household

The word economics sends many people into a panic. Complex equations pop into their heads and they shudder. The word economics literally means household rules. While you may not want to learn the ins and outs of Econ 101, you should apply the same rules you use for business to your personal life. Here are some simple ways to start:

Time Management: Use calendars and to do lists to manage household chores and appointments. Keep everything in a central location, rather than sticking post-it notes in random locations. For families, use a single system that everyone has access and delegate tasks to specific family members.

Accounting and budgeting: Think of your life as Life, Inc. Keep track of expenses and categorize them. Budget how much you have for each category. Remember to create categories for savings and investments and put money in those accounts regularly (even if its just the change in your pockets at the end of the day). Make sure you know where your money is going.

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