- How to Budget Without “Budgeting”
Only a third of families actually organize a detailed household budget. This is crucial behavior especially if basic goals have not been met – such as paying off an emergency fund in full with semi-annual expenses.
You can use Excel spreadsheets or the envelope method. Envelope method involves organizing envelopes containing the classified money for all expenses. Doing this for a while is enough to reset unconscious bad habits.
- How to avoid the “hedonism routine”
Our state of mind greatly affects the way we spend money. More than half of Americans admit that they are addicted to what is known as retail therapy. Boredom can also lead us to spend, and also the fact of trying to compare ourselves with the neighbor.
Studies show that the more friends over for drinks, the more likely we are to stick around for another round.
So one of the skills someone in their twenties needs to master is how to survive the inevitable downturns without throwing purchases on the credit account.
- How to get promoted without being disliked by others
If you want to climb the ladder, it’s not enough to just acquire marketing skills. You will also need to learn how to deal with people. There is evidence that a lack of soft skills, not technical skills, is the number one reason IT managers lose their jobs.
One very important aspect is to get a little better at listening to your colleagues. Using body language, such as looking someone in the eye while talking, can also help.
- How to manage debt with a clear mind
There are really two major variants on how to pay off debt. On the one hand, there is the avalanche approach, in which you start with the most alarming and highest interest loans. The ball approach is based on an opposite approach in which you start with smaller loans that are easier to pay off.
- How to read all those confusing terms contracts
Your account terms, or contract terms are confusing. These contracts can often contain 5,000 words or more, and are conveniently written in a style that few people can really understand.
Credit cards need to explain how the balance is calculated. The balance can be valued based on the average daily balance, based on the balance of a single billing cycle, or by the balance over multiple billing cycles. Investopedia points out that the average daily balance, or the balance in a single billing cycle, is usually safer if you want to incur lower costs.
Current accounts are somewhat simpler. In many cases, when opening a checking account, you only have to decide between convenience and the existence of many nearby ATMs, or low commissions and charging interest on the account. Large banks usually offer the advantage of many branches, but online banks and credit unions usually have better fees and offer consumers the highest interest charges.
Get these five skills under control and you’ll keep your financial affairs in order.
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