Management of money

[Oluwa-btc]

The most important thing about money is how to manage it well; it is even more important than generating more money because, most times, we get elevated financially by the money we already have. Being unable to manage money well can even lead to a problem of not having money at all. So financial management is as important as having money. The ways to achieve financial management are to understand the value of money and to be disciplined about only spending on the things you find important, not just on liabilities.

Yes you're right,money management needs wisdom and with wisdom and discipline,even little money can grow into millions.It occured to me that many people chase money but only few learns how to manage money,grow it and save.It shows how you handle money also reflects how you handle life.

[ASloveapg]

The most important thing about money is how to manage it well; it is even more important than generating more money because, most times, we get elevated financially by the money we already have. Being unable to manage money well can even lead to a problem of not having money at all. So financial management is as important as having money. The ways to achieve financial management are to understand the value of money and to be disciplined about only spending on the things you find important, not just on liabilities.

Yes you're right,money management needs wisdom and with wisdom and discipline,even little money can grow into millions.It occured to me that many people chase money but only few learns how to manage money,grow it and save.It shows how you handle money also reflects how you handle life.

I agree with you, managing money properly is very important, if you do not know how to manage money properly, then if you are given a lot of money, then you can lose it in a very short time, but through wisdom, patience, and discipline, research, right decisions, right financial management, a person can rise from zero to much higher. So you have to learn to do practical research, without proper management, no work can be done properly, so you have to be realistic.

[Jewan420]

Controlling expenses is the most important thing in financial management. When and where to spend wisely and identifying what is wasteful or unnecessary expenses and taking appropriate steps in that regard is the biggest task of financial management. If you aim to live a better life by struggling with life, you must be skilled in financial management, money saving strategies, savings strategies and investment strategies are the most important. Through unnecessary expenses or cost savings, you can build a savings fund which is needed for investment. Basically, these three work as a chain. Above all, you should have a source of income and avoid bad habits.

[aylabadia05]

<snip>

Any sector will suffer without proper financial management. A prime example is a country or region with poor financial management that will not develop well over time and could even collapse quickly. This can certainly happen in our own lives if we don't manage our finances properly, as in life, we always have to spend money on things we need. Therefore, almost everyone will find it easy to manage their finances and even become frugal in order to control all their daily expenses.

If we were to use an example, it would be called a poor governance system that causes major chaos in the country, and that's the biggest sector.
To illustrate this, consider Nepal recently. Previously, Indonesia. The root of the problem lies in the economic sector, as financial management for the people's welfare has had no impact whatsoever. High-ranking officials, complete with their families, live glamorously, while the people find it difficult to find work. If jobs do exist, the state doesn't provide them.

[Juse14]

Managing finances well is not easy, because unexpected events can increase our expenses. However, this is where financial management becomes crucial: it is not only about income and expenses, but also about how we can overcome challenges that arise when facing urgent and unexpected needs.

Regarding investments and savings, these are also two important aspects. Investment is about how we can grow the money we have and generate profits, while saving is how we can anticipate urgent needs and also keep our investments safe, because there are quite a few people who end up withdrawing their investments, even when they are losing money, in order to meet their urgent needs.

[iBaba]

How to prioritize your needs before your want is very important because that's the beginning of financial management. When you just buy things and put your money anywhere without thinking if it's what will bring you more money or eat up the little that you have. You also don't need to be a glutton or someone in competition with others. Self control, discipline and patience are good attributes that can help one in financial management.

When people complain that their income is not enough, I check how they spend what they earn. When you place more emphasis on pleasure than on meeting basic needs, it usually leads to financial recklessness. When you see the phones young people use these days, you would assume that they are earning so much. They use the latest iPhones, but will always complain about their salaries. If you don't know how to spend money on the most important things in life, it might lead to debt.   

It is pathetic how we most times get carried away with pleasures and get too comfortable with wasting our resources on them trying to keep a lifestyle that is honestly way beyond the true standard of life for us. I am also a victim of this incensitive lifestyle that does not help us manage our finances and oftentimes put us in regrets always.

Although I am not a phone freak but I can't imagine the level some of my friends and peers go into. Sometime we put ourselves in unnecessary social pressure trying to buy phones that can pay our salary for 10 months in the name of keeping an impression.

The most annoying part is that there is no any form of insurance tied to this and many of those who subject themselves to such stress do not really even need them, it is just something they want to acquire to satisfy their desires.

[silpersurfer]

Managing finances well is not easy, because unexpected events can increase our expenses. However, this is where financial management becomes crucial: it is not only about income and expenses, but also about how we can overcome challenges that arise when facing urgent and unexpected needs.

Regarding investments and savings, these are also two important aspects. Investment is about how we can grow the money we have and generate profits, while saving is how we can anticipate urgent needs and also keep our investments safe, because there are quite a few people who end up withdrawing their investments, even when they are losing money, in order to meet their urgent needs.

