Get maximum mileage out of what you have

It makes sense to spend money wisely so that you get maximum mileage out of what you have. Money is essential for survival – it provides us with the necessities of life as also the extras and it impacts behavior pretty strongly. If invested correctly, money grows and makes life more comfortable. It  creates opportunities and opens doors and paves the way for a smoother existence. Money may not be the most important thing in the world but it is one of the key ingredients for a better life.

People look at money in different ways – one lot likes to live a high-flying life with all the lavishness and extravaganza one can think of, the other lot prefer to live a restrained life and save for the future. Either way, money can be utilized effectively to give each the life that they desire. The best way to get maximum benefit from one’s money is to strike a balance between saving and spending like most successful people do. The following tips may be just what you need to achieve this balance:

• Keep track of your monthly expenses so that you know where your money is going. This will enable you to control unnecessary expenditure.
• Prepare a monthly budget of all your likely expenses – rentals, electricity bills, telephone/mobile bills, internet/cable bills, domestic help, household items including food , transport, entertainment, eating out, etc. Having done that, stay within that.
• Invest your money wisely – take expert advice if you are not sure of where to park your money. Invest so that your money grows and gives you good returns. Low risk investments give lower returns but if you want higher returns remember that the investments will have greater risk attached to them.
• Spend your money where and when necessary. Refrain from wasteful expenditure. Do not get carried away by advertisements –check out if the claims being made are valid and then buy only if you really need the product or service.

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