1. Pay yourself first. It is critical to set aside money towards your future financial goals by beginning with yourself. Practice prioritizing by starting with yourself. Start by setting aside a monthly amount and keep raising it as your income rises.
2. Create a list of all monthly expenditures. Classify them into monthly and one-off payments.
3. Allocate the financial figures for each category before accessing your money.
4. Before you purchase anything, allow yourself to think it over and if it is not budgeted for, do not buy it.

N.B. Use your budget as a guide in your quest of attaining financial freedom and leading a financially sound life.

The post Budgeting 101 first appeared on Fincredit SEZ Limited.

Here are 3 important tips you should know when you borrow:

1. Before you borrow money, seek advice from financial experts to help establish if you need to borrow and how much. Listen to different points of view that will help you make decisions based on facts; that way the money borrowed will not be a burden to you or your business.
2. Be clear on why you need the money and the exact amount required. Be careful not to borrow less or more than what you require. Before you borrow establish whether you can raise the money in another way. Suppose for example, you have an order to supply facemasks but don’t have the money to buy from your supplier, you could opt to negotiate credit terms with your supplier and if you’re successful, you may find you do not need to borrow. And if your supplier is not willing to give you credit for the full amount then try and negotiate credit for say, half the amount. If that succeeds you will only need to borrow the balance.
3. Prepare in advance all documentation to support your application. This will hasten the loan application process. Ensure the information provided is accurate and always maintain honesty.

The post Leveraging on credit for a better life: How to apportion loans wisely first appeared on Fincredit SEZ Limited.