people do not know how to use our Money. They use the wrong methods for money. There is hope for those people who want to include this kind of group. I have searched for money. Let’s see planning is the right way to use the money for a better life.
Planning is a must for money.
We manage our cash with proper planning. If planning is not good about money then you lost all things. Here I tell you the proper use of money. because many people do not know how to manage finance effectively.
You are like me, I have several bank accounts and ATM cards. I understand my financial needs to achieve my goals.Managing our money , like anything, takes time to understand and improve on. It also takes a commitment and solid understanding of financial situation.So first step is to right use of money. We took control our resources.
- Prepare your cash Budget
First you a a solid budget. . Is it necessary? Trust me . you need one.Budget helps us to payoff our debts and start savings for our future needs.We understand our expenses and control our money.
- Spending Expenses:
You can ask any person how much he spends each month on everything and he might be not able to do so. many people do not know their expenses. This is a problem but thers is easy solution for to make a cash budget for you.keep track of your expenses, your bank statements, bills receipts, utilities bills and check your expenses. Think about your expenses this helps you to give true pictures and know how to manage our expenses. We compare it from past expenses.
- Know Your Income
If you ask someone about his income may be he would not tell you internally he know.This is true picture many people know their incomes and do not their expenses.At the end of month if you have negative number then you reduce your expenses. If you have positive number then you start savings. You know no one like debts. but sometimes we take loan so, you pan to return on monthly basis. It taken to proper steps to control our money.Example:You should a way so that your debt will be paid off. If you take a tea is RS. 25 then you calculate after 12 month your expense would are Rs. 750, and for a year are Rs. 9000.Pay membership for long time not to monthly basis.So you save your money for you.
- Emergency Funds:
You you should create a reserve fund for your emergency requirements. For example, If you lose your job, or your car break down or any other event occurred. You could never touch this fund without any emergency needs.
- Saving Target:
You should save 10 percent of you income for your retirement and future benefits. First establish a saving target.and each month deposits in your account. Let’s see. Now you are 35 years old and you save RS. 1000 a month and after 25 years your income would is RS.300,000.
You should also consult to any person plan of your savings plan.May be his suggestion will helpful for you and apply on yours.
- Complete Knowledge of Money
You continuously learned about finance and turned your passion into profession. Overall stay will- informed, practice sound financial management. and perhaps you will be next finance guro who advice people.
- Flow Your Income.
You should be able to manage your money and see flow of your income. Being well-organized you will save your time and save a huge money in the future .If you have any question about this topic you can ask.