Inna Filatova, a financial advisor and journalist with an MBA in financial management, gave five tips for managing personal finance this year. She talked about this in an interview with. “Izvestia”.
As the expert emphasizes, the secret of success lies not in high income, but in the ability to control expenses and manage personal finances in constantly changing conditions.
First, he suggested creating a written financial plan. According to him, the plan needs to be divided into intermediate checkpoints and have a list of activities that need to be done to achieve each intermediate stage until the person reaches the goal. At the same time, as Filatova noted, it is necessary to be prepared for adjustments.
Secondly, he advised you to monitor your health.
“No matter how well you earn, if you do not get examined on time, if you do not check what is bothering you, treatment costs can result in large amounts,” the financial advisor said.
He also called for trying to reduce debt levels rather than increasing them. According to the expert, it is necessary not to exceed the permissible debt level.
“Loan payments of 30-40 percent of income and more are considered high,” he said.
Fourth, Filatova advised spending less of her earnings.
He also stated that it is necessary to follow the changes, but not to do impulsive things. There’s no need to dramatically change your investment strategy, according to a financial advisor. He also pointed out that using winning financial instruments is profitable for now. The expert explained that we are talking about deposits, savings accounts and bonds.
“No one knows how 2024 will turn out, so it is important to stick to your plans and strategies in your personal budget – they are sure to pay off,” he added.
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Previously expert listed Top 5 bad tips for personal finance.