Proper money management tips

[Carpon]

As a business person or even a government worker, the level of your efficiency at money management is one of the factors that determine the level of your financial stability regardless of the amount you earn.

To be able to manage your income properly and attain financial stability, you can apply the following techniques:

1. Cultivate the habit of budgeting: By making a scale of preference and attending to your most pressing needs you avoid excessive spending. Make a budget of your income and strictly adhere to it

2. Desist from impulsive buying: Avoid extravagant spendings and buying things which are not part of your budget. Buy only what you need and don't spend your money on unimportant stuffs.

3. Adopt a good savings habit: Make a decision to begin saving rather than spending.

4. Avoid gambling, Ponzi investments etc: Gambling is one of the many ways people spend their money in unprofitable ways. Avoid it and other things that have affiliations with Gambling

 

[saoussen5765]

This worth trying it but purchasing everything in short time frame to escape from VAT of last year means buy everything on december to pay less fee and then resell back on january.

 

[Abigael]

Money management is very important for everyone. Since we all struggle to make money, it is best to also learn to manage it well so that we don't waste it away. Here are some tips on how to manage money well in my opinion:

1. Analyze your expenditure.

This helps in two ways:

• You get to know exactly how much money you need to spend. Such that if you are earning less than what you need, you look for a better job or a side hustle.
• You get to differentiate between wants and needs.

2. Make a budget.

Writing down a budget is better than just having it on your mind. Written goals make you more accountable. When budgeting, prioritize your needs over your luxurious wants.

3. Save.

The most important thing about saving is that it prevents you from taking unnecessary loans. So it is great to save more, for a specific things and for emergencies.

 

[arunima25]

Money management and financial discipline should be inculcated from a very young age so that it becomes the habit and comes easily when you actually have to deal with money matter. We have to understand the value of money from a young age and it's responsibility of adults around to pass it on to their young ones in an age appropriate way. Keeping a track of expenditure and budget is very crucial. One has to prioritise the financial obligations and make their budget accordingly. Make a saving bucket and keep putting money there for rainy days or any other financial goals that you have..like saving for a gadget or saving for a home. No matter how little you earn, you should never have any excuse for failing to save. Put a little ( if you don't earn enough) aside in the savings bucket and be self determined to not to touch it under any temptation. It should be used only for the purpose that we are saving it for. We need to inculcate that kind of financial discipline... Not only making a budget is enough, sticking to it is important. One needs to revisit the expenditure again and again to introspect Bd see if the buy was a essential one or impulsive one. That would bring a thoughtful purchse in practice rather than going for an impulsive purchase.