mismanagement worries? Here are some steps for financial audit.
By The Exchange Team
As youngsters and teens prepare for "back to school," adults should go "back to basics" when it comes to their finances.
Do Financial checkup, Assess your financial situation and determine what you need to do to accomplish your goals.
1. Find your personal inflation rate :
First, you should figure out how the impact of inflation and rising rates on your budget. See what you've spent over the past year.
2. Avoid “lifestyle creep.":
If meals and delivery bills increased your food costs but your take-home pay didn't, you may be a victim of "lifestyle creep". Consider Cutting them down.
3. Use only one credit card :
Get organised to track your spending. All your transactions in one location will help you track your expenditure.
4. Set limits and alerts on cards :
A debit card's daily spending limit is between $200 and $2,000. You might ask for a lower limit if you think it will help you curb your spending.
5. Have a mix of stocks, bonds and cash :
Hold mix of stocks, bonds, and cash. A living expenses emergency fund is essential.