Management of money

[armanda90]

Nice topic OP

You share good ideas about money management and step by step what first have to do, right now almost all people understand well about how important about money management but most of them don't know what first step have to do. All points telling by OP very important and I will allow all step how to get better money management and our all decision can reach financial freedom one day later. Firstly about financial planning after earning how much salary from our working or how much earn from side job we must have financial planning exactly allocated for investing, debt management, earning until saving.

If can manage well with all points above I believe some one easily controlling well their financial condition despite how much salary earn if can allocated well I believe have better financial condition.

[GiftedMAN]

To be honest many people focus on increasing their income but ignore controlling their expenses. I have noticed that small unnecessary expenses add up to big amounts at the end of the month. Like,  currently I live in a boys' hostel. As a result I have to eat at restaurants most of the time. In that case if I can cook and eat at home, then I will save a large amount of money at the end of the month. That is why if someone regularly tracks their expenses and develops the habit of saving it becomes much easier to be financially stable.

The reason why people work more is because they know that their expenses is becoming more than their income and since they can't work on it they will rather choose to work to make more money so they can handle the bills that keeps coming their way. Little expenses that are not well controlled will amount to more expenses but if you have a way to work on your expenses you better do it otherwise you will keep working to pay bills but won't have any savings.

[Bluedrem]

Money management is very important for future financial security. Because people can work hard up to a certain age and then they can increase their level of work and earn double their income if they want. If they cannot save this earned money in the right place in the right way for the future, then when they cannot earn money in the future, they will have to face extreme financial hardship. For this reason, when a person is able to earn money, his money should be divided into several parts. In this case, one part may be a fund designated to meet basic needs, the other may be an emergency fund, a fund may be allocated for employment.
In the case of investment, a person has to exercise utmost caution, that is, he has to invest in the best medium by considering how reliable the place where he is investing is and how much return can come from it over time. The most important thing is that money management is very important to manage life well.

[Z_MBFM]

1. FINANCIAL PLANING
2. INFESTING
3. DEBT MANAGEMENT
4. EARNING
5. SAVING

Good money management cannot be done by following only these things. In the case of money management, the first thing to focus on is the issue of spending money. Most of the time, we spend a lot of money which is not very important to us. And because of them, we cannot keep our savings in order. And we cannot achieve our main goal. We are gradually becoming very lazy. Due to which we spend a lot of money unnecessarily. Such expenses prevent us from managing our money properly. So when it comes to money management, first of all, we have to focus on preventing wastage of money.

[Agbe]

1. FINANCIAL PLANING
2. INFESTING
3. DEBT MANAGEMENT
4. EARNING
5. SAVING

Good money management cannot be done by following only these things. In the case of money management, the first thing to focus on is the issue of spending money. Most of the time, we spend a lot of money which is not very important to us. And because of them, we cannot keep our savings in order. And we cannot achieve our main goal. We are gradually becoming very lazy. Due to which we spend a lot of money unnecessarily. Such expenses prevent us from managing our money properly. So when it comes to money management, first of all, we have to focus on preventing wastage of money.

One thing that helps people manage money is cutting down on unnecessary spending.and one good way to do this is through good budgeting.budgeting helps streamline expenses because for anyone to be financially stable your spending must not be more than your income. This is a very important aspect of finance that most people don't give attention to,good financial practice system is a culture that everyone that is serious about having a balanced financial life should do.

[Trust_Paid]

Yes, money management is important for everyone. How to manage yourself and be able to make necessary and unnecessary expenses. If money management is not done, then no matter how much salary you get, you will not be able to manage it effectively. And a budget should be determined, it helps to be aware of when and where to invest. Which includes money management skills, he will understand investments, loans, savings, etc.

[Reatim]

Management of money is very important for everyone. Management of money helps you plan on how to use your money wisely. If you are going on managing your money, you will understand what it means by financial planning,  investing, saving, managing debt etc. Once you how to allocate your money to the right things that is needed for, then you are beginning to master money management.

even if you have a lot of money, if you don’t know how to manage it it will all be useless and you might just lose all your money

you don’t need to be so tight on money in order to save up and be wise just make sure that when you manage your money you spend it on things that are really important and will bring value to your life

[liasbaa]

1. FINANCIAL PLANING
2. INFESTING
3. DEBT MANAGEMENT
4. EARNING
5. SAVING

Good money management cannot be done by following only these things. In the case of money management, the first thing to focus on is the issue of spending money. Most of the time, we spend a lot of money which is not very important to us. And because of them, we cannot keep our savings in order. And we cannot achieve our main goal. We are gradually becoming very lazy. Due to which we spend a lot of money unnecessarily. Such expenses prevent us from managing our money properly. So when it comes to money management, first of all, we have to focus on preventing wastage of money.

