Before you can control your finances you have to stop the leaks. You may well have enough money but the problem might be that it leaks away too quickly before you use it or invest it.
Some of the major ways money leaks out from your purse are taxation, unwise investment, paying interest, impulse spending, car,poor health and financial illiteracy.
You need to examine yourself and locate the leaks and take drastic measures to checkmate it. You will be amazed to discover how much you have lost through just one of this leaks annually. To manage or stop the leaks and put your finances under control the leaks discovered must be addressed squarely.
Some Tips To Help The Leaks Are:
- Become financially intelligent thoroughly educating in financial matters.
- Cut down your spending. Do you know that the poor and wealthy spend more than the rich and wealthy? While the rich and wealthy are busy investing in assets (things that bring money) the poor and average are buying liabilities (things that take money from them).
- Reduce to the nearest minimum your liabilities
- Get disciplined you don’t have to buy it because you have the money, you could be buying your casket you know.
- Pay up your debts and repent from collecting more remember the more people you owe the poor you become borrowing the lender and make him richer on the hand enslaves the borrowing and makes him poorer.
- Cut all cards and pay them off.Only spend on plastic for the right time and reason.
- Get creative. Think out ways to keep your self out of unnecessary spending, learn to negotiate prices.
- Keep a record of every thing you spend this will help you know where the leaks are and you can now come up with plans and ideas to manage or stop it. If you are going to be rich you must know where your money is going and control it where you want it to go.
- Get a coach/guide if need be.
- Run away from all get-rich-quick schemes there is nothing like that any wealth that comes quick will also go quickly. It is called “easy come easy go”.
- Cook your meals. It cost more buying meal than preparing it yourself.
- Trek short distances. It is exercise not lack of transport fare
- Stay healthy. Illness is one way your finances get drained uncontrollably.