4 Ways To Manage Your Money

Personal financial management is not taught in many schools, but it is something most people have to deal with in their lives. According to one survey, 58% of Americans have no plans to save or invest for their next life. [1] X Research Sources The average American only saves up to 10% of what they need to survive in retirement. [2] X Research Sources Average credit card debt in the United States is approximately $15,000. [3] Finding the X Source If this surprises you and you don’t want it, continue reading this article for specific guidance on delivering a better future.

Fund budgeting

4 Cara untuk Mengatur Keuangan Anda

Track all expenses for a month. No need to limit yourself. I need to know how much money I spent in a month. Keep all your receipts, track your cash and credit card spending needs, and see how much you have left at the end of the month.

4 Cara untuk Mengatur Keuangan Anda

After the first month, record how much money you’ve spent. Do not register the intended lottery. Record the actual output . Rank your purchases logically. Here’s a quick list of monthly expenses:

Monthly income: 1 million won 3 million

To produce:

Rent / Housing Installment: Rp. 500,000

Monthly fee (electricity, water, garbage) 1,000,000 won 250,000 won

Nutrients: Rp. 650,000

Eating out: 10,000 won 200,000 won

Gasoline: Rs. 400,000

Treatment: Rp. 300,000

Others: Rp. 100,000

Savings: Rs. 500,000

4 Cara untuk Mengatur Keuangan Anda

Record your actual budget. Estimate how much income to distribute each month based on the number of months spent and your history. If you prefer, you can also use budgeting software such as Mint.com to manage your budget.

In your budget, create columns for estimated and actual costs. A rough budget for planned expenses has categories. Must be the same every month and is calculated at the beginning of the month. Your actual budget is what you end up spending. The amount varies monthly and is calculated at the end of the month.

Many people set aside large sums of money for savings. You don’t have to budget to include savings, but it’s usually a good move. Professional financial planners typically advise clients to set aside 10% to 15% of her income for savings.

4 Cara untuk Mengatur Keuangan Anda

Be honest with yourself about your budget. it’s your money There’s no point in lying to yourself about how much you’re going to spend when creating your budget. The only one you lose is yourself. On the other hand, setting a budget can take months if you don’t know how to spend it. So don’t set numbers until you’re realistic with yourself.

For example, Rp. Save 500,000 monthly, but don’t write it off knowing it’s hard. Please use realistic numbers. So take a look at your budget and see if you can reorganize your budget to spend less and save more.

4 Cara untuk Mengatur Keuangan Anda

Monitor your budget from time to time. The tricky part of budgeting is that your spending can change from month to month. The best thing about fund budgets is the ability to track changes. This allows you to see exactly where your money is spent throughout the year.

Set a budget and see how much you spend. After setting a budget, many people find themselves spending a lot of money on things that don’t matter. With this knowledge, you can change your spending habits and use your money more profitably.

Be prepared for the unexpected. When you set a budget, you know you’ll end up spending money on the unexpected, but you should also be prepared. Of course, if you don’t intend to damage your car or have a child who needs care, you’ll need to plan something similar so that you’re financially prepared when you receive care. .

spend money wisely

4 Cara untuk Mengatur Keuangan Anda

Do not borrow or buy. How often do you buy DVDs that haven’t been used in years to dust them off? Books, magazines, DVDs, party supplies, gadgets. You can rent sports equipment at low prices. Leasing can often help you cut costs, save storage space, and get things done better.

Please do not borrow. Must buy for long term use. Do a quick price analysis to find your best option.

4 Cara untuk Mengatur Keuangan Anda

If you have the money, pay a large down payment on your mortgage. For many people, buying a home is the most expensive and most important expense in their lives. Therefore, you need to manage your mortgage funds wisely. The goal of repaying a mortgage is to minimize interest and expenses and balance the rest of your budget.

Make an advance payment. The first seven-year mortgage repayments usually have the highest interest rates. If possible, use some of that money to pay income taxes and pay off your mortgage. Paying in advance pays less interest and allows you to grow your balance faster.

Find out if you can pay every two weeks instead of monthly. Find out if you can pay your mortgage in 26 annual installments instead of 12. With no associated costs, you can save millions of rupees. Some lenders charge hefty fees for this. Sometimes only once a month.

For refinancing, please contact your landlord. If you can refinance your loan from 6.7% to 5.7% for the same amount, take this opportunity. Mortgages can be repaid years in advance.

4 Cara untuk Mengatur Keuangan Anda

Please note that you may need a credit card to get the loan. If your credit score is 750 or higher, you’ll get lower interest rates and new loan opportunities. This should not be taken lightly. Even people who rarely use credit cards should have one. If you’re not confident, put your credit card in your desk drawer.

Treat credit cards like cash. This is reality. Some people treat their credit cards like unlimited money, making purchases they can’t afford and only paying the minimum monthly installments. please.

Limit the use of credits. Low credit usage means a low leverage ratio to the credit limit. For example, there is the Rp limit. 1000000, but using only Rs. 1,000,000 and a very low debt/equity ratio of 1:10. With a limit of IDR 2,000,000 and a usage of IDR 1,000,000, the leverage ratio is quite high at 1:2.

4 Cara untuk Mengatur Keuangan Anda

Use what you have, not what you expect to get. You may think you have a lot of income, otherwise money is a suicide attempt. The first and most important rule of thumb for spending money is to only use what you have, not what you expect to get, except in an emergency. This can save you from future debt.

smart investment

4 Cara untuk Mengatur Keuangan Anda

Find out about various investment options. As you get older, you realize that the world of finance is more complicated than you imagined when you were younger. There are many options for exchanging fantasy items . You can bet on things that didn’t happen, buy stocks, etc. The more you know about financial instruments and their possibilities, the better your investment skills. Sometimes it just knows when to stop.

