Tag: "financial responsibility"
When you finally have some savings building up, you might be excited to start finding ways to make your money work for you, instead of being a slave to the almighty dollar. Unfortunately, this enthusiasm can lead to some costly mistakes if you’re not careful from the start.
Effective budgeting starts with an understanding of how you spend your money, and evaluating your current spending habits. It is never too late to start a finance budget as long as you have a long-term goal in mind, and have a system put in place to track your expenditure and savings.
If you happen to find or save a little extra cash, what do you do with it? If you’re like me, you sort of see this as “free money.” It’s money you didn’t know you were going to have and weren’t planning on using for any particular thing, so you may think you can just use it freely…
Have you received an inheritance, lotto money or work bonus recently? Do you feel like splurging the money to your heart’s content on luxurious goods you’d always wanted to have? Wait a minute. Before you do so, think of how you can stretch the money by generating passive income for yourself from your windfall through sound investment methods.