Parallel Profits 9 Common Mistakes Among People In Managing Their Money; One of the biggest problems people face today is money management. Most employees do not have emergency funds, and a good proportion of those with financial debts are unable to spend and live comfortably, and others are unable to rein in spending here and there. It is very difficult to save money until you retire, if you are unable to manage your money now and suffer from the accumulation of different debts. Get The Parallel Profits Todat at
Forbes has explained Parallel Profits 9 major reasons that are common mistakes among people, which may negatively affect their ability to manage their everyday finances, and therefore their inability to save money. https://parallelprofits.co.uk/
1 - Do not know where to go your money.
Of course, you can not calculate what you do not know about, which is why some people are surprised to see their bank statements and credit cards. To avoid this, you can use a method to check your expenses for the last three months at least through the Excel program and categorize them by category. You can also use the free Mint site to track your expenses. The site provides Android and Apple apps for phones. These two methods are correct, so choose what makes you feel more comfortable and do it all the time.
2. Forgetting the non-monthly expenses.
One of the most neglected expenses when managing money is those related to leave and travel. You can divide what you spent the previous year on holidays at 12 to show you the amount for each month. Thus, you should provide a similar amount per month. When you decide to take a vacation, you'll find this amount without having to use credit cards or spending from your monthly budget.
3. Spending more than your real needs.
After you know how to spend and where your money goes, then you can think of ways to reduce spending. You have to remember that many people around you are managing less than you spend. It will not hurt to minimize your expenses. You can do this in many ways: get rid of your never-used subscriptions, think carefully before you buy anything, ask yourself: Do I really need this, or is it a luxury I can live without?
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You can also save by finding other ways that give you the same result, but at lower costs. For example, you can bring lunch with you every day from home instead of buying meals. These changes, although simple, affect your financial situation positively over time.
4 - Buy things just because their price is reduced.
Your attraction behind discount offers makes you buy things you may not need. Do not buy a commodity just because its price is reduced, but because you really need it, which determines the decision to buy a commodity is our need rather than just a low price or a link to certain commercial offers.
5 - shyness of savings and saving procedures
The shyness of options that save money, such as riding a bike, bus or shopping at wholesale stores, and giving too much importance to social aspects, will make you fall into the trap of big brands. "The brand is a trick invented by the smart ones to steal the rich and the poor believe it."
Read also: 10 tips to help you plan your spending and adjust your budget?
6 - Payment of miscellaneous amounts to pay all your debts.
This is definitely better than not paying at all. But you can make it even faster to write off your debt by allocating all the extra money you have to repay the larger or higher interest rate, while you can pay small amounts to cover the rest of your other debts.
7 - save what may remain at the end of the month.
If you do, do not be surprised that there is no money to save. Instead, put what you're going to keep aside before you start spending. The easiest way to do this is to participate in the retirement program offered by your employer where your salary is deducted directly. The same applies to health care costs. You can subscribe to an insurance program so that the premium is automatically deducted.
8. Saving a small amount in the retirement program.
If it is important to know how much you can save for the holidays, it is also important to know how much you can save for the long vacation (ie the post-retirement period). Providing a small amount is a good start but it will not be enough. To find out how much savings you'll need in the future, take a look at how much you're spending and compare what you're going to be when you retire to have an adequate retirement budget.
9. Have a pessimistic view of money.
Money is not the root of evil and not the antidote to all your pain and the world's problems! Money is simply a tool that enables you to get the lifestyle you want and choose. Most of us have inherited a mixed bag of positive and negative beliefs about what it means to have money in abundance in our lives. Thus those beliefs affect your financial life.
Now is the time to change your way of thinking about money Read Our Parallel Profits Review. If you plan to change the results in your life, you have to change the reasons for the beliefs, ideas and convictions that created those results.