Before you can ever reduce your expenses and increase your savings,
you must first know where your money is going to. Many people share
the same experience of having no idea where their $5,000 salary
went. 'How did I spend so much money?' 'I thought that I should
have $1,000 left at the end of the month, but it seems to have all
disappeared!'


With a simple yet powerful system which I personally use together
with specially designed Microsoft Excel templates like the 'Monthly
Personal Income Statements' and 'Daily Expense Sheets' you just need
to invest fifteen minutes a day to manage your money.


If you want to be wealthy, do not expect it to happen
automatically. You must commit to spend time on your finances.


Millionaires spend an average of an hour a day on personal wealth
management, while most people spend less than an hour a month,
usually on paying bills.


So out of this one-hour a day, you've got to devote the first
fifteen minutes to do these five Money Management Steps


1) Always Ask for a Discount


If it is not a fixed price store, there is a 70% chance that you
will get a discount if you just ask for it. If you get a 10%
discount, it is equivalent to earning an immediate 10% return on
your money. Over the long term, you will save a huge amount that
will accelerate you even faster towards your targeted net worth.


2) Always Ask for a Receipt


Always get a receipt so that you can track every single expense at
the end of the day and, if possible, claim it as a business expense
and get a tax deduction.


3) At the End of the Day, Record all Expenses in your Daily Expense
Sheet


You can do this manually in the sample 'Daily Expense Sheet 'at the
end of the chapter or you can key it in electronically into a
template.


I highly recommend you key it into an excel spreadsheet, so it can
automatically add up the total each month.


4) Use a Credit Card Whenever You Can (but always pay the full
outstanding sum every month)


Again, this will allow you a convenient way of having all your
expenses recorded for you in the monthly statement.


5) At the End of the Month, Update Your Monthly Income Statement


At the end of every month, add up the total expenses from your
daily expense sheet and update your monthly income statement. At
the same time, update all your income for the month. Deduct your
total expenses from your total income to get your monthly savings.


You must use a system to track where every single dollar goes. Only
when you know where your money is going, can you take steps to
channel it to your savings and investments.


Doing this month after month may seem tedious, but it is absolutely
necessary if you want to build your wealth. Only when you develop
the habit of managing your personal finances, can you manage the
finances of your own business. 


So many people financially mismanage their businesses into
bankruptcy because they mismanage their own finances. Don't be one
of them!  >>>CLICK HERE<<<