How to take charge of your finances

[Carpon]

Taking charge of your finances is one big step towards maintaining a steady and stable life. There are many things that this entails and here are some points which are useful in the process of taking charge of your finances

✓ First is by knowing your full income. You cannot take charge when you don't have full control. You must know what amount you make and what amount are accessible to you. These are funds that you have full control over.

✓ Then next is building a consciousness of the spendings you do. This is achievable when one makes proper budgets. It helps you to know what every amount is used on and keeps good account of your finances. This is one good step towards taking charge of your money and by extension your finances.

✓ Moreso, you must be able to avoid all forms of liabilities. To have full control over finances, no one must be able to confront your financial life. Avoid debts and loans as these are the major impediments to finance.

 

[King bell]

In order to take charge of your finances, you need to first acknowledge that you are in charge of your own money.

And I don’t mean just knowing that you have “some” control over it — I mean really coming to terms with the truth that telling yourself, “I am not in control of my finances,” is a BIG LIE. It is an excuse for not putting forth a little effort or taking some modest responsibility to manage what you have taken away from the people who would otherwise take care of these things for you.

Yes, money can be complicated and intimidating until we understand it better. And yes, we can feel a little out of our element when it comes to managing it.

But if you have the ability to go out and earn money, you also have the ability to spend it. And if you can spend it, you can save some of your hard-earned cash. And if you can save some of your money, then you can invest in ways that grow your wealth over time. And if that’s true – and I believe it is – then I also believe that saying, “I am not in control of my finances,” is simply a way to throw up a smokescreen and pretend like none of this is actually your fault . . . or your responsibility .

 

[saoussen5765]

@Paul Abel you may also miss contunious increase of prices then what you could buy with some money yesterday you will buy with thrice price this day and this affects dangerously the financial income.

 

[Carpon]

@Paul Abel you may also miss contunious increase of prices then what you could buy with some money yesterday you will buy with thrice price this day and this affects dangerously the financial income.

Yes this has to do with the effect of inflation on the price of commodities and just as you have mentioned, it has grave consequences and significant effects on one's personal financing.

I think a good way that you can be able to tackle this is by studying the market and knowing or should I say predict when the prices of items will hike and you make your purchases beforehand.
You can do this from time to time and when such a situation is predicted, then one can buy goods in bulk against the coming future price hike.

Maintaining personal finance is very vital actually and it entails a lot of skill and knowledge to successfully attain that state.