This is a realistic way that you have to cut down on expenses if you want to save money. One of the desires of poor citizens is to meet basic needs. When they achieve the ability to meet basic needs, they expect more and if they have a house, they want to build another house. The wheel of each person's personal economy keeps turning like this. The more wealth you have, the more you will not be satisfied with it. That is why you have to focus on reducing unnecessary household expenses without thinking about the balance of income and expenditure to save. The more money you can save from your income, the better off you will be financially for the future.

Accumulation Bitcoin with the available amount of money to prevent wasting money will be more convenient than saving money because if you save money, it will continue to be eroded by the effect of inflation, which means that fiat is depreciating over time. For example, the price at which you could buy a product 5 years ago has increased several times today due to high inflation. So accumulation Bitcoin instead of saving money.

[GiftedMAN]

Management of money is very important for everyone. Management of money helps you plan on how to use your money wisely. If you are going on managing your money, you will understand what it means by financial planning,  investing, saving, managing debt etc. Once you how to allocate your money to the right things that is needed for, then you are beginning to master money management.

even if you have a lot of money, if you don’t know how to manage it it will all be useless and you might just lose all your money

you don’t need to be so tight on money in order to save up and be wise just make sure that when you manage your money you spend it on things that are really important and will bring value to your life

The key I believe is distinguishing between your wants and your needs, and knowing how to set your priorities straight. A lot of people usually misplace their priorities, spending tons of money on things they don’t even need only to abandon it at the end of the day.

When people identify their needs and wants, they’ll be able to know when, how and where to spend on, which would eventually help them manage their finances effectively, poor or rich.

[Stablexcoin]

One thing that helps people manage money is cutting down on unnecessary spending.and one good way to do this is through good budgeting.budgeting helps streamline expenses because for anyone to be financially stable your spending must not be more than your income. This is a very important aspect of finance that most people don't give attention to,good financial practice system is a culture that everyone that is serious about having a balanced financial life should do.

I agree with you, there are many guides in money management. Responding to bills at the appropriate time, and knowing how to portion ourselves when making purchase, most people overlook their balance and try settling beyond budget. There is no shame in living according to standard, trying to impress those at a higher financial level will cause more downfall, no need of acting to be what one isn't, faking it till you make it is a wrong way to manage money.

Some months come with unplanned expenses, savings are very important, instead of always taking what's left after every expenses to spend unnecessary things, someone applying money management, must find a way to invest or save for special emergencies.

[Iroh]

In all management of money is very important in all day long, if you don't manage your money very well the consequence might be for ever.

When talking about management, the first thing that ought to come to your mind is planning. Planning is the very first step when it comes down to management and without it, you will get nowhere.
Like it's noted in the OP, financial planning is right at the top of the pile showing how important planning whatever income that's coming in is. With adequate planning and sticking to it, you would reduce/stop any wasteful spending, leaving room for more important things that could be done with that money.
Poor management of your finances would surely lead to financial ruin.

[Cgrexp]

Financial management is necessary in every aspect of our daily life. Because if there is financial management in terms of wealth or goal achievement, then that process can be managed in an organized, planned and controlled manner. If there is no financial management in terms of investment, there is a possibility of financial loss. As a result of proper financial management, when we can maintain a balance between our emergency fund, reserves and investments, it will bring us financial stability as well as ensure financial security. Therefore, financial management is important so that we can control the proper use of our resources and our inclinations.

[AGogi2003]

Money management is one of the important factors that must be considered in life, because this can determine how our life will be or what our future will be like. For people who have incomes that are quite large or indeed large, they are very lucky, but that doesn't mean they can spend it on everything, it might happen because that is their individual right, but it's a good idea for us to be able to manage our finances well, so with this large income, we have to think about how this money is used for things that are really necessary, such as meeting economic needs, paying monthly bills, setting it aside for savings, setting aside it for an emergency fund and so on. Having a large income does not mean we are safe, we still have to have a wise mindset so that we don't waste it.

