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Improve and Discipline Your Finances

Most of us have our own ideas on dealing with our financial habits and often for many, it leads to problems.

Here at Quest Bulgaria we have listed some key points to help improve your finances and hopefully provide you with some basic discipline so you that you can stick to a monthly regime.

1. Firstly you should total up all your outgoings for a year and try to cover everything, then divide it into 12 months. This will give you a general idea of how far your income has to spread.Then add up your pensions or earnings,and there should hopefully be more coming in than going out or at least enough to cover the outgoings!

2. Take a look at any loans or debts you have and ensure that they are paid on time to avoid any unnesessary interest. Check all regular bills you have to pay and ensure they are paid on time. There is no benefit to paying late, often only penalties.

3. Allow yourself a fixed budget for grocery bills and pay by cash. Credit card overdraws can lead to forgotten transactions. Make sure you keep all receipts and add up your spenditure weekly and keep notes, it will help keep finances on track. It is easy to forget when life is busy where and when you last used your cards.But by taking a just a few minutes to record spending it will save you money in the long run.

4. Keep accurate accounts of your expenditure, this is the only way you will be able to control your spending.

5. Buy only what you need. This is the most common way of wasting money on lavish and impulsive buying. Ask yourself "Do I really need this?" Often you don`t.

6. Finally, find hobbies and interests to do that are inexpensive or best of all FREE.In these tough economic times most people are in a similar position and struggling to pay bills. They are finding alternative ways of saving money and trying not to spend too much.