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How To Manage Your Money

Money-Management AkinfemiOnadele

Money management refers to the process of tracking and planning an individual or group’s use of capital. In personal and corporate finance, money management usually includes budgeting, spending, saving, and investing.

To be money smart is a skill that needs to be acquired as this skill will help you to lead an almost seamless life of ease with minimal issues.

WORK WITH A BUDGET THAT SUITS YOUR SITUATION. It is good to have a budget that you work with. Income can be divided into parts this may differ depending on where you do your research 10% to Savings, arrangements can be made with your bank to do compulsory savings, 20% towards debt payments if there are any and 70% to live off for the duration until more income is generated. There is a saying that goes "Live Within Your Means", to do this individuals tend to spend all their income, but I prefer the saying by Kevin Trudeau "Live Below Your Means", when this is practised there is hardly anyway that you will overspend.

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