When talking about money, we mean an exchange or payments of goods and services that is in form of coins and banknote, While management is define as the control or handling of things
that we acquire by taking care of it such as land, house, cars ,money, train, aeroplane and money etc.
But in this section, we are going to discuss about how we can manage our money by strategising it that is a plan to accomplish a goal on how to manage money.
There are numerous way of managing money which can save one from excessive spending. The numerous waye are:Creating a budget, planning for the money, removing unnecessary expenses,setting money goals,managing ones expenses ,taking a look at one Income or salary,emergency savings and paying off debt .
When we say about creating a budget, we define it as a plan on how to spend one Financial needs. While creating a budget we mean writing a list of things you want to buy thereby providing the essential things first. In a budget the list can include foodstuffs,clothes,jewelry,school fees and other that one needed to satisfy oneself. Taking a look at the budget, before buying the items can allow one not to spend excessively.
Planning for the money :planning for the money is define as the steps or intentions in doing some things. So when planing for money we intend to take a steps on how to spend it or to keep it for future purpose. More so buying things that is more useful for personal use and to satisfy one self. When we plan on how to spend our money, it can also help us in managing our money.
Savings :this is another way of managing money through savings cause not all money are meant to be use for expenses but to save some for emergency or future purpose. Savings entails keeping money aside either in a bank or as a form of investment so as to use in the future.
Removing unnecessary expenses or expenditure :Expenses are things that we buy for personal use. There are some Expenses that's not worth spending on by so doing we remove the excessive things that are not that important in order to manage our money.
Settings money goals require what we use the money for, the plan on how we spend our money and saving the money at the end.
Managing one expenses : Like we say the other time, Expenses are things we buy for personal use either by goods and services to satisfy one needs . We can manage our money by limiting the quantity of goods and services or not buying excessively so as not to the extent of wasting it at the end.
Understanding one Expenses:once you understand where you're the money to, there is a probability of one reducing the way one spend excessively.
Emergency saving: we can save up some certain amount, in Case of an unpleasant situation that can arise such as loss of job ,sickness and hospital visitation.
Paying off debt: Debt is owing a sum of money in expectation to pay back. We can manage our money by planing to tackle the debt in paying it off.
We can also manage our money by investing into some business or becoming a shareholder in a firm which will later yield to interest or making profit from it .
Setting our priority : priority is something of important that is putting the important thing first and leaving the least or less important things .
Knowing ones income : income is the money we receive either as a salary earner or money gotten from parents. Knowing the amount one earn can help one to manage money and also help in spending money wisely.
We can buy motorcycle and tricycle and use it for installment purpose. Installment means renting motorcycle and tricycle to be getting paid either weekly or monthly.
We can manage our money through investment, properties, gold and savings. Properties like cars, land, house etc.
Saving for retirement purpose : Retirement is a stage where someone stop working after many years of working in the office . Saving for future purpose can also help one in managing money as this can be the only source of livelihood after retirement.
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