Here is some financial advice for you to follow especially if you’ve just begun earning.

1. Constitute a financial calendar

Set up appointment reminders to tell when you have to pay bills when you have to clear your debts and so forth. This is crucial because you may have to pay heavy fines if you make late payments or forget to pay.

2. Have a monthly budget

If you earn $1670 per month, ensure that you maintain a budget so that you will know where money is allotted and how much money you allot for each purpose. This will help you.

3. Keep track of all expenditures

If you spend some money, you also have to know how much money you spend each month. That way you will know where to cut down on expenditures and save.

4. Clear all your debt

Don’t keep debt pending. You can clear it slowly by putting away money for clearing debt monthly. Debt can interfere with all your plans if let to grow. It will raise its ugly head and damage your peace.

5. Invest- you don’t need to be affluent for investing

Investing small amounts for a long time will eventually result in more money. Remember, every drop of water contributes to making an ocean!

6. Keep an emergency fund

Life is unpredictable. Unforeseen circumstances can happen a time. You may get unemployed, get into an accident, become sick, lose a loved one, and so forth. You require an emergency fund to take care of your needs during times of crisis. Just for safety. Don’t use emergency funds for non-emergency purposes and vice versa.

7. Don’t overspend

Overspending is a bad idea. You can instead save money. Let’s say there is a couple, both of whom earn decent money. Now, one of their incomes can be put away for different savings while they could run the household with the other person’s income. That’s how you can also save money for various purposes.

8. Consider money while taking the job, don’t let money determine it

Money is crucial. That’s why we require jobs. But your joy and satisfaction are also equally crucial as it affects your performance at work. An unhappy job may fetch you money but won’t fetch you contentment.

9. Save for retirement ASAP

The earlier you start, the more time you have. The younger you are, the more risk-bearing capacity you have. This risk-bearing capacity and the time frame you have will reduce as you age. Start NOW!

10. If you get a raise, raise your retirement savings

Put the bonus money in your retirement account. With rising inflation, you require more money to purchase the same basic necessities you buy today.

These are ten financial tips for you.

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