How to be Financially Savvy?

By kaychan

1) Keep track of your ins and outs. Use a spending tracker tool to help you keep track of all your expenses and cash flows daily. Without knowing where your money goes to, it's hard to manage and know what your budget is.

2) Learn how to use float management techniques. This can be done by using a credit card to pay for bills, and leaving your money in the bank account longer to collect interest. But remember to pay on time, and not early unless there is an incentive financially. The idea is to keep the money as long as you can in an online savings account where the interest is higher.

3) Find ways to generate passive income. That means having money works for you instead of you working for money.

4) Find investment that has tax benefits. For example, tax on capital gain is much less than tax on interest.

5) Pay yourself first. As soon as your pay cheque comes out, take out a percentage of it and automatically save to your saving account. That way, you will spend accordingly on what is left and not more. 6) Spend wisely and be a smart consumer. Spend on what's necessary and don't always buy for things you don't really need. Before you buy anything, always check online to see if there is a coupon or promotion going on. You will be surprised on how much you can save.

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