In our daily life we live with money and finance management, we often see how it passes hands, comes and goes naturally and gives you satisfaction when you own it, because you feel enthusiastic and comfortable with the idea of buying or acquiring everything you want and it's great. The fact of being able not only to acquire what you want but also to cover your expenses gives you satisfaction and peace of mind, but this is achieved through proper financial planning.
Despite the benefits of money for many people, it can become stormy, stressful and emotionally exhausting when at the end of the month, no matter how hard you try not to make the mistake of spending too much money, the bills don't give you and you have to deal with what that at first glance is a disaster in your finances.
Financial planning will help you manage your income and expenses in the right way
So that you do not continue having bad times and unnecessary headaches, in this article we offer you some financial planning tools that will help you understand how you can organize your finances to generate an effective plan that allows you to know your monthly income and how to manage your expenses. in a more efficient way.
Experience says that money alone does not achieve happiness, finances need to be healthy to be able to live with peace of mind and have a better return on your income. To do this, you must know what the priorities are in your home, in theory you must learn how to generate a financial plan in a big way that allows you to manage your resources efficiently like an expert.
Your starting point in financial planning should be a concrete, sincere and deep reflection of how you are spending your money. Yes, in detail and without omitting any of those cravings that you like the most, no matter how small it may seem. Ideally, you should have good shopping habits and always responsibly maintain your spending margin so as not to ruin your finances.
By acknowledging your expenses you have the opportunity to classify them so you can know which are the priorities and which are just casual cravings or minor desires. For example, you have to prioritize groceries or paying for services over that new watch that you liked in the store or clothing over that outing with friends or friends.
Now that you know what to spend, you can move on to the next challenge: make your monthly spending plan that should serve as a balance between income and expenses. At this point we must be rigorous so that your expenses do not exceed the estimate. An ideal measure is that you allocate a 70% of your income to the priority and the rest you divide it in the other things that you would like to buy.
Another important tool that you should take into account in your financial planning is savings, so you should choose to save a 10% of your income, which will serve to plan future projects and will give you a margin of well-being to solve any unforeseen event or emergency that may arise.
It is also advisable not to overdraw credit cards in order to maintain a good credit history, this will allow you to always have the possibility of having financial institutions at hand when you require a loan. In addition, expenses with credit cards are debts that are contracted and in the future these doubts can critically compromise your finances.
The challenge is great and they will require a lot of willpower to follow your financial planning effectively to the letter, to help you this journey, today there are different applications that you can download on your phone so that you can rigorously monitor your finances in a simple way. There are many, so you can choose to try some and choose the one that best suits your needs.
Finally, it is always advisable to be able to make additional income that allows you to inject money into your finances or make an investment. As well as avoiding carrying a lot of money with you so that you do not make the mistake of making unnecessary purchases.
By improving your consumption habits and using these small tools to carry out your financial planning, you will be able to have a more honest relationship with money and you will see how the headaches at the end of the month will disappear with just a little discipline.
