Fundamental principal to personal finance is to Maximize your earnings and minimize your expenses.
What comes in earnings?
Earning is derived from your work i.e your salary or if in business, business income.
What comes in Expenses?
All your expenditure for which there is no return. example house rent/Loan EMI, mobile bill. taxes, travel expense etc. To enhance your earnings focus on your work and if required enhance or upgrade your skill set as per market requirement by joining new courses, certifications etc. Learn the art of negotiations. It will help in better salary negotiations during interview or in sales if you are into sales.
How to Minimize expenses?
- Avoid any sort of credit card loans
- Reduce Bank charges. There are lot of hidden bank charges. Try to avoid them
- Close unnecessary subscription. Especially subscriptions you may not be using.
- Make all your due payments on time and avoid late fee.
If you follow above points, you will have more savings. More savings mean more money at your