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You can always achieve your financial goals, regardless of whether you are in low, medium or high income bracket.

Everyone has different financial goals, which can include buying clothes, taking a trip, buying a house or car, getting your Master's degree, paying credit card debt, going on vacation or saving for retirement. With this in mind, you can start today by rethinking your financial goals and creating a plan to achieve them regardless of your age.

The following recommendations can help you better understand how to manage your money and control your finances. Ask yourself:


What are my financial goals? Determine your financial goals and work hard to achieve them. What do you want to buy? What would you like to do in the short, medium and long term? You must write this down.

Create a budget. Do you know how you spend your money on a daily basis? Knowing how you spend your money will help you distribute it better; so go over your monthly income and compare it to your monthly expenses. If you have a favorable balance, you have kept the first financial commandment: never spend more than you earn.

If you earn less than what you spend, be careful! It's time to rethink things and make decisions. Your priority should be to identify the expenses you can cut or eliminate. You must save 10% of what you earn every month. We suggest you use a notebook to record all of your expenses, including minor spending such as drinks, cab fares or tips.

Saving is a priority. Save part of your income (ideally 10%). The goal is to have the discipline to save and make this as a priority in your life. You can save your money in your savings account, through the corporate savings plan your company offers, or work with your financial adviser.

Find the best rates, understand all of the fees and costs associated with the account; if your income increases, increase your savings to the same extent. Understand that higher return represents higher risk of losing your capital. You will obtain greater benefits over time, the sooner you start saving. Learn about compound interest, which allows you to earn interest on your savings interest.

Manage your credit wisely. Loans can help you achieve your long-term goals (housing, automobile or education). Understand the interest rates associated with these loans. Before using a credit card for cash advances, think that you could pay up to double the amount due to the high interests rates associated with the cash advance. If you have credit card debt, you should always pay more than the minimum amount due.

Protect your credit history. Insurance companies, real estate companies and even employers check credit reports. A poor credit score or a report reflecting delinquent payments could keep you from getting a loan or getting one with high interest rates. You can ask for one free credit report per year, by law.

Take control. Having a reliable source of information can help you take control of your finances. Anytime you need information, ask a reliable source. Know who you do business with, ask for references, understand each charge and cost associated with a loan or investment and ask who regulates them.

Learn more about money and your finances. There is always a lot to learn about money and managing your finances. Look for organizations in your community that will help you reach your financial goals. Look for nonprofit organizations, bookstores, banks, religious organizations, or virtual communities, among others.

Follow these simple tips and you will soon forget your financial problems.