10 Days of Financial Tips: Day 3 – Understand the Rules of Money

1. For Day 3 of our 10 Days Financial Tips, I bring to you cues on how to understand rules that pertain to money.

1. 1. Create a budget – if you followed yesterday’s tip, you already have this rule covered. 
   2. Never Spend more than you earn.
   3. Apply the 50-30-20 rule, which recommends putting 50% of your monthly income toward needs, 30% toward wants, and 20% toward saving. 
   4. Gradually save up for big/major expenses.
   5. Apply the 10% rule, a saving tip that suggests you set aside 10% of your gross monthly income for retirement and emergencies.
   6. Educate yourself on money.
   7. Learn what to Invest in.
   8. Steadily increase your income – whether it is a side hustle or job hopping. Never stop increasing your income
   9. Have short and long-term financial goals.
   10. Never borrow more than you can pay within a year.
       

Read Also:

• 10 Days of Financial Tips: Day 1 – Park Your Car
• 10 Days of Financial Tips: Day 2 – Create a Budget

By following these rules of money, you can pave your way to financial freedom: Spend less than you earn, save smartly, invest wisely, and keep learning. Take charge of your finances today to secure a brighter tomorrow.

This is it for Day 3.  See you tomorrow #letsSaveMoneywithAccratimes