When it comes to financial management, the 80-20 Pareto Principle also applies. It means you take 20% of your income and put it directly into your savings account. The other 80% you utilize to cover monthly expenses. This practice can be easier said than done, especially when consumer spending is highly encouraged by brands and retailers.
And, making ends meet is a challenge that most of us face, living paycheck to paycheck and having no room for savings. However, it is still our responsibility to save up for the rainy days. But, when the cost of living is higher than your income, what options do you really have?
Like what any financial literate would advise; there is always room in our spending where we can tighten our belts. Fortunately, several finance apps have been developed to aid in personal financial management:
For General Finances, Mint is your go-to app, which gives you a general view of your financial health.
For Savings and Building an Emergency Fund, these apps are highly recommended:
Budgeting helps you know how much you can spend each day while still meeting your financial goals, and these apps are great tools to assist you with your budgeting needs:
Credit and Debt have the biggest impact on your overall financial health, hence, it is highly advisable to regularly check on your credit report through these apps:
Whether you are in your 40s or 50s, it is never too late to be a financial literate and aim for financial independence, but it’s better to start young and reap the rewards as you grow older.