Reasons for personal financial accountability?

[Agbamoni]

This reminds me that i have to keep consistent record of my expenses on a daily basis.

Lol, i tried it once but it was a little difficult to always stay consistent sometimes i just forget about keeping track of it and taking note. Although i spend money on things i know i can replace back the money in a short period of time. Yeah, if i am supposed to spend about $100 this week and unconsciously i spend more than that like about $120. I will make sure i increase the level of input in my work and also add extra work time to my daily schedule so that i can meet up the extra $120 i have spent in the previous week.

Using this strategy has helped me to maintain my financial capacity. That means i won't have to hinder my plans for keeping money for emergency funds, investment and daily live expenses. Everything still falls in place at the right time.

[ivankoh]

I think, when growing up, everyone must be responsible for their own personal finances. It comes from many reasons, circumstances, and age that it becomes more important such as: managing spending, building Stable life, have a budget to reserve for risks of life events, and future orientation. When you have a family and children, this issue becomes even more important. I have a family, 2 sons and everything for me needs to be managed, mixed with my finances.

[puloweh555]

The point I got was the importance of financial education/knowledge from an early age. But it's never too late. Whatever age you are, start now. When you have received enlightenment for a better life. Personal accountability is very important to live a better life in the future, even for our next generation.

Because sometimes financial success depends on previous generations. In this case his parents. If there are parents who are good at managing money then their children can achieve good financial success and if there are parents who cannot manage money then those parents will turn their children into the sandwich generation. So in this case we have to be smart in practicing our financial accountability by investing our monthly money to buy bitcoin using the dca method. because Bitcoin will be a hedge because it is not correlated with inflation and will provide guaranteed protection for our finances in the future.

[RockBell]

I think, when growing up, everyone must be responsible for their own personal finances. It comes from many reasons, circumstances, and age that it becomes more important such as: managing spending, building Stable life, have a budget to reserve for risks of life events, and future orientation. When you have a family and children, this issue becomes even more important. I have a family, 2 sons and everything for me needs to be managed, mixed with my finances.

Being responsible is a choice that can be made personal because when someone is not comfortable with their condition, they will do anything to be financially free because there are people who have grown up and don't care what condition they are in; they do not want to be responsible regardless of age. If you know how to budget and plan your life. If not for that then it will have a means have a way of hurting people's life because how do you survive starting from the meals then to accommodation then to bills and their are a lot of people homeless only because they are homeless. And have a budget doesn't not really work again because things are expensive. The whole thing is just a two sided thing. Even if some people are married they won't still be responsible. Like I said its just personality.

[kryptqnick]

It seems that the op is suggesting financial self-accountability because a person is making an assessment of oneself here. But when I google financial accountability, it is, of course, about being accountable to others when performing financial tasks.
The op mentions potential benefits and a few tips, but no details on how it could look like. Is being aware of how much you earn, how much you spend, and what were your biggest purchases on a monthly basis enough to say that a person is financially accountable? Does financial accountability require setting and achieving goals, or can it be just about analysing spendings?

[Fortify]

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.

2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.

3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.

4. It builds financial confidence in hustling continuously.

How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.

2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.

Thanks for reading through, and what are your opinions regarding personal financial accountability?.

Some people are lucky in life, they get born in a richer country and they have a supportive family around them, others have to struggle all the way growing up, but one essential thing that will give you the biggest boost in life is financial education and it's possible to get learn it all yourself. The information is all available out there, but you need to have the drive to figure out how the financial world works - from credit cards, to pay day loans, to mortgages, the stock market, pension plans and much more beyond. The sooner in life you learn these things, the longer you will have to truly capitalize from them, but you should never give up learning either because these things constantly evolve over time.

[slapper]

Financial responsibility? It mirrors our finances. Yes, your hustle matters, but what do you do with the results? The actual game starts there. Spending discipline is a skill that requires practice and contemplation. It's hard to discern wishes from needs. Once you have it, it's like a financial compass in the economic desert

Investment is more than merely stashing wealth or jumping into the next big thing. Patience and foresight are key in this prepared chess play. Your regular financial growth check? A wallet checkup is like a physical. You must know your position to know your destination. Friends, this promotes financial confidence, stability, and control over your economic future. Knowledge is power and profit in personal finance

[EluguHcman]

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living.
Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Time in life is limited and so, as the time clocks, so every witnessed opportunities is a  privilege   for hustling in order to meet up with the needs before the D-Day is come.

Everyone with a target swifts hastily to meet up with their needs even though the goal is not achieved as planned.
Whether the individual is a responsible not, there are always triggers that indeed time after time a hustler chases after a goal and it doesn't matter about the velocities of the hustling  pressures.
On the baselines, all that are in need has the thoughts and steps to obtain their needs in anyways and anyhow

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

It is an individual responsibility to decide about their financial management. A dump dream of someone's someone else target. Many has reached level of prominent accountabilities but yet they misused it either because they hope everyday would be a blessed day as usual or they lacks the ability to take control of their financial possessions and at a level of their live races they looses it all to no profitable accountability.

