Some people seem to be able to keep their heads above the financial water, regardless of their income. Others are always under financial pressure.
The best money managers understand what money is coming into their household, what’s going out – and how to make their income stretch to cover their outgoings.
To join them, you need to build a full picture of your true financial position. This means asking yourself two questions:
- Am I a borrower or a saver?
- Do I owe more than I own?
To find out, you need to examine your income, your outgoings, your assets and your debts. It is also valuable to understand the common ways in which people slip into debt. This will help you recognize them in your own life and enable you to take action sooner rather than later.
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