How to Start Managing Your Money, For Those Who Never Learned Growing Up
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While kids and teens get to learn about a lot of stuff, most families and schools do not teach them how to manage their money. In some families, it is considered a taboo subject and many friends a...
Most of us know how much we make, but we need to pay close attention to how much money is actually coming in post-tax, and how much is going out.
You can start by writing down your Starbucks, Uber, Amazon, and take-out expenses, along with your car insurance, utility bills, subscriptions and memberships. Slowly we can realize that many of these small expenses add up to huge figures.
By noting down all your expenses on pen and paper, or on the PC excel sheet, you can start to review and analyse your spendings on a weekly or monthly basis. This will make you find innovative ways to save money, catching hold of ‘runaway spending’ that went unnoticed before.
Example: You could find that the $5 Smoothie that you had every day, could cost much less if you made it at home.
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Convenience stores add a huge markup because they don't purchase food in large quantities. They make you pay more for the convenience they provide.
Unless it's an ...
Using a cell phone plan that does not suit your needs, or paying for extra services that you do not use can be costing you money each month.
Compare and determine which plan provides the most value based on your needs. Get rid of the extra features like text messaging and mobile internet if you are not using them.
Soft drinks have one of the highest markups of any restaurant item and thus provide lower value for your money.
Dine out, but consider to rather opt for water.
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