Managing Your Money
I work very hard but I don't know where all the MONEY goes ! Sometimes too I hear people saying that witches have taken their money and then begin to accuse innocent people. Solomon said that “for lack of knowledge my people perish “. You may have flourished business running but without managing the MONEY you get from the business wisely, you may have to close your company sooner or later. If we talk about MONEY management, we are simply talking about how you Spend and how you Invest. Money management is a strategic technique to make money yield an interest output value for any amount spent. Spending MONEY to satisfy a strong desire, yearning or craving for needless things is a natural human phenomenon. Having an idea or knowledge about MONEY management can help you to reduce the amount that you spend on items that add no important value to your living standards, long-term portfolios and assets. Make sure that every financial transaction you make is worth the expense.
Here are some steps to take to manage your finances properly.
Understand your current financial situation
Set personal priorities and financial goal
Create and stick to a budget
Establish an emergency fund
Save for retirement
Pay off debt
Give yourself a limit for unbudgeted spending
Track your spending
Save up for a big purchases
Invest wisely
Create more passive income to diversify your source of income
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