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Do you always seem to be fighting off expenses in the last week of the month, desperately waiting for your paycheck to arrive so that you can clear off outstanding bills? Are you frequently caught on the wrong foot, with account statements unhealthily reflecting insufficient funds for purchases staring you in the face? If some medical emergency requiring heavy medical bills settlement were to fall on you, or any member of your family, will you be very worried? Chances are that you nodded your head to all the questions in the affirmative. As a personal financial advisor I would like to discuss a few things. This article is precisely for you, so that a few months down the line, when the same questions are asked, you shake your head in refusal.

Never defer payment of bills to keep your wallet swollen – Apart from the fact that you’d invariably spend money that should actually be budgeted for expense settlement on non-necessity item purchases, you’ll also be slapped with late payment charges in many cases. So, it makes for a smart habit to always pay your bills as soon as they become due. Your monthly phone and internet bills, house rents and other expenses that have to be borne are perfect examples of bills that you need to pay in time.

Imagine that you’d have to survive for three months without your paycheck, and provide for savings to take care of this possibility – As dismal as it sounds, this could happen to you. It’s strongly advised that you budget at least 10 to 15 percent of your monthly cash inflows towards such an emergency fund. Trust us, short term debts are too expensive. Moreover, you will earn some interest on your emergency fund, so that’s double benefit.

You are never too far away from a cheaper credit card – Arguable the most fiercely competed financial product sector, credit cards come to you in all forms. Always be on the lookout for a better deal. Depend on the several comparison websites that allow you quick and objective summaries of terms of usage of different credit cards to make a great choice. With a credit card coming to you at lower rates, you’ll enjoy the slashed off monthly credit card bills.

Know where your money goes – Be aware of the fact that there’s always room for making savings without affecting your lifestyle much. To be able to do this, prepare an expense sheet for a month, and then categorize expenses in various categories. Then, arrange the categories in order of their accumulated values, and see how you can reduce the amounts in the any 3 categories from the top 5. There are several smartphone apps that can help you easily manage your expenses, analyze them and make corrective measures.

Use the tax exemptions facilitated by the government – There are dual benefits to be had from your decision to make use of all the savings related tax exemptions provided by the government. Not only do your yearly tax payments get reduced to a great extent, you also get into the habit if sacking without much convincing. Wouldn’t you heartily enjoy a month’s salary without any work? Then why don’t you follow this tip right now?

Apart from all the above mentioned tips, you’d make your life a whole lot easier by following self control and not giving in to all the lucrative financing options that let you buy luxury products easily, sometimes without even making any deposit. Steer clear of lucrative financing schemes on luxury products, and make it rule to use your savings to provide for at least 60% of expensive purchases of non – necessity items.

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