Decision making is a branch of management science that learn how the manager can reach the right decision that result the most efficient and effective results. The financial planning also needs the decision making like management science.
An individual should decide where the financial planning is going out. If you have so much money, you are free to use the money. You can buy any luxurious car to increase your pride; however, you should also think the uncertain future. You may need more money at the future.
Here are some tips for decision making:
1. Know how rich are you?
Are you rich? Check the money that you have now. You can start with the cash that you have now such as wallet, cash box, and others. Check also the money at bank account, certified deposit, and others.
2. Spend less
The rule of thumb is spending should be lower than the income. You need to increase the income if you have low income. You can find sides jobs to make hundreds dollars a month.You can also start business that you like. Sell anything to make money. If you cannot make money, you have no choice to reduce the spending.
We can reduce our frequency eating out to save hundreds dollar a month. Use some coupon to get rebates.
3. Budgeting
Budgeting can help you to decide on where you use the money. Some people do not know to use the money. They use the money for unnecessarily things. The woman often buy too much cloth that they may not use it.
The budget is a guidance how much money that you should spend. We should earmark our money to pay the debt off soon. The debt may make you poor.
4. Avoid credit card
With credit card, you can buy items without cash. You will pay the items at the end of the month. The credit card company will charge what you have used plus interest and administration fee. You should pay more than you have spend.
5. Saving
No matter how much your income, you should try saving money. The rule of thumb of saving is ten percent. We do not know what will happen next. We can use the money someday. For example, Your kids got sick and must get opname at the hospital. The cost of it must be expensive. If you have so much saving, you can use it.
read also:
How to identify bad financial advice
How someone whose has unfixed income creating budget
An individual should decide where the financial planning is going out. If you have so much money, you are free to use the money. You can buy any luxurious car to increase your pride; however, you should also think the uncertain future. You may need more money at the future.
Here are some tips for decision making:
1. Know how rich are you?
Are you rich? Check the money that you have now. You can start with the cash that you have now such as wallet, cash box, and others. Check also the money at bank account, certified deposit, and others.
2. Spend less
The rule of thumb is spending should be lower than the income. You need to increase the income if you have low income. You can find sides jobs to make hundreds dollars a month.You can also start business that you like. Sell anything to make money. If you cannot make money, you have no choice to reduce the spending.
We can reduce our frequency eating out to save hundreds dollar a month. Use some coupon to get rebates.
3. Budgeting
Budgeting can help you to decide on where you use the money. Some people do not know to use the money. They use the money for unnecessarily things. The woman often buy too much cloth that they may not use it.
The budget is a guidance how much money that you should spend. We should earmark our money to pay the debt off soon. The debt may make you poor.
4. Avoid credit card
With credit card, you can buy items without cash. You will pay the items at the end of the month. The credit card company will charge what you have used plus interest and administration fee. You should pay more than you have spend.
5. Saving
No matter how much your income, you should try saving money. The rule of thumb of saving is ten percent. We do not know what will happen next. We can use the money someday. For example, Your kids got sick and must get opname at the hospital. The cost of it must be expensive. If you have so much saving, you can use it.
read also:
How to identify bad financial advice
How someone whose has unfixed income creating budget
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