Unfortunately, many people in Bulgaria cannot manage their money well. There are many reasons for this, starting with family upbringing and ending with the fact that it is not taught in school at all. There are some significant mistakes that our countrymen make with their money, and it is good to avoid them. See who they are:
We save as much as we have left (if at all)
Many people have this. We spend on this, we spend on that, we pay the bills, and if there’s any money left at the end, we put it aside. The order of things is completely wrong, because in this way you will almost never be able to save money. Set aside the amount you want to save at the beginning of the month (of course, it should be realistic) and spend the rest. Typically 10% of your monthly income is fine, but if you can do more that would be ideal.
What are the best financial tips to implement today?
You don’t have a family budget
Most people in our country take care of their money. They shop at sales and buy from second-hand clothing stores. There are a number of other examples of waste reduction. However, units are those who have a real family budget in which they enter their expenses and see what and where their money is going. So they can analyze their big spending, see where they can save and what this money could possibly go for.
You believe promises of easy money
It is interesting that for some things we Bulgarians are quite conservative and distrustful, but when it comes to pyramids we are ready to gild the people who promise us a lot of money for almost no effort. Remember that there is no such thing as a free lunch, and very often the words about wealth that will come to you in a matter of weeks if you invest a sum in an innovative product are just empty words. There are quite a few options you can explore for investing your funds. Some are more risky and some are not. Consult a specialist and find the best solution for you.
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