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Let’s achieve the goal! Who wants to have a million savings as the New Year’s Goal? Some people might want to use this sum of money to invest for more income. Those can easily save your money for a hundred thousand or a million baht by just reading this content. ACU has analyzed 4 useful tips about financial planning. Let’s take a look at those 4 techniques.
Who wants to be a millionaire? That’s me! That is not a song but a statement that says I am going to be a millionaire. New year New me who will pay more attention to saving and has a new goal. However, the amount of money saved depends on income limitations and social environment. Here are 4 techniques for financial planning.
1. Income: The first thing to make us have money to save is income. We need to observe where our income is from and how much. Income can be from a full-time job or investment. It can be both properties or assets.
2. Expenditure plan: No matter which way we have earned our income, pay for ourselves before paying for other expenses. Paying for ourselves is to save at least 10% of total income. Normally, most people pay for other expenses before saving which is the wrong way to save money. It will be much more effective with a clear goal whether in the short term or long term. First, we need to set the target for saving, then calculate the fixed expenses such as house loan, car installment, then for other expenses. We could do a record of income and expenses to track all the expenses in order to not spend money extravagantly which will lead to the run-out of money without knowing any reason.
3.Debt: The thing that we should do after deducting expenses from income is paying debt. we should pay debt which will lower the principal or interest such as credit card debt or house loan. You should manage and prioritize carefully. We may consult with the bank to find a solution or for a reduction.
4.Asset: It is considered as a type of income. We need to consider the liquidity and necessity of purchasing personal assets. In addition, we should consider if it appropriate to our status and personal circumstances.
