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As I have recently started working and earning money, I have a serious concern about my money management. I am not that good of a money saver. Is there any way I can manage or rather I say control my expenses wisely?
 

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You can find one of the many Dave Ramsey books with money advice.

Generally speaking:

-- save a portion of your earnings for emergencies, for example: if you have to go to hospital
-- save some money for the future, for example: you might want to buy a car
-- only buy what you need, for example: clothing for work or school
-- do not spend foolishly on clothing, jewelry, restaurants, alcohol, etc. that are not necessities
-- avoid debts
-- credit cards are a lie, they let you spend money you do not have, and put you in debt
-- if your income is very small now you must continue to learn skills in order to get a better job and better wages
 

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I don't recognize the flag of where you are registered from.. Rules are different in all countries..

One sage piece of advise that will likely work anywhere.....
Take your money... Fold it in half.... Stick it right back into your pocket...
 
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You have to sit down and look at where you $ is coming from and where it's going?
You have to ask yourself and redoing it every months or more:
How much you spend on food last month.
Clothing, gas, electricity, water, entertaining.
If you don't know where you $ are going, it will be harder to keep some.

Then commit to save. By know where you $ are going, you might start to find places where you spend too much.

God bless you.
 

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Everyone has their own way of managing money. I can only tell you how I manage mine. You will have to decide what works for you.

1. Set a savings goal. If you aren't currently saving anything, that goal will be 1 percent. Each month, increase your goal by 1 percent. So, at the end of 5 years, you will (we hope!) be saving 60 percent of your income.
2. Don't label your money. Some people want to call this money an emergency fund, that money gas money, and that money over there grocery money. What will you do if gas prices spike? Drive 90 percent of the way to work and walk the rest of the way? Labeling your money doesn't make it go further. Don't budget, instead establish priorities. If you believe that some money must be given to God or Allah or you pay bhiksha, that will be the first priority. Then comes savings. Then food, rent, fuel, etc. At the bottom of the list will the the wants. If you run out of money, you will have to wait until next month to buy that new pair of clothes or new television.
3. If you owe money, make a list of everything you owe. I use OpenOffice Calc to keep track. It's free. I put the name of the creditor, the last 4 digits of the credit card number (if applicable), the total amount owed, the credit limit, the payment amount, the interest rate, etc. At the end I have formulae. If I want to pay off the debt in a certain number of payments, I can set a number and the payment amount will update for me. Or, I can set it with a fixed payment and I will be told how many payments I will need to pay it off. I believe in getting ahead — that means, I want to pay everything as early in the month as possible. If it's due on the 25th, I would still rather pay it on the 1st. If I have a financial emergency, I will let everything go until its due date. That will free up money to handle the emergency. Or, I'll use my emergency credit card.
4. Have the best credit score possible. I live in the United States, and here, your credit score doesn't just control how much it costs to borrow — it also controls how much your insurance will be. Make sure you're not overpaying for insurance. You need it, but why pay more?
5. Make sure you have enough credit cards. At least where I live, credit cards give cash back when you buy something. I have a Vantage West card, which gives me 5% back on the category of my choice, Citibank gives me 4% back on groceries, Bank of the West gives me 3% back on gas, and Wells Fargo gives me 2% back on everything else. Remember AZBO (all zero but one) and try to keep all of your credit cards at $0 (except one). So, pay on your cards early (see #3 above). If you have to buy something without a cash back boost, you need another credit card.
6. Invest your money. This does not mean stocks, bonds, IRAs, gold, etc. If it doesn't cash flow, it's not an investment. I prefer REITs, but direct investment in houses or other income-producing property can work out well too. Remember, next month your savings goal will be 1% more. So, cash flow, cash flow, and more cash flow — otherwise you'll hit the wall and you won't be able to up your savings.
7. Don't worry too much about your debt. If you have debt (car loans, house loans, student loans, etc.) don't fret. Extra payments on your car loan, mortgage, or student loans do not reduce your payment burden. Don't waste your time on these things. My tracker (see #3 above) tells me how much cash-on-cash return you can get by paying off a debt entirely, so once you have less than 2 years to go on your car loan, it can make sense to pay it off entirely and get a cash flow boost. But paying half of it off just squanders your capital and keeps your payment high.

Other people may have different ideas. I hope that at least one thing I said was useful. Best of luck to you.
 

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I'm gonna disagree with "direct investment in houses or other income-producing property can work out well too. " I've been a landlord and it was miserable. It CAN work out or it CAN be a disaster. If you are counting on the $1000 a month income from a rental as part of your cash flow, and you get a tenant that decides to stop paying, you can be out over $5000 before you can get rid of them. That's $5K you will NEVER get back. And that is not counting any damage they decide to do on the way out. So if you can afford this risk, go for it.
 

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I'm gonna disagree with "direct investment in houses or other income-producing property can work out well too. " I've been a landlord and it was miserable. It CAN work out or it CAN be a disaster. If you are counting on the $1000 a month income from a rental as part of your cash flow, and you get a tenant that decides to stop paying, you can be out over $5000 before you can get rid of them. That's $5K you will NEVER get back. And that is not counting any damage they decide to do on the way out. So if you can afford this risk, go for it.
As I said, other people may have different ideas. I hope that at least one thing I said was useful.

Tenants definitely need to be very, very carefully screened. If just anyone gets into your property, it can be a nightmare. I have a tenant, and he pays well. I prefer REITs. Perhaps, at some point, my preference may change.
 

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Given that the original poster only just started working and wants to learn how to manage and save money I highly doubt that real estate investment is on their radar right now. It may be a good plan for someone with money experience, time and energy to invest, but the OP is new to the workforce and can't even budget.
 

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Given that the original poster only just started working and wants to learn how to manage and save money I highly doubt that real estate investment is on their radar right now. It may be a good plan for someone with money experience, time and energy to invest, but the OP is new to the workforce and can't even budget.
Thank you for your input. I noted that the OP was in India, and I wondered whether REITs existed in India.

They do. The Securities and Exchange Board of India (SEBI) introduced the concept of REITs in India in 2007 and the regulations for same were finalized in 2014. At present, there are only three REITs on offer in India. The first one on the list has a stock price of 367.35 INR ($4.65 USD) and a dividend yield of 5.92 percent.

Is it really so unrealistic to ask someone who has just started working to plan to spend $4.65 a month to purchase just one share of an REIT?

The Brookfield India Real Estate Trust REIT is currently yielding more than 6 percent whereas savings accounts yield much lower. The Kotak Mahindra Bank Savings Account, for example, only yields 3.50% p.a.
 
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