Personal Finance 101: The Complete Guide to Manage Your Money

Personal Finance Guide

Personal Finance Guide

In the aftermath of putting countless efforts into earning money, one loses track of what comes next, i.e., its management. Knowing resourceful ways to budget your expenses and prioritize savings can be another step to taking hold of your life. Because let us face it, the YOLO (You Only Live Once) life motto can only get us so far! You can check out FinancePolice for some advice. It is not always about being a perfectionist, making colored excel sheets to keep watch over, or listening to your relative’s talk of investing in gold.

Sometimes, you need to keep awareness and work like the sharpest person in the room. We know how overwhelming it is, so here is a list of things we think can help you navigate through this spiral of personal finance.

Separate Your Expenses

One thin measure should be taken before we jump onto the riveting sections of getting familiar with products that help shed light a bit more. Distinguish your expenses into whether they fall under fixed or variable costs. A certain expenditure of necessity will flow out of your pocket every month that does not change month-to-month – rent, Wi-Fi bill, interest on loans, mobile service charges, conveyance, and basic living expenses.

The rest account for the costs of lifestyle, entertainment, fashion, excursions, and various comfort spends. Despite preserving a no-splurge attitude, we often find it taxing to budget this portion of the expenses simply because they prove pretty demanding to keep a sense of in your mind. Hence, we can start by dividing sums into these categories and leave the rest on the budgeting products to do the challenging bits!

It is perfectly valid to be out of sorts in personal finance, especially when we lack any experience or expertise. Even in the variable expenses, the basic one can start with is knowing whether the purchase is a need or want. One must find over two requirements or use values that secure some urgent utility in their life.

It’s Okay To Be a Nerd

Finding material or a book covering your interests is demanding enough that sometimes we do not bother searching for one, let alone sitting and reading. So here is a curated list for you that highlights the pressing need for personal finance management:

  1. Managing Your Money: Personal Finance Simplified by Robert T. Kiyosaki

Robert T. Kiyosaki, an American businessman and successful author has held the New York Times bestseller for over six years. His book lends perspective on a myriad of financial jargon, helping learn know-how for people outside of careers in finance, being a quick path to understanding concepts.

  1. Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money — That the Poor and Middle Class Do Not! by Robert T. Kiyosaki and Sharon L. Lechter

Yet another bestseller by Robert T. Kiyosaki, this book holds a conversation between two fathers, one of whom is rich, who share their ideas around business economics and all there is to investing, illuminating ways for their readers to derive more from their money.

  1. The Infographic Guide to Personal Finance: A Visual Reference For Everything You Need to Know by Michele Cagan and Elizabeth Lariviere

This smooth step-by-step beginner’s manual guides you through illustrative examples, steering across topics that will build your wealth and make witty financial decisions. The book is organized for a newcomer in an easy-to-read format with colorful pictorial representations.

  1. Get a Financial Life: Personal Finance in Your Twenties and Thirties by Beth Kobliner

Another New York Times bestseller emphasizes the need to understand personal finance for younger adults. The book focuses on imparting knowledge about a dynamic economy, alerting its audience of the tricks to maneuver in it, and helping build a solid financial record.

  1. Financial Boundaries by Matt Hale

Matt Hale, in his book, shares his outlook from his financial journey on what economic boundaries are and what needs they fulfill. He cites ten principles or plays, as he calls them, that establish ways to live a debt-free life.

Time to Incorporate These Applications

When there is a need, there always will be a solution, and to your issue of strengthening personal finance, there are organizations that tackle and serve you best in the financial market.

1. Splitwise

Adulting is hard, and keeping a record of it is more challenging. Splitwise provides you with a seamless way to share individual or group expenses, so you never lose a chance to register bills or get what amount you owed or have lent. A neat, comprehensive detailing of the purchases not only helps you identify your impulsive buys but also plans for the next month’s budget.

2. Money – Budget Manager and Expense Tracker App

It is a very convenient app that acts as your financial tracker and helps you categorize your expenses through its customized widgets, yielding a lot of clarity to your spending plan with a detailed overview. Moreover, you can sync your expenses over multiple devices.

3. Binomo

The trading and investing app offers its users a curated space to participate in stock market trade-offs and mutual funds spread over 133 countries with multilingual support at your help 24/7. This app can be your training platform to enhance your risk identification and management skills, enabling you to gain experience and make fruitful use of your savings.

Although a trying and exhausting journey, it is always recommended to begin with one better than late. It is okay to be lost in a world that never settles, and we hope you do not, too.

About Sashi 269 Articles
Sashi Singh is content contributor and editor at IP. She has an amazing experience in content marketing from last many years. Read her contribution and leave comment.

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