[Gozie51]

It seems that the op is suggesting financial self-accountability because a person is making an assessment of oneself here. But when I google financial accountability, it is, of course, about being accountable to others when performing financial tasks.
The op mentions potential benefits and a few tips, but no details on how it could look like. Is being aware of how much you earn, how much you spend, and what were your biggest purchases on a monthly basis enough to say that a person is financially accountable? Does financial accountability require setting and achieving goals, or can it be just about analysing spendings?

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

[tbterryboy]

I'm not going to dispute the fact that financial accountability is very important but one thing believe so much is that time controls everything we do in life.

Even with your financial accountability it doesn't matter, if you're not keeping to time, it is the most important of all. if only you can adhere to time then you will be making better decisions on financial management, like you know this time is not for buying but accumulating more money it will perhaps be the best decision than follow all the financial accountability rule yet fail.

I think both are not the same. And then there is also time management. I think not all depends on time. Like for example when deciding on something. The one that is needed here is an emotion or if what our heart and mind says.

I believe that a person that can manage his finances well, can also manage his time really well. The same goes with other things. When it comes to investing. Have you heard about the DCA method? It was an act of buying regularly. You won't mind the time here or timing your moves. And even we are doing it, we are still continuously making more money outside because how can we invest more if we will stop doing it?

[Yatsan]

I think, when growing up, everyone must be responsible for their own personal finances. It comes from many reasons, circumstances, and age that it becomes more important such as: managing spending, building Stable life, have a budget to reserve for risks of life events, and future orientation. When you have a family and children, this issue becomes even more important. I have a family, 2 sons and everything for me needs to be managed, mixed with my finances.

A family is a next level kind of accountability which is where proper management of finances would matter more, I do acknowledge your hard work for your family on giving their daily needs. It is a mix of responsibility and accountability; there'll be times you will be setting aside your personal interests just to provide them what they need. I hope you and your family are doing good.

So for the youngsters over here, be sure to know how to handle your finances well. I myself would probably choose not having a family of my own not until I reach financial stability. But things do happen; if you guys have it already then avoid not being practical and logical with household's cashflow.

It seems that the op is suggesting financial self-accountability because a person is making an assessment of oneself here. But when I google financial accountability, it is, of course, about being accountable to others when performing financial tasks.
The op mentions potential benefits and a few tips, but no details on how it could look like. Is being aware of how much you earn, how much you spend, and what were your biggest purchases on a monthly basis enough to say that a person is financially accountable? Does financial accountability require setting and achieving goals, or can it be just about analysing spendings?

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

If it is with necessities on properly managing finances, then adjustment should be done with the amount of money going on your bank, daily and monthly. We should not make the adjustment on where it is being spent as long as it is necessary to live and just focus on making your daily and monthly income, bigger through investments?

[indah rezqi]

In general, personal financial accountability can be interpreted as the art of survival in managing income and expenses, so as to avoid financial problems in the future. In practice, we usually start by, short-term, medium-term and long-term plans. In my opinion, financial accountability really helps our plans in setting these goals. Knowing every detail of the amount of income, and knowing the details of expenses (except unexpected ones) is very important, because with this understanding we can take all actions and decisions regarding our finances. In fact, almost everyone has practiced this, but the details and mention are not exactly the same as accountability, but you could say it covers the ultimate goal of managing the financial resources we have.

On the other hand, we realize that the onslaught of social media has more or less had an impact in encouraging us to have more excessive desires, this is where the importance of personal financial accountability lies. Where we can organize and determine the priority scale according to initial planning, so that we can control consumptive desires. Control of personal financial accountability can save us from financial problems, can make us aware of managing finances well, such as investing and so on.

[South Park]

It seems that the op is suggesting financial self-accountability because a person is making an assessment of oneself here. But when I google financial accountability, it is, of course, about being accountable to others when performing financial tasks.
The op mentions potential benefits and a few tips, but no details on how it could look like. Is being aware of how much you earn, how much you spend, and what were your biggest purchases on a monthly basis enough to say that a person is financially accountable? Does financial accountability require setting and achieving goals, or can it be just about analysing spendings?

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

Being financially responsible is not something that just happens, we have to plan for it and the way to do it is by knowing exactly where we are spending our money, and once we know this we need to set boundaries that we respect when it comes to our expenses, this may seem to be too restrictive for some people, and I will not deny this is the case, but if someone dreams on achieving a better life for themselves and their family then this is the path they must follow.

[Mr.right85]

Financial responsibility? It mirrors our finances. Yes, your hustle matters, but what do you do with the results? The actual game starts there. Spending discipline is a skill that requires practice and contemplation. It's hard to discern wishes from needs. Once you have it, it's like a financial compass in the economic desert

Investment is more than merely stashing wealth or jumping into the next big thing. Patience and foresight are key in this prepared chess play.

