We all think about the cost of living of the city or a country before moving there. Generally people say “Dude its a costlier city man”, but they’ll never say how costly it is.
As I’m an Indian, when I moved from one city to another, it was a big deal for me. Yeah, Language come secondary in the list, but cost of living was first in the list. Those who know how to manage the living in the costlier city, I’m pretty much sure, They had handful of experience on this matter. Asking them about cost of living would be the better idea, But what if you are the first one in your contacts moving to that city. Moving to another itself became a pain then how about moving to a different country?.
Movehub.com came up with a brilliant infographic about cost of living worldwide by compiling the data from numbeo.com which gives us the clear cut idea about which place we need to choose for a vacation or move in.
This infographic shows the top three countries for cost of living are Switzerland, Norway, and Venezuela. While the lowest are India, Nepal, and Pakistan.
Managing Your Income and Expenses
Successful money management requires looking at your finances from short-, medium-, and long-term perspectives. While your current expenses need to be a top priority, so does planning for your future, which means next year, five years from now and 30 or more years ahead. That’s why, as first step, you should have a basic finance plan.
Your basic financial plan consists of your road map and directions for all of your financial goals- where you are starting for each where you want to end up and how you’ll get there. It should detail all of your goals and timeframes in which you’d like to accomplish them, whether that means paying for a child’s education, buying your first home or retiring at the age you’d like.
Understanding cash flow:
Before you can create a budget, or spending plan, for the future, you need to evaluate how you’re living now by analyzing your cash flow. Cash flow describes the movement of your money- the money coming in and the payment going out. Whether your cash flow is positive or negative has a big impact on your ability to meet your financial goals.
Creating a Budget:
Budgeting is a useful tool for everyone. It can provide a great next step even to those who have a clear vision of their future and have their finances under control. You use a budget to plan how you’ll allocate the money you have coming in to pay and save for the things you need, now and in the future.