In the uncertainty world it looks dificult to have good financial planning for people who has single income. does anybody share with me?
First list all your expenses over a given time period like per month.
Next list your income.
Add both up–if your expenses are greater than your income you need to do one of two things. A: reduce your expenses or B: increase your income.
Once you have your needs covered, you give yourself something to spend that’s extra but not too much. Set up a regular savings plan with your bank. Even if it’s only a few dollars per month going into a savings account, it will add up. Try not too look at it and let it grow so you will have it in case of a major emergency like losing your job or something like that. Seeing a huge sale on collector dolls on the shopping channel is not a major emergency.
Once you learn to live within your means, everything else is downhill from there. You might buy a book on personal finance. They have lots of them at the local bookstore. Or you can just go to your local library and read them for free!
Start small and be consistent. Set up a money market account and have a small amount of money automatically deposited every month. Try to save as much as you can each month and keep it up until the balance of your money market account is at least equal to three months worth of expenses.
If your employer offers a retirement plan, sign up for it. ESPECIALLY if your employer provides a match.
If you have a family or loved ones that depend on your income, get life insurance.
Seek out a financial planner. Be very skeptical of career life insurance agents and absolutely avoid anyone who:
tells you to only buy term insurance.
tells you to only buy permanent insurance.
uses a multiple of salary approach to determine your need for coverage.
References :
I can advice you.
References :
First list all your expenses over a given time period like per month.
Next list your income.
Add both up–if your expenses are greater than your income you need to do one of two things. A: reduce your expenses or B: increase your income.
Once you have your needs covered, you give yourself something to spend that’s extra but not too much. Set up a regular savings plan with your bank. Even if it’s only a few dollars per month going into a savings account, it will add up. Try not too look at it and let it grow so you will have it in case of a major emergency like losing your job or something like that. Seeing a huge sale on collector dolls on the shopping channel is not a major emergency.
Once you learn to live within your means, everything else is downhill from there. You might buy a book on personal finance. They have lots of them at the local bookstore. Or you can just go to your local library and read them for free!
References :