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Here are his steps toget your finances in order.
All you oughta do is to understand where your money goes each month.
Start with your income, he said every source of income you have.
Then, he recommended reviewing your bank and credit card statements and adding up your expenses each month.
Break them into categories to see where the majority of your paycheck goes.
This information should help you see exactly where every penny went restaurants, utilities, housing, etc.
Ultimately, awareness of where your money goes is the first step.
Next, its time to make some changes.
Think about where you could cut back on your spending.
When it comes to your income, maybe you realized you dont earn enough to cover your expenses.
Either way, make adjustments.
Some may be significant changes, like moving to amore affordable house.
Some seasons, like the holidays, create more spending.
Or you might want to spend more on travel in summertime.
Use Three Bank Accounts
Singh advised his viewers to separate their money into three bank accounts.
One account is for spending, one is for saving, and one is for investing.
Creating three accounts prevents you from spending money you meant to save and saving money you meant to invest.
you’re able to set up automatic transfers between your accounts and even invest automatically.
Setting things to autopilot can help ensure that you continuously invest in your future.
However, Singh said you should only buy things you save up for and pay for in cash.
Focus On Investing
Finally, Singh stressed the importance of investing.
He said it can be easy to inflate your lifestyle if you get a raise or a bonus.
However, Singh said, its better to invest as much as possible, especially if your income increases.
That is the path to getting your finances in order and building a secure life in the future.
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