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MONEY MANAGEMENT TIPS THAT WILL IMPROVE YOUR FINANCIAL HEALTH

admin by admin
December 7, 2021
in Blog
MONEY MANAGEMENT TIPS THAT WILL IMPROVE YOUR FINANCIAL HEALTH
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MONEY MANAGEMENT TIPS THAT WILL IMPROVE YOUR FINANCIAL HEALTH

BY GULSHAN PARVEEN

“Sometimes it’s not about the money, but rather the process of managing the same.” Money management is one of the most underrated skills of today’s generation. People are learning how to make money, but they lag in managing it appropriately. It’s easy for us to fall for unnecessary things and luxuries while ignoring our necessities. And when it comes to ‘calculating’ those expenses by comparing them with our earnings, we find it complex and just leave. But trust me, managing your finances isn’t that overwhelming. Try to implement these money management tips and start controlling them before your money start controlling your decisions.

  • SET RIGHT FINANCIAL GOALS
    If you’re conscious about your finances, then setting up appropriate financial goals is the prime tip for you. Now, always remember fulfilling your needs has more importance than going behind luxuries. This isn’t your last day on the earth, so stop being overwhelmed about things that you ‘always wanted. Initially, you need to analyze your current financial status and create plans accordingly. Having predefined goals will help you stay focused and motivated to scale the ladder of financial independence.
    Because without a plan, it’s pretty easy to wonder where your income went, rather than knowing where it should go. After all, we all stay keen to follow that ‘Treat Yourself’ trend in the present generation. Just think in the most mature way possible and plan your financial expense.
  • BE A BUDGET MASTER: Budget is a mathematical confirmation of your suspicions. We all are aware of two types of income streams, Fixed and Fluctuating. It’s comparatively easier to do budgeting on a fixed income than fluctuating one, but still, I’m telling you, it’s not that difficult. You just need to categorize your spending in different aspects, including Must-Haves (All your necessities), Nice to Haves (Those things that are little luxurious than needs), Miscellaneous (Some bits and bobs that may occur), Emergency Fund (All medical expenses+ saving of your 5-6 month’s income to ensure your survival in case of losing your income stream).
    In addition, it’s important to understand that living on less than you make is a matter of controlling yourself, not a matter of mathematics. So try to be extremely conscious about your finances.
  • INVESTMENT: DON’T TELL ME YOU’RE STILL NOT DOING IT: Learning to generate and manage your money is surely a great thing. But, making it useful for yourself is even better. If you sustain any long-term goals for yourself, and if you don’t, I still think investing is the best way to save your money profitably. Also, investing for a long period can surprisingly give you tremendous benefits. You have no idea what a small chunk of your income can give you after a consistent and uninterrupted investment. Just be futuristic and find different and innovative ways to invest your money to reap the best fruit.
  • KEEP A CHECK ON LIFESTYLE INFLATION: Generally, when people get an income stream or addition in their income, they start spending more. Doesn’t matter if the spending has any significance in their lives or not. This whole phenomenon is considered as ‘Lifestyle Inflation. And trust me, it’s the worst situation that can occur in your financial planning that will hinder you to achieve your financial freedom.
    You may get better at paying your bills after lifestyle inflation, but in a long run, it can cause massive damage to your wealth-building ability. Every extra penny out from your wallet at present can be a deduction from your future necessities. I understand the fact that the desire to match our status with those surrounding people is very stimulating, but remember the lines by Emma Watson, “You have a family to feed, not a society to impress.” 

Lastly, I would like to say that keeping pace with your finances is a tough task that can easily break your willpower and make you annoyed enough to leave it. This problem is not disturbing you only, it’s with almost every person who wants to have a perfect financial status. In this scenario, you must have a clear reason for starting it. Ask yourself why you want this financial freedom? Why do you want to have a money management system? If you get the answer, then let me tell you, buddy, you got your reason.

Always work on building up the knowledge on financial management and try to incorporate the same in your life. For this, listening to podcasts and reading financial books are two great ways. ‘Happy Money’ by Ken Honda, ‘Mint Your Money’ by Pranjal Kamra, ‘The Psychology of Money’ by Morgan Housel are some extremely good books that can improve your financial management skills.

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