How would you manange your money?

How would you manange your money?
Mar 27, 2007 00:48
ELLEN77 Points: Join Date: Feb 7, 2007 Status: offline	I think many of us are the office workers and have a fixed sum of money every month. As a person who are good at living, one should manage the money properly in their daily life. So that they can withdraw considerable sums when they really want to use it, for a house, a car, education of children, etc. I think this is not less imporatant than just earning money. I hear that some people prefer to write down their incomes and expenditures every month. Maybe this is one method. In fact, I have heard that this is a must from an interview of a famous success man on the TV. Besides, some may save the money in the bank. So how would you manage your money daily? Can you share some more helpful ways with us?

Mar 27, 2007 00:48

ELLEN77
Points:
Join Date: Feb 7, 2007
Status: offline

I think many of us are the office workers and have a fixed sum of money every month. As a person who are good at living, one should manage the money properly in their daily life. So that they can withdraw considerable sums when they really want to use it, for a house, a car, education of children, etc. I think this is not less imporatant than just earning money.
I hear that some people prefer to write down their incomes and expenditures every month. Maybe this is one method. In fact, I have heard that this is a must from an interview of a famous success man on the TV.
Besides, some may save the money in the bank.
So how would you manage your money daily? Can you share some more helpful ways with us?

Mar 27, 2007 03:35	#1
MAY001 Points: Join Date: Sep 28, 2005 Status: Offline	Buy stocks.

Mar 27, 2007 04:54	#2
MELODYCHOW Points: Join Date: Mar 5, 2006 Status: Offline	For me, I even have no deposit, and just enjoy my life with all money spent,hehe... so i should have some change on managing my money!!!

Mar 27, 2007 15:56	#3
SANYACHINA Points: Join Date: Mar 26, 2007 Status: Offline	It is dangerous!

Mar 27, 2007 16:01	#4
SANYACHINA Points: Join Date: Mar 26, 2007 Status: Offline	One of the reason to be poor are the kids. They are consumers, not productive. And some of them are going to use parents' money untill they are live. So, I think one good way is do not bare too yorn babies ur when young and have no house, no good salary, etc. Another good idea - no smoking, no alcoholic drinks. They are bad for health and they can destroy our incomes.

Mar 27, 2007 16:30

APAULT
Points:
Join Date: Mar 11, 2006
Status: Offline

Ellen,

First I work out my unavoidable costs which includes rent or mortgage and things like that, transport to work, and some money for basic food and clothes. The remainder can be saved or spent according to what we want from life.

To start with everyone should keep records but when you know your spending habits it might not be necessary...but if you are undisciplined keep doing it and write realistic budgets and STICK to them. If you use a credit card and don't clear the debt, GET RID OF IT!

Buy stocks? That has lost me money, boo hoo. So only do this if you understand the risk - and the Chinese stock market looks like a classic bubble at the moment, it will burst some day.

And from SanyaChina's suggestions..................
No smoking: anexcellent idea (but then I hate cigarette smoke)
No alcohol: - ohhhhhhhhhh sadness! But if i want cheap beer, I brew my own!
No babies until you have enough money: - very wise (if you wanna be rich, NO BABIES, full stop - ask your parents !!!)

Mar 27, 2007 19:52

ELLEN77
Points:
Join Date: Feb 7, 2007
Status: Offline

Thanks for all your advice first.
I think buying stocks is a wise plan for those who are informative about this business and have enough budget to invest in it. Another, have a pretty healthy mind~
Sanyachina is also wise in using money economically.
And Apault, your advice is also reasonable. Perhaps at first when we are not so self-controlled, record is necessary. And I think after this becomes a habit, one would inevitably reasonable on using money.

Mar 29, 2007 00:22

AIRAN
Points:
Join Date: Mar 8, 2007
Status: Offline

In my opinion,Money management will depend on many factors like
1.Your risk apetite
2. Time span for maturity
3. Funds
I will go for something like below:
Part of money management will be for longer time span like retirement
and part of it will be to meet not so long term goals like house ,marriage etc
For long term:
30-40 % stocks or other risky instruments
30-40 % in Insurance plan divided equally into moderate risk and low risk
Rest can be into Provident fund, gratuity/Mutual fund
Current assest allocation will comprise of Housing and other current asses like Car etc.
I can go in much more details for more micro management ..But only if i had so much money ..LOL

Mar 29, 2007 01:55	#8
LIONPOWER Points: Join Date: Dec 11, 2006 Status: Offline	Self employed, so no need to think more

Mar 29, 2007 04:33	#9
FAERIEQUEENE Points: Join Date: Aug 8, 2006 Status: Offline	If you have goals in life, short and longer terms, you'll manage your money well

Mar 29, 2007 04:45	#10
ELLEN77 Points: Join Date: Feb 7, 2007 Status: Offline	Ok, being reasonable in using money is the first. Then How can we use money efficiently? How can we use our fixed sum of money to produce more money? Maybe some credit cards of banks would help. Do you guys know some?

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