There are many ways you manage your money when you earn or make money. But the number one rule is you should not spend all of it. There are many ways you can divide up your money and many rules.
My favourite is 10/10/10/70 – Save 10%, Invest 10%, Donate 10% the remaining 70% should cover all your expenses. (from Richard Kiyosaki)
Another good one I recently came across is:
He said 75/15/10 – 75% Maximum you spend, 15% is the minimum you should invest, 10% is the minimum is what you save.
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Putting money into an investment with six-to-sevent-per-cent return will take you to financial goal faster. Put yourselves before your kids as you won’t be helping them if your financial aid torpedoes your retirement plans – and become a burden to them later in life.
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There is also an easy rule to follow to make your oney work harder. If you want your money to be in a good place, it’s important not to blow it all at once on just day-to-day stuff. Following the 70:10:10:10 rule can help. At MoneyMatiX, we swear by it.
Spend no more than 70% of your cash, stash away at least 10% for savings, pump another 10% into investments to grow your wealth, and don’t forget to have fun or give back with the last 10%. Balance is everything – follow this and watch your money game go from zero to hero.