Let me share with you my 2 cents worth of insights about managing your personal finance.
1. Always buy your stuffs at a discount. Some people think that buying at a discount is being cheap, but I think only fools will not take advantage of this chance to save some money.
2. Always ask for a receipt. Review all your receipts at the end of the day so that you can track your expenses of the day.
3. Record your daily or monthly expenses. Do some simple bookkeeping so that you can understand your spending habits.
4. Pay yourself first. EARN, then you SAVE, before you SPEND it. Usually people adopt this system of EARN – SPEND – SAVE, rather than EARN – SAVE – SPEND.
5. Cut off all credit cards but one. You do not need so many credit cards. Kill off the temptation.
6. Use a credit card whenever you can, but you MUST be able to PAY OFF the FULL BALANCE every month. Credit card company will send you your spending statement every month, which can serve as a reference for you.
7. Do your monthly income statements checking. It is essential to know every single detail of your income statements.
8. Before you decide to buy anything, stop and procrastinate. Usually if you tell yourself to buy the stuff later, you will not buy it.