The spending should be less than the monthly income to manage the money.
The disposable income must be determined, the amount that is spent each month, and make sure that the spending is less than the income.
In the event that the annual income is $ 30,000 and $ 31,000 is spent, this will cause a spiral of debt that It is difficult to get rid of them, but if spending is equal to income, then there will be no money for emergencies or changes that may occur suddenly, and therefore spending less than income allows dealing with inevitable crises, saving, and planning for the future.
Planning for the future, for example, if it is.
There is an offer in a store to buy some items and pay for them within six months, then you must first think about whether it is actually possible to pay them, and if this is not available then the deal should be avoided, and it is advised to save some money aside, as this gives the opportunity to pay for the car repairs, Or unexpected medical bills, in addition to the necessity to prepare a post-retirement plan that enables money to be obtained after work is completed.
Regulating money spending There must be a specific method for spending money, and advice in this regard:
- It is good. Keep a sheet or record J Between the expenses and the available amount, by writing what was spent daily, and calculating the remaining amount.
- Commitment to certain limits for spending, and stopping spending money when the exchange has exceeded the current limit, helps to stick to the specified budget.
- At the end of the month, if there is an amount remaining, you can think of the most appropriate way to deal with it, and from the available options, put it in the savings account in order to pay bills whose value varies from month to month, such as electricity bills, or put it as an available amount for the next month.
Tips to save money You can save money by following many steps, the most important of which are:
- Using public transportation, or riding a bicycle if available.
- Try to buy clothes during promotional periods.
- Washing clothes in the correct way, washing them in the wrong way may damage them, which means spending more money to buy the same item again.
- Pay your bills on time because you don’t have to pay interest. Buy groceries in bulk – they’re less expensive for the same amount.
How to collect money?
If you don’t have money you can’t manage it right? so here are some simple ways to collect the money
Renting a parking place A person who lives in a crowded area and has an additional parking space can rent the space in exchange for cash to be paid by the hour, week, or month, and it can be announced on the Internet and mention the location details or subscribe to one of the applications that facilitate access to more From clients, such as Spot or Just Park.
Co-in-Residence You can take advantage of an extra room in the house and offer it to someone to become a partner in the apartment; To be able to pay the rent, in addition to contributing to the payment of other bills, such as utilities, electricity, and the Internet, and this method is one of the best ways to quickly raise money.
Personal blogs You can create a personal blog on any topic of interest, and choose one of the profitable specialized areas, which Through it, hobbies, ideas, and feelings are shared with others, and the page is used to make real contacts with people, and to achieve profits, the blog must be advertised on the Internet by one of the sites, such as Google Adwords.
Selling old electronics Many have old electronic devices that are not used, Such as computers, laptops, cell phones or smartphones and other technical elements; Although it has the advantages of the previous generation, it is often of interest to some, and therefore it is possible to raise money by selling it.
There is no need to buy expensive video equipment and invest in it; All that can be done is upload entertaining or informational videos to YouTube, then choose to enable personalized ads before those videos, so that you can get a little money for each video view, and it is noteworthy that the site (PewDiePie) managed to collect a million dollars on The YouTube route according to the reports of Multimedia Tools.