How to make the most out of your money
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We work to earn and we earn to pay our bills and we pay our bills because we need to. But what if the money we receive from work isn’t enough to pay our needs? Let alone our wants! Budgeting your money is a must! Having a smaller income will help you handle money and allocate it properly since you will have to budget your bills from your everyday expenses. However, when your income gets higher, your expenses will too. Why? Because as we receive more money, we tend to spend more on the unnecessary stuff until you have no sufficient money and you end up loaning from others which is the last resort you should choose and only if necessary. You should save more and spend less! Once you have received your pay, you must set aside first your savings, then allocate a budget for your bills and expenses.
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But, you can actually make your savings grow! That is through investment! For those who are not familiar with investment, it is not only about making your money grow, it’s also about the needs that you must have in the future. For instance, you’re about to get married, then you must have your own house, if you can’t afford to buy one, you can loan through PAG-IBIG and start paying its monthly contribution. It’s not really called a liability but an investment for the future of your family. Same thing goes to your car and any automobile you wish to purchase. You may want to invest in a COOP as well which stands for cooperative where it is an organization where you can contribute monthly that has an interest and at the end of the year, you’ll get your savings at the top of your principal contribution. You can also invest your money to an insurance company which is very important especially if you are sickly or has a family member that needs medical assistance. Many companies provides insurance and is deducted already.
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Spending your money wisely will help you create the future you wish to happen. Plant the seed now and harvest the fruits of your labor in the future!
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