I couldn’t agree more. Most of the successful investors in a field today are those who had the foresight and were able to see opportunity where no one else is looking but in other to do this, you must have a great control over how you appropriate your funds and this has a lot to do with money management.
Having a good money management skill means, you have the ability to also check how you’ve spent your money. It ensures you make proper planning and see means to streamline your spending to ensure you’ve got just about enough money to accommodate future investment opportunities when the window this opens up.
Money manage my takes a lot of discipline to master but the greater good is always a reason not to give in to the growing wants and needs when they pop up. Having the money to spend on a want and not do it Gomes with a different kind of challenge but somehow, a good mastery of discipline ensures you don’t relent anyways.

[mirakal]

You don't have to use so called strategy.

The key is always try to looking a way to increase your income, try to lower your monthly expense, think few times before purchase something and keep DCA-ing Bitcoin. Sooner or later you will become rich, the problem is only the consistency.

Someone: It's hard to increase my income.
Me: Who said it's easy?

I think this is not new anymore for us, anyone should be held accountable of its own money expenses and savings. Yes, it’s actually a must do but it does not guarantee that we won’t be thriving or struggling at some point with our finances. At the end of the day, know what is right and wrong from managing your finances, because whatever or how you perform it, there will always be consequences or advantages afterwards.

I believe the end goal for this is to achieve financial stability and success. If you instill personal financial accountability, of course you can track all your expenses which made you monitor the outcome of your financial usage and management.

[nimogsm]

On the other hand, we realize that the onslaught of social media has more or less had an impact in encouraging us to have more excessive desires, this is where the importance of personal financial accountability lies. Where we can organize and determine the priority scale according to initial planning, so that we can control consumptive desires. Control of personal financial accountability can save us from financial problems, can make us aware of managing finances well, such as investing and so on.

Social networks have played a very important role in this, now there are many bloggers who advertise their rich life and their fans are trying to imitate this. Today it is not cool to be smart or athletic, today it is cool to be rich. Society suffers from this when more money is spent on an image than a person makes money. I know several cases when a person buys a phone in installments but cannot go to the dentist because he does not have the money for it. Financial literacy is the basis, but it seems to me that fakes from social networks are winning over common sense today.

[Miles2006]

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

It is an individual responsibility to decide about their financial management. A dump dream of someone's someone else target. Many has reached level of prominent accountabilities but yet they misused it either because they hope everyday would be a blessed day as usual or they lacks the ability to take control of their financial possessions and at a level of their live races they looses it all to no profitable accountability.

Sometimes we don't have to depend on the future when dealing with money rather we should think of the present, people with this mindest about the future and spend carelessly hoping for blessed days don't know the consequence or rather they can't limit their expenses.
If any one fail to give reasons how and when their money got finished then there's a serious problem cause the problem has passed when the person should learn about financial management. Learning about financial management doesn't guarantee full trust on how to manage money but rather you should be the one to work on yourself first personally before any advice can come in. The issue with financial accountability should not be a burden to anyone rather always learn to spend wisely.

[DVlog]

It seems that the op is suggesting financial self-accountability because a person is making an assessment of oneself here. But when I google financial accountability, it is, of course, about being accountable to others when performing financial tasks.
The op mentions potential benefits and a few tips, but no details on how it could look like. Is being aware of how much you earn, how much you spend, and what were your biggest purchases on a monthly basis enough to say that a person is financially accountable? Does financial accountability require setting and achieving goals, or can it be just about analysing spendings?

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

It is good to make a budget to eliminate the expense habit but the problem is with the unpredictable future events that can force you to spend money outside of your budget. So this expense is something that we are not responsible but it's more demandable for that time being. Whether you have the budget or not you have to spend that money so in financial planning there should be a bag of emergency funds allocated otherwise your planning won't work sometimes.

[southerngentuk]

Seeing people flaunt borrowed money and ignore the looming interest charges is indeed concerning. It's a classic case of mistaking short-term pleasure for long-term stability. The allure of a flashy lifestyle can be tempting, but ultimately, it often leads to a downward spiral of debt and financial ruin. This not only impacts individuals but also their families and communities.

On the other hand, those who receive inherited wealth without any effort might also face challenges with financial accountability. They might underestimate the value of hard-earned money and fall victim to impulsive spending or poor investment decisions. The ease of access can create a false sense of security and mask the importance of prudent financial management.

Regardless of the source of income, personal financial accountability is crucial for everyone. It's about developing the skills and discipline to manage resources wisely, make informed decisions, and plan for the future. This includes budgeting, saving, investing responsibly, and avoiding impulsive spending.

[batang_bitcoin]

I agree with you,Just as you ritely said, accountability is a good source to checkmate oneself to know if you are spending wisely and also enable you to manage your resources efficiently, it is not easy to account for everything but it pays if one can practice accountability in all his doing,it will make you  know what goes out from your pocket and what come in to your pocket.In term of
project it enables you to be accurate of whatever thing you are doing,so accountability is good for every home, businesses and in every organisation to practice.

It is one of the challenges that most people are meeting everyday. When you lack of finance and source of income then you lack financial accountability. And as we grow older, we just want to see ourselves be in a better situation and that's why there's a need to change that way of handling finances. That's why when we earn, get the salary from our jobs or businesses and profits from it, we need to be accountable and spend and use them wisely.