Follow These strategies to Manage Your Money effectively
1.Stop spending and be thrifty. This is a key element of becoming a millionaire. Either you have the money in savings or you are spending it on things. You can not have both if you are aiming to become a millionaire. Most millionaires (a net worth of $1 million to $10 million) are living a very frugal and cost-effective life, without hyper-expenditure. This includes: Live beneath your means. A good rule of thumb for your living situation is to spend no more than one-third of your monthly salary on rent. Buy quality clothing but do not pay ridiculous prices. A suit under $400 will do you just fine. Wear inexpensive watches, jewelry, and accessories. Do not collect things. Drive a reliable but affordable car of an ordinary brand. Avoid prestige and luxury brands. Stop comparing yourself to others and trying to keep up with them through spending. 2.Familiarize yourself with savings. If you are used to maxing out the credit card and not saving much, you are going to find it har