5 STEPS TO MONEY MANAGEMENT

Ok, this is about your financial management. Many people wants to be a Millionaire, but end up with nothing. Here are 5 financial management tips that can help you boost your income. I get this idea from Adam Khoo (one of Singapore youngest self-made Millionaire). Frankly, Adamis one of my favourite gurus, I've got almost all of his books. BeforeI tell you the 5 tips, you need to know some rough idea about moneymanagement first.

There are people who earn $1,000 every month, and claim that it is notenough (this is true though). However, there are also people who areearning $10,000 each month, and still claim that it is not enough. Whyis this so? This is due to poor money management. Therefore you mustknow these 5 tips before you can increase your savings and reduce yourexpenses. You must spend time and effort into your money management,only then you can be rich. If you don't know how to manage your money,then they will slip through your hand easily.Don't expect thatthis will happen automatically. Every rich people knows that it istheir wealth their money, they need to manage them at least one hour aday. But for average people (who are not yet rich), they spend lessthan 1 hour each month managing their money. And that 1 hour usually isspend paying bills. That is why the rich is getting richer while thepoor is getting poorer. But here are some tips that can help you manageyour money.1. Always Ask For DiscountYouknow, most of the stores that you bought your goods from, usually theyare not fixed price. If you open your mouth and ask for discount, thereare 70% of chances that you will succeed. Know this fact, if you have10% of discount, you know what this means? This means that you have gotan immediate 10% returns on your money. Over a long term, you will savemore money than you can expected. (Psst, use the money you save andinvest in money making strategies or anything that will make youricher.)2. Always Ask For ReceiptWhyyou need a receipt? One reason, so that you can track every singleexpenses in the end of month. Depends on what goods you bought, ifpossible, claim it as business expenses and get a tax deduction.3. At The End Of Month, Record All Your ExpensesYoumust record all your expenses in your personal financial managementsheet. Be it in your note book or you can record it in your computer,with Excel. By doing so, only then you can track where your money hasgone to.4. Use Credit Card Whenever PossibleThisis of course you must clear all the payment before the due date. At theend of month, you will receive statement which will make easy for youto record your expenses. In addition, many credit cards offer prizes ifyou use them more.5. Update Your Income Statement In The End Of MonthTryto do a personal income statement that record all your incomes andexpenses. Update it each month. You must use a system to track whereevery single dollar goes. Only when you know where your money is going,can you take steps to channel it to your savings and investments.Youmust develop this money managing habits to get you richer. Althoughdoing this everyday may sound tedious. But it is very important to knowwhere your money has spent and how much you have saved. Many businessesfailed because they don't know how to manage their financial and moneyproperly. So don't be one of them! To your success.You can always learn more here, The Millionaire Secrets!

Article Tags: Money Management, Each Month