4 Cara untuk Mengatur Keuangan Anda

Take advantage of the retirement plans your company offers. Employees can often choose her 401(k) retirement plan. With this plan, part of your salary is automatically transferred to retirement benefits. This is a great way to save money as it will be deducted from your salary before it is deducted. Most people are unaware of these payments.

For company policy, please contact your company’s Human Resources representative. Some large companies with profitable retirement plans have doubled their investments by investing heavily in their 401(k)s. So if you put 1 million rupees into your salary, the company will give you 1 million rupees. Another 1,000,000 so invest Rs. 2,000,000 yen will be paid each time.

4 Cara untuk Mengatur Keuangan Anda

Don’t play if you’re going to take action. Many people trade on the stock exchange every day and suffer small profits and losses. This may be an effective method for the experienced, but it is very risky and more like a bet than an investment. If you want to invest safely in the stock market, invest for the long term. So you have to invest for 10, 20, 30 years or longer.

When choosing stocks to invest in, learn the basics of the company (asset value, product history, how employees are evaluated, strategic partnerships). Essentially, you’re betting that the company’s current share price will rise in the future.

Consider purchasing a mutual fund product for safer betting. Mutual funds are a series of actions combined to reduce risk. Simple. If you invest all your money in one stock and the price of that stock goes down, you will lose a lot. Even if it falls, it won’t have a big impact on your investment. This is how mutual funds reduce risk.

4 Cara untuk Mengatur Keuangan Anda

Find good insurance. A wise person is always prepared for the unexpected and has a plan just in case. You never know when you might need a lot of money in an emergency. Having the right insurance can help you survive a crisis. Discuss with your family the types of insurance that will help you in an emergency.

Life insurance (if you or your spouse suddenly dies)

Health insurance (for unexpected medical expenses)

Homeowner insurance (insurance in case something happens to your home)

Disaster insurance (hurricanes, earthquakes, floods, fires, etc.)

4 Cara untuk Mengatur Keuangan Anda

Consider establishing a Pension Fund for Financial Institutions (DPLK). In addition to the BPJS Retirement Guarantee (JHT), which is highly dependent on salary, please contact your financial advisor to discuss the possibility of creating a DPLK. For example, this pension fund allows you to invest a certain amount and withdraw it when you turn 60.

DPLK may invest in stocks, equities, bonds, mutual funds, and annuities, enabling these funds to grow exponentially over many years. When you first invest money in DPLK, the resulting structure (including interest) allows your investment to grow exponentially over time.

Please consult with your insurance agent regarding income insurance products. This type of plan allows you to receive annual retirement benefits with no downtime. These rewards may be passed on to your spouse after your death.

start saving

4 Cara untuk Mengatur Keuangan Anda

Start by saving as much income as possible. Prioritize savings in your life. Organize your money so that you can save about 10% of your total income, even if you’re on a tight budget.

please think about it. If you can save 30,000,000 IDR per year (less than 3,000,000 IDR per month), after 15 years you will get 450,000,000 IDR. Enough to pay for your child’s college tuition, start investing, or make a large down payment on a home.

Start saving while you are young. Saving money is important even when you are in school. Saving people properly treats them morally, not out of necessity. A small donation can turn into a large donation if you start from scratch and invest your savings wisely.

4 Cara untuk Mengatur Keuangan Anda

Create an emergency fund account. The essence of savings is the division of disposable income. To get a decent income, you need to get out of debt. Being debt free is like asking for money for an emergency.

please think about it. Let’s say your car breaks down and you suddenly have to spend 20,000,000 rupees. You had to take out a loan because you hadn’t planned it. The interest you receive may be too high. As a result, you will have to pay 6-7% interest on the loan and will not be able to save for the next 6 months.

Having an emergency fund can help you avoid loans and interest. This is very convenient for you.

4 Cara untuk Mengatur Keuangan Anda

When you start saving for retirement or an emergency fund, save as much as you need for three to six months. Again, frugality prepares for uncertainty. If you suddenly get laid off or your company cuts taxes, you don’t want to go into debt to survive. By providing the savings you need in three, six, or nine months, you can ensure your financial security in the event of a disaster.

4 Cara untuk Mengatur Keuangan Anda

Once the loan is paid off, start repaying it. Whether it’s credit card debt or mortgage debt, debt can get in the way of your savings. , focusing on unpaid debts first). Then pay off the debt at the second highest interest rate. Keep working until the debt is paid off.

4 Cara untuk Mengatur Keuangan Anda

Start saving for your old age. If you’re in his 45s to his 50s and haven’t started saving for retirement, it’s very important to “recover” yourself. Deposit the maximum amount into your 401(k) account each year. After 50, you have to work harder.

Prioritize retirement savings over savings for your children’s education. You can borrow money to pay for your child’s college tuition, but you can’t borrow money to add to your retirement savings.

If you’re not sure how much to save, use our online retirement calculator. You can use Kiplinger’s calculator here.

Please contact your financial planner or advisor. If you want to maximize your retirement savings but don’t know where to start, talk to a professional, certified financial planner. A financial planner is trained to invest money wisely and generally has a record of her ROI being excellent. On the one hand you have to pay for services, on the other you have to pay to give money. not bad.

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