MONEY MANAGEMENT 101
In order not to be hit by needs arising and continue working towards your goal, you cannot escape learning how to manage your money. Life is so much easier when you have good financial skills.
Being good with money is about more than just making ends meet .Being phased with an unexpected financial need like emergency hospital bills, car repair, etc can
sometimes mess with your mental health.
Payday can be a very exciting day because you feel rich, while being happy try to remember that because the money is there doesn't mean you can afford it.
In order to avoid these unforeseen circumstances, money management is a must have skill.
Here are some ways you can manage that salary
● Track your spending
Tracking your expenses is an important factor in making your budget work for you. While it can be easy to point out one or two big expenses that lead to overspending, it's mostly a long list of tiny expenses that are the true culprit. So keeping track of every single purchase you make will allow you to know what is costing you a lot of money, and you can try to curb that expense.
● Have an emergency fund
Having a seperate account where you save money for unforseen circumstances is
another key factor in money management. An emergency fund allows you live for a few months if you suddenly lose your job or if something big happens that requires you to take a chunk of money from your savings.
● Always pay the best price
No matter how much you have in your bank account, always try to go for the cheaper alternatives or look for discounts or coupons when shopping. This could save you a lot of money.
● Don't let your needs pile up
Try as much as you can to take care of your essential needs as soon as they come
instead of leaving them to pile up, that way you might not be able to take care of them
and it could become a huge burden.
Try these four things and see an unexpected turn of events in your financial life and say goodbye to worrying about your needs.
Written by
Etuka Onyinye