Finance forum for small business! Discussion on Funding your business, banking, loans, budgeting, tax, payroll, and exchange rates.

 

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Managing your Finances!

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    Managing your Finances!

    It is barely known and well experience of everyone including myself that facing the difficulty on managing your finances especially when you are the bread winner in the family. However. It will be all about the discipline I guess. And remember that it is not depending on the amount of money you earned but it depends upon on the amount of money you saved.

    For me, the most effective way for me in saving is doing the 52 Weeks Challenge. It requires self discipline and thinking about that 52 weeks or 1 year of saving will be hard at first YES, but for me it serve as the tool to practice my saving skills because of doing this I have my hard earned money put into safer place and for future usage that I can use whether it is an emergency or leisure one.

    I manage my finances aside from y saving by easily and reminding myself that it must be NEEDS vs 10x WANTS (means I will think 10 times if my wants will be more beneficial for me or its just a display for now) ..Well for me it is a good practice too. I learned to save a little more ..

    How about you what are your useful techniques in Saving and Managing your Finances.

    #2
    Managing finances is never easy not with all the good things of life at our disposal to acquire and the humongous urge to live the good life and the unfortunate thing is that living the good life is very expensive and if one indulges in that saving wouldn't be easy especially if one income Is limited and small.

    The sure bet is going mostly for what one needs and is very essential and not what we want.Going for luxuries and frivolities would definitely hurt our pockets and ultimately reduce our savings.So buying a little and saving more is the way to go.

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      #3
      One thing which I have told myself that I need to master is never to be too extravagant with spending. I would only buy the things that are necessary for me to buy and not just anything that I want because it's the only way ensure that I can be able to mange my finances and be able to save money.

      At the end of the every month, I try as much as possible to get at least 10% of all my earnings and have it saved for future purposes and projects.

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