Money Management Tips

We all know how difficult it can be to manage your personal finances, balancing income and expenditure and with so much temptation and low-interest loans, it is easy to find yourself in debt. Some people seem to have the knack of saving for a rainy day, while others struggle to make it to the next pay day and if you are in the latter group, here are a few tips to help you manage your monthly expenses and Money Management Tips.

  • Set Saving Targets – You have an increased chance of success if you set saving targets; it might be to put away 10,000 baht a month, or to reach a certain figure that enables you to put a deposit on a new car. Be realistic about the amount you can save and with some sacrifice and self-control, you can hopefully achieve your saving goals.
  • Create a List of Essential Expenses – The best way to see if there is room for improvement is to list all of your essential expenses and list all non-essential costs in another column. If you do need to borrow money, check out the great personal loan packages at ,  Thailand’s best finance company with a range of loan packages to suit every lifestyle.
  • Keep a Piggy Bank by your Door – When you come home every evening, drop all your coins into a large jar or piggy bank and before you know it, the container will be full. Putting by a little every day soon builds up and after a year, you would have a tidy sum that can be used as a deposit to buy a house or condo unit.
  • Break it Down to a Daily Amount – Some people find it easier to save money when they break down their expenses to a daily figure. Total up all of your living costs for one month and divide that figure by 30 to give you a daily living allowance. Click here for personal finance management tips.
  • Look for Ways to Reduce your Outgoings – You could garage the car and take the Skytrain to work, or invest in a mountain bike, which will do wonders for your health and save you money at the same time. Cutting out a few luxuries can also reduce your living costs and every little helps, or so they say.
  • Be Careful with Credit Cards – It is oh so easy to buy things you don’t really need when you have plastic in your pocket. All it takes is a signature and you have that new laptop or smartphone and if things get out of hand, it costs a lot in interest when you get behind with credit card payments.
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It can be very hard to manage your money when you start out on a career, but as you get older and your income increases, you get to put some money away for a rainy day. Here is a PDF file and Money Management Tips that contains a report on long-term saving in Thailand, which is worth reading.


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