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Start planning?

When it's a good time to start planning your money?
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2. make a transaction
3. and you'll get free ProPlus subscription for the rest of the year.

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... and many other exciting financial features.

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Comments

  1. aaronssdMarch 17, 2021 at 8:59 PM

    You have done good work by publishing this article here. I found this article too much informative, and also it is beneficial to enhance our knowledge.Ways to Improve Your Finances in 2021 Grateful to you for sharing an article like this.

    ReplyDelete

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5 steps to begin

1. Data Collection Before making any plan you should learn yourself a bit: financial habits and regular, mandatory incomes/expenses. The regular incomes (such as salary), mandatory expenses (taxes, insurance, rent) can be planned right away. However, such things as food expenses, garments might be hard to predict. Then it makes sense to track such expenses for a few months to get an idea about monthly levels of those. 2. Select Method Most of the financial advisors suggest 3D budgeting schemas, like X:Y:Z. For instance, you can see such recommendations as 70:20:10, or 50:30:20, etc. Such methods suggest that you allocate X% of your income to expenses, Y% - to savings, and Z% to debt. Yes, it is essential to make some savings even if you pay the debt. It's life, and many things may happen, we always should have some cash quickly available. 3. Create a Plan When you have collected all the information regarding your incomes and expenses, you are ready to create a plan (or
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How to start planning

Important parts of a plan Financial plan is a flow of money. It must have 2 major items: incomes and expenses. Let's stick with these two for now. Building a plan Plan incomes For most of the people it's the easiest part. We are employees, have a fixed salary. Probably, some income from real-e-state objects we lend, or dividends. Such things is easy to plan. What if we run a business? Then we should have a rough estimate. Or get some vision based on previous year. Or, at least, our earning goal. Plan expenses Pay debts This is the most important part of the expenses. Debts is the main pressure. If we don't have enough earnings - we can skip vacation, rent a cheaper apartment, sell the car. But debts must be paid in time . So plan this first. Taxes Another important thing is taxes. Not paying taxes is a crime. And this must be avoided. Let's plan this too. Rental payments, public services Rent an apartment? Plan the rental payments too if you don't
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