Managing your money responsibly

Managing your money responsibly

How to manage your money responsibly?

Has it ever come to your mind that with just a little extra income you could do more? Sometimes it is not enough with a pay rise or an extra income if the problem resides on a bad administration of your money. This article is dedicated to give you some interesting tips that will help you managing your incomes responsibly.

“It is important to administrate your resources at home and within your company, this way you will feel more secure and will protect your family’s wellness”, advised Salomon Juan Marcos Villarreal, president of Grupo Denim.

If you want a better management of your money, put these advices into practice:

  • Make a budget – It should be honest, put on a list all of your expenses without exceptions. This will give you a better idea of how you are managing your incomes.
  • Debts – Make a list of all debts you have and prepare a payment plan, once you have decided to get rid of all of your debts, it is important that you do not buy anything on credit, as this becomes a vicious circle.
  • Savings – By limiting your expenses, you will be able to make savings. Determine a part of your budget to your monthly savings, you can start with a low percentage and once you get rid of your debts you should increase it. It is very important to have a financial backing.
  • Pay in cash – You will realize how less you spend when you pay in cash than when you use a credit card.
  • Expenses – If you are determined to manage your money in a more responsible way, you will have to start by getting rid of those unnecessary expenses that exceed your incomes.

“There are many practices that can help you managing your incomes in a more responsible way, it is just a matter of determination and a consciousness”, added Salomon Juan Marcos Villarreal.