Exactly, management of money is the main thing to consider in life because if you don't have proper management things won't move smoothly at you want, you will just be spending alot of money and he won't be enough to solve your issues in life. But when you have plan on your income you will surely know how to make things balance even the money is not enough you will always find a way out to pay your bills that is why anything you have you should always get a plans you should not just spend anyhow. If you can handle financial management definitely things will be coming your way and opportunities to solve things better and your investment or business won't be hard to manage. When you have alot of money bills will start coming your way to settle and if you don't have management planning the money will finish and still you will have other things to settle.

[M47AK16]

One thing that helps people manage money is cutting down on unnecessary spending.and one good way to do this is through good budgeting.budgeting helps streamline expenses because for anyone to be financially stable your spending must not be more than your income. This is a very important aspect of finance that most people don't give attention to,good financial practice system is a culture that everyone that is serious about having a balanced financial life should do.

It might be very hard to cut down the unnecessary expense if you are married. For the wives, every single thing feels " a must", like "we MUST have this, it's a mandatory, it's not some enjoying small thing, we have to!" and she might be talking about something silly too, and boy oh boy don't even get me started if it's on sale, for women if something is on sale, they react as if it's free.

I haven't had a new pant in over two years, but for the wife? Man everyday a new product comes home from amazon  lol. So if you really want to avoid biggest expense, do not get married. But if you do get married, make sure that her smile worths every penny, I rather work 20 hours a day to pay for expenses, as long as I can see her smiling.

[Davidvictorson]

Lack of money management has made so many people become borrowers, and it has made them to be in debt. That is why you will see someone who is wealthy and doing well suddenly becomes poor. Yes, they become poor because  sometimes they're being pressured to pay their debt and most of the times the amount of debt they owe is what they won't be able to pay anymore no matter how they save, and in this situation where their savings cannot help them pay off their debts they start to sell off their properties, and we know very well that selling a second hand properties is always selling at a lose, so you see that they're already loosing.It is not the amount of money you earn that matters, but how do you manage it. The best way to manage this money is to budget wisely. Knowing where your money goes will help you manage your money and reduce unnecessary expenses, saving for emergencies, and future use, especially being consistent in the savings, which is a great way of money management will help in financial life and most importantly staying away from debt except it adds value.

[Raflesia]

Lack of money management has made so many people become borrowers, and it has made them to be in debt. That is why you will see someone who is wealthy and doing well suddenly becomes poor. Yes, they become poor because  sometimes they're being pressured to pay their debt and most of the times the amount of debt they owe is what they won't be able to pay anymore no matter how they save, and in this situation where their savings cannot help them pay off their debts they start to sell off their properties, and we know very well that selling a second hand properties is always selling at a lose, so you see that they're already loosing.It is not the amount of money you earn that matters, but how do you manage it. The best way to manage this money is to budget wisely. Knowing where your money goes will help you manage your money and reduce unnecessary expenses, saving for emergencies, and future use, especially being consistent in the savings, which is a great way of money management will help in financial life and most importantly staying away from debt except it adds value.

What you said might be true but on the one hand I don't think it means that when we have good management we don't have debt because at the end of the day it becomes a choice and a decision.

It is possible for some people to believe that those who are in debt are only those who need money and do not have good financial management but we cannot generalize this as if everything is the same because in the end there are some of us who even have good financial management but still borrow where it becomes productive debt.

It is undeniable that your words are not entirely wrong in this case because I can also see now a lot of people who just because they cannot control themselves in managing money they can do anything including getting into debt but not all will be like that when it comes to debt.

[Pikiboy]

One thing about money is that we must properly apply risk management and how to use it in our daily activities, when you misused any single opportunity that could have lead you to a successfully investment and you didn't then you are about losing, as know money is meant for planting and when you plant money it yield to something productive and from the dividends we can use them start spending or probably start another investment with the profits generated from our initial investment.
With this money can remain in our hands on a regular basis, as we humans are always insatiable when it comes about money and, or earnings we could want to earn everything without knowing that the more we have lots of investment the more we keep earnings from multiple streams.

