Five rules of money management
No matter your income level or financial goals, everyone can benefit from developing strong money management skills. Here are five rules of money management that can help build a solid foundation for financial wellbeing.
Key takeaways:
· Having a savings plan and an appropriate level of insurance cover can help insulate you from financial stress.
· Tracking expenses gives a complete picture of where savings can be made, helping reach your financial goals more quickly.
· Avoid accumulating debt where possible, but where it’s necessary, prioritise paying off debts with the highest interest rates.
· Continuously improve financial literacy by reading books, attending seminars and following reputable financial websites. Knowledge is power!
