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Why you need to record financial transactions
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[QUOTE="Mika, post: 287231, member: 29399"] You need to track your income and expenses. You need to keep a record of every penny that comes into your pocket and every penny that goes out of your pocket. The process of keeping track of your income and expenses is referred to as cash flow management. Cash flow management skills are very essential to improve your finances. When you have cash flow management skills, you will properly understand your financial condition and modify your life accordingly. let's say you earn $1000, can you pay $ 800 on rent? If your income is $1000 can you maintain a lifestyle that requires at least $1500? When you know how much money you are making, you can modify your life accordingly. The easiest way to keep the track of your income and expenses and ensure that you are not going off the limit is by creating a monthly budget and stayin g within your budget. When you are able to track your income and expenses, you can start saving money. [/QUOTE]
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Why you need to record financial transactions
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