HOW TO MANAGE YOUR MONEY

 

Your money is a huge part of your life. It can
determine what you can do and where you can go. Learning how to manage your
money the right way is an important step towards taking control of your life.
Understand where your money is coming from, where it
is going to and how to make sure that the way you manage your money is in line
with the values that matter most to you. Here are several strategies to help you manage
your money.
Keep tabs on your bank
accounts
Managing your bank
accounts by reconciling them to your bank’s records is a responsibility – and
one of the best money management habits you can keep.
You should balance or reconcile, your
records for all of your bank accounts at least once each month when your bank
statement is available. This is one of the best money management habits. Benefits of balancing your records include:
·
It
helps you keep track of your money
·
It
helps you verify that the bank information you have is accurate
·
It helps you identify any mistakes you or your bank may have made
Make a budget
Drawing up a budget and
sticking to it is not easy, but it is the best way to be in control of your
finances and make sure your money is going towards the expenses that matter
most to you. Here are some tips, in no particular order, on setting up your
personalized budget plan:
·
Make
a list of your values
·
Set
your goals
·
Determine
your income; net pay or take home
·
Determine
your expenses; fixed, flexible, insurance
·
Create
a spending plan that must meet your needs
Pay yourself. Save
The future is expensive and that is why
people need to save or invest. Consider the cost of education, cost of
retirement especially when your prayer for long life is answered.
Investing; which is a form of saving, is
just one individual master plan, which every individual needs to be interested
and involved in. Therefore, it is important that as you grow older, you
evaluate your net worth by comparing your assets with your liabilities, income
versus expenses, input versus output and make a personal intensive effort to
have a savings and investment plan to fill in any gap that is noticed.
 
By Ifeyinwa Olloh

10 COMMENTS

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    As for my finances, half a year ago I had to learn how to handle them. The thing is. that in the life of every person comes a time when his financial affairs are in decline. It is at this crucial moment that you catch yourself thinking that you are doing something wrong with your finances. For example, I worked in a cheap writing service as an assistant to one author. I had a decent salary, but it always was not enough. One day I came across a similar article, which aroused in me the desire to deal with my bank account. For the next month, I entered a list of all my embezzlement. As it turned out, I spent about 30% of my income on things that I absolutely did not need. This analysis helps you to understand exactly where you are making a mistake and get rid of it. I wish everyone to bring their finances in order. Good luck

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