Therefore the bedrock of money is to invest it in a productive business that would always double our money, for instance we can invest in Bitcoin and some other top 10 cryptocurrency out there which would secure our investment, and also choosing a long term target could also increase our earnings maybe for duration like 4-10 year projection would help us in achieving 50 to 100 percentage of our investment.

[bogdanb]

One thing that helps people manage money is cutting down on unnecessary spending.and one good way to do this is through good budgeting.budgeting helps streamline expenses because for anyone to be financially stable your spending must not be more than your income. This is a very important aspect of finance that most people don't give attention to,good financial practice system is a culture that everyone that is serious about having a balanced financial life should do.

Yes, we incur many unnecessary expenses in our daily lives. We should reduce these unnecessary expenses. If we can reduce these unnecessary expenses, then we will save a lot of money. If we never pay attention to it properly, then we should focus on reducing our excess expenses. The most important thing is money management, where and how we are spending it. If we can use these properly, we can reduce a lot of expenses. Each of us should take the aspect of money management seriously.

[MFahad]

Financial management is necessary in every aspect of our daily life. Because if there is financial management in terms of wealth or goal achievement, then that process can be managed in an organized, planned and controlled manner. If there is no financial management in terms of investment, there is a possibility of financial loss. As a result of proper financial management, when we can maintain a balance between our emergency fund, reserves and investments, it will bring us financial stability as well as ensure financial security. Therefore, financial management is important so that we can control the proper use of our resources and our inclinations.

Yes even I don't agree, as you explained perfectly and really hit on this that why this is important for our daily lives. It is all about having a clear plane for saving money. It's not about just saving money but its all about to save it for bad times or reaching our goals, big or small etc. like you said, it makes the whole process feel safe and organized in a better way rather than just guessing and wasting time.
Your point of view about saving money and investing it in something realistic is best way to secure future but without any plane or goal its totally useless and asking for trouble.
It's like loss of your financially ability but balancing it in a better way is everything we all need for better prospects and future too. Finding sweet spot having cash for bad times and emergencies, we don't have to look at others hands. Investing money for long run is only way so we can stop worrying about money and future too. it really gives us the real stability and security you were talking about.

[Mahanton]

Financial management is necessary in every aspect of our daily life. Because if there is financial management in terms of wealth or goal achievement, then that process can be managed in an organized, planned and controlled manner. If there is no financial management in terms of investment, there is a possibility of financial loss. As a result of proper financial management, when we can maintain a balance between our emergency fund, reserves and investments, it will bring us financial stability as well as ensure financial security. Therefore, financial management is important so that we can control the proper use of our resources and our inclinations.

Yes even I don't agree, as you explained perfectly and really hit on this that why this is important for our daily lives. It is all about having a clear plane for saving money. It's not about just saving money but its all about to save it for bad times or reaching our goals, big or small etc. like you said, it makes the whole process feel safe and organized in a better way rather than just guessing and wasting time.
Your point of view about saving money and investing it in something realistic is best way to secure future but without any plane or goal its totally useless and asking for trouble.
It's like loss of your financially ability but balancing it in a better way is everything we all need for better prospects and future too. Finding sweet spot having cash for bad times and emergencies, we don't have to look at others hands. Investing money for long run is only way so we can stop worrying about money and future too. it really gives us the real stability and security you were talking about.

Financial management really touches every part of life it’s not just about saving or investing it’s about knowing where your money goes how it grows and how it protects you when things get rough if you have a plan for your finances you’re not just reacting to problems you’re preparing for them and that’s what gives real peace of mind. Many people save money but without a plan those savings can disappear quickly or get spent on things that don’t really matter that’s why setting clear goals matters so much you need to know why you’re saving maybe it’s for emergencies maybe it’s for retirement or to start a small business whatever it is the goal gives direction otherwise you’re just saving without progress.

It’s also important to balance between saving investing and spending too much saving without investing can slow growth but too much investing without an emergency fund can leave you stuck when something unexpected happens finding that middle ground is what makes financial management powerful it’s not about how much you make it’s about how wisely you use it. And yeah when your finances are organized life feels more stable you don’t have to depend on others or panic when sudden expenses come up you start building confidence because you know you’re in control that’s what financial management really gives not just money but security independence and a stronger foundation for whatever future you want.