Saving Money Managing your Money.

[raaman]

Managing your Money.

Having financial stability is the dream of many people. But with unpredictable economic conditions, planning your expenses and saving enough to build wealth becomes difficult, especially for those who are starting their business from the scratch. However, there are ways for those who wish to have a healthier financial life, even on a modest income.

If you adopt at least one of the good habits, you will see that over time your money will multiply and you will be able to invest in the activities that you enjoy the most. One thing to know here is that from now on, tables and calculators should be your best friends to follow.

Fixed charges are those we pay each month, such as rent, electricity, internet, etc. It is important to also include in this list the taxes you pay throughout the year. Recording your expenses is important to know how much you will have left at the end of the month to invest, save or even spend.

If you are in business, you must also control the fixed costs of your business, such as rent and production expenses. There are many ways to carry out this control, but I suggest that you maintain a spreadsheet on Google Drive, since in addition to having these documents saved, the tool itself calculates the expenses.

 

[Jasz]

No matter who you are or how successful you might be, at some point in your life you will likely be confronted with the challenge of managing your money. For some people this may be when they need to make a special purchase, such as a new home or college education. For others, it may be later in life after they retire and want to ensure that they have enough assets to enjoy the lifestyle they want. Regardless of the situation, deciding what to do with assets can be overwhelming for anyone. This book is an overview of the options available to you and steps you can take to begin managing your money wisely today.



A new approach to managing your money in the 21st Century is to find out how you can make your money work for you. Learn the basics of the stock market and make smart complex investment decisions in your own investing future. Also learn to save more, cutting debt, building wealth, and retiring comfortably.

 

[eldavis]

The ability to manage your money would determine the level you would be. My reason for saying this is cause it's impossible to be rich or wealthy if you are unable to manage the little you have and grow it into something bigger, and no matter how rich you become in the future, if you are unable to manage the wealth you have, you will definitely fall back to square one.

 

[Kendy]

This thread has been helpful and I must commend all the contributors. Managing money is not always easy because to a greater extent, our challenges and unforseen circumstances keep piling day in, day out but without our sources of income being dynamic by augmenting or adding value, which makes savings difficult. It is also pertinent that managing, saving and improvising is a step in the right direction but in a state of economic recession, unrest and meltdown, creating a means of managing one's income is not always pragmatic.

One way you could manage your money effectively is by having an investment which has relatively low risks attached, for offline businesses such as; Real estate investment, Palm oil processing, Pharmacy stores and Food items wholesales. For online means of saving money, it would be more prudent if you are engaging or diversifying in more than one forum or freelancing sites as the case may be inorder to start saving something substantial. Saving money can only be attained when you are able to first solve your basic and urgent needs such as; food, house rent, clothing, fees and other urgent bills that must be sorted out. I presume that savings would be a more pragmatic way of salvaging problems in the future and you can also do a personal savings method by using your piggy bank.

 

[Kingsley]

Financial management is very paramount to every individual as there is hardly anything we can do without money. Hence it becomes imperative for us all to have a very strong financial management strategy, if one will be successful in business then such a person must have a very sound knowledge of financial management, financial management is a subject matter that does not have to do ultimately with money, but it has to do with everything thar has to with how we spend money, how we generate money and on what we spend money on. the concept of financial management looks at how we evaluate a project that is suppose to yield dividend and also how we also set aside projects that will result to waste of fund and time. So the concept of financial management helps us to get more insight on how to also grow our funds. And this goes a long way to help us stay afloat and not get stranded and result to borrowing and at the end get drowned in the ocean of debts.

So for us to manage our financial resources correctly then we must learn to aviod some certain kind of lifestyle and learn the difference between need and wants.

 

[Richee84]

The need for everyone to have knowledge in financial management is very important and key in our daily life activities because in one way or the other we tend to play that role of managing the resources or money that comes our way. We spend money every day on our daily needs but having the knowledge in financial management will help us to control wasteful spending and guide us to spend on our essential needs and also help to reduce our daily cost to the bearest minimum. A business owner too must have the better understanding in financial management so it could help him or her to reduce cost when buying goods and services. It will help him or her not to spend on things that will not bring in good profit to it business. Both the layman on the streets and the elite or the business man all need to have a good financial knowledge in their day to day dealings. Though we all can't be expert in financial management as some people are well train in that line but every individual are advise to have prerequisite knowledge in financial management.

 

[PICKFORD]

There are a lot of rich and financial successful people in the world today , but one thing that counts or is similar in each of them is that before they reach the stage of being financially free they know how to manage their money, this is absolutely true to be financially free you have to know how to manage money there by avoiding any kind of sort of irrelevant money spending on things that may not or are not important.

Not everyone is born with the act of managing money some people have to go under various experiences before they learn to manage their money , a lot of big businesses and successful financial organisations today fail or go bankrupt because the management or the employers managing the firm spend money on a regular or unnecessary expenditure which in one way or the other has no impact on the people or its members . Other business organisation who failed to manage money buy or offer wrong services as a result of not knowing how to manage their money , this is so true because some financial organisations spend their money on buying irrelevant stock and inventory which are not essential or important to the lives of the masses or patronizes

 

[Alexandoy]

Managing the money is easier said than done. Let me share with you my experience lately. I started handling our home budget in November. Admittedly that is the period of adjustment that was followed by December which is the Christmas season. That is the time for spending here because of the relevance of gift. Our home budget based on my computation is 40,000 pesos per month (that is $800). It is divided into payroll of maid and laundry woman 25%, food 25%, bills 25% and the rest is for miscellaneous. However, this January when I thought the spending will be stable I was wrong. The over spending is still there. Hopefully this month of February my budget will be enough because I have cut down on the extra spending like giving consideration to some people on their needs. Let us wait and see.

 

[Abigael]

Budgeting is indeed the best way to manage your money. It involves keeping track of your expenses using different methods of recording. When you budget money, it becomes easier to differentiate between your needs and wants. That way, you can spend money where it is needed rather than just satisfying your urges and desires.

It is truly important to make tables and calculators your best friends. They help you keep track of your expenses and know exactly how much you need. That way, as you work hard to make money, you know exactly where to spend it. Then when you have money, you spend wisely.

Budgeting also helps you save money. This is because you will know the extra money that you have so that you can choose where to keep it or invest somewhere so as to earn more from it. As you know, investing enables you to have several streams of income hence you have a healthy financial life.

In conclusion, having a clear budget is the best way to manage your money. But remember that self discipline is also important for the sake of following what you set in your budget. Without self discipline, your urges will push you to spend on what you have not planned for.

 

[Sotherefore]

If you are running a business and you are hiring a location for this business , you won't likely be able to control the rent because the rent sometimes are always determined by the owner of the property you are using ( the building ) . And sometimes the cost of a particular building for business if you are renting will always be dependent on the location you have chosen and it is something beyond your control.

I can understand the fact that most of the fix charges are something that is beyond our control but a situation in which most of these things are too expensive , I think there are some steps we have to take to cut off thier usage rate

If we are talking about electricity there is how we can cut off the usage of our electricity by making sure that our fridge and other appliances that consumes high amounts of electricity are not left on constantly and so many other things.

Talking about controlling the amount of data used , it is still possible for you to make sure that you do not leave your data open all the time and should only be activated when it is absolutely necessary and off when done.