?

       How to Commence a 50-20-30 Budget

       Why 50-20-30 Rule Can Be Relied On

       4 Straightforward Steps for Budgeting

       Summary

       Conclusion

Introduction

      How to Successfully Live Within Your Means

      Having a sense of financial responsibility will do a lot for you like promoting your financial health life. Living within your income simply means you only spend what is below or equal to what you earn in a period of one month. For several people, this is easier on paper.

      Loans, credit cards, and emergency funds let you spend more than your monthly income. Sadly, that lifestyle is not going to sustain you for a long time, and sooner or later you are going to suffer the consequences. All your savings as well as access to credit would be exhausted and at that point, you’d have to ensure some adjustments or man up to financial ruin.

Know What You Earn

      For anyone seeking to live a life of contentment, you need to ascertain what your spending limits are. Knowing how much your yearly salary is or how much you earn per hour is not going to assist you to a life of contentment. You are expected to have knowledge of your net income.

      Also, it’s important you know when your monthly income comes in. That way, you can easily tell if you can pay certain bills or not. Since the bulk of bills are catered for monthly, you need to ascertain the amount of money you get as income on a monthly basis. Multiply your weekly payments times four, while bi-weekly payments can be multiplied times two to arrive at your monthly income.

Spend Less Than What You Earn

      The moment you have sorted out the amount of money you are making, you would automatically resize your budget to fit your earning. If you still lack any, draft out a budget plan for your expenses, as that can be used to restrain your spending to a large extent. If you had already attempted budgeting and you didn’t get the expected result, try in once more. Sometimes you only need some small alterations to what you call your budget before it can work.

      Sometimes it is overwhelming trying to do budgeting during a financial period that comes with a lot of stress. Try a technique known as “backwards budgeting.” Pen your income down; remove all the expenses you pay every month. Should you arrive at a negative value, then your spending habits are way more than the required.