You made an important observation on the essential requirement of proper financial management. More often than not, he said, people would think in the short term under great pressure, and make impulsive decisions without considering the long-term consequences. For instance, at the inappropriate time selling assets or pulling savings or even liquidating investments to meet that clawing urgent need. Such actions could actually push someone’s financial condition to a worse stage in future date. That is why everybody should have a sound financial plan, not only involving saving or investing but also an emergency fund and discipline in expense management. So that if things that we never thought of happen, we do not get into immediate panic but have made financial preparations for it.

[Yeesha]

Financial stability is actually going to be impossible and difficult without proper management of money. Money is actually easy to spend and very difficult to make just exactly as people use to said. It doesn't matter what our income is, or what we gain, but the must important thing is how we manage or utilise the resources that we have, if not it will vanished into the air before the twinkle of an eye. Budgeting and also keeping spending records will be of help in terms of money management and it will prevent spending lavishly and enhance your ability to grow more stronger and develop wisely without facing any financial issues, instability or problems.

[Royal Cap]

Controlling expenses is the most important thing in financial management. When and where to spend wisely and identifying what is wasteful or unnecessary expenses and taking appropriate steps in that regard is the biggest task of financial management. If you aim to live a better life by struggling with life, you must be skilled in financial management, money saving strategies, savings strategies and investment strategies are the most important. Through unnecessary expenses or cost savings, you can build a savings fund which is needed for investment. Basically, these three work as a chain. Above all, you should have a source of income and avoid bad habits.

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.

[CageMabok]

If we were to use an example, it would be called a poor governance system that causes major chaos in the country, and that's the biggest sector.
To illustrate this, consider Nepal recently. Previously, Indonesia. The root of the problem lies in the economic sector, as financial management for the people's welfare has had no impact whatsoever. High-ranking officials, complete with their families, live glamorously, while the people find it difficult to find work. If jobs do exist, the state doesn't provide them.

That's something I can't imagine, and it's actually happening in the two countries you mentioned. Everyone probably knows the level of chaos that occurred in those two countries, with even the leader of Nepal having to resign from public office. This is certainly unimaginable for me, as I also feel saddened when I see so many graduates unemployed due to limited job opportunities, and it's still happening in my country. So, in this case, it's quite clear that the economic sector is a very sacred sector and needs to be maintained with good management, because even a rich country cannot develop if its financial management remains so poor.

[Cheema02]

Controlling expenses is the most important thing in financial management. When and where to spend wisely and identifying what is wasteful or unnecessary expenses and taking appropriate steps in that regard is the biggest task of financial management. If you aim to live a better life by struggling with life, you must be skilled in financial management, money saving strategies, savings strategies and investment strategies are the most important. Through unnecessary expenses or cost savings, you can build a savings fund which is needed for investment. Basically, these three work as a chain. Above all, you should have a source of income and avoid bad habits.

Yes, you're right your point valid because financial management is necessary if we want to create ease for our children. If we control expenses we can save money and with saved money we can either invest it or either make property. There are many people who earn well but they still are worried the reason is lack of management. They hasn’t limited their expenses so before a month ends their pockets are empty. Providing the needs to family but limit the extra expenses which aren’t important or we can live without them. You wrote saving, investing and earning all go hands in hands with each other. If we have a steady source of income we have to avoid unnecessary habits like gambling, or shopping. For stable life we have to control flow of cash in our home.

[Josefjix]

Financial stability is actually going to be impossible and difficult without proper management of money. Money is actually easy to spend and very difficult to make just exactly as people use to said. It doesn't matter what our income is, or what we gain, but the must important thing is how we manage or utilise the resources that we have, if not it will vanished into the air before the twinkle of an eye.

Money slow to enter, money quick to go
If someone wants to truly beat poverty, no matter how much he earns, keeping and saving money won't help at all, instead, making money works for him while he sleep is the main goal here.

If an investor build a system that generates little amount daily, that's the major goal such investor should set.

[qurbanshah02]

Controlling expenses is the most important thing in financial management. When and where to spend wisely and identifying what is wasteful or unnecessary expenses and taking appropriate steps in that regard is the biggest task of financial management. If you aim to live a better life by struggling with life, you must be skilled in financial management, money saving strategies, savings strategies and investment strategies are the most important. Through unnecessary expenses or cost savings, you can build a savings fund which is needed for investment. Basically, these three work as a chain. Above all, you should have a source of income and avoid bad habits.

Yes, you're right your point valid because financial management is necessary if we want to create ease for our children. If we control expenses we can save money and with saved money we can either invest it or either make property. There are many people who earn well but they still are worried the reason is lack of management. They hasn’t limited their expenses so before a month ends their pockets are empty. Providing the needs to family but limit the extra expenses which aren’t important or we can live without them. You wrote saving, investing and earning all go hands in hands with each other. If we have a steady source of income we have to avoid unnecessary habits like gambling, or shopping. For stable life we have to control flow of cash in our home.

It is the biggest duty that we should do what is best for our children so that it is not difficult for them and every father does all this for his children because he has gone through this period, so he creates every facility for his children so that they do not face any difficulty. We cannot accumulate more money in this way because we cannot accumulate more money in a day or a month, but we can definitely increase it by doing some more work, which we can accumulate and create a better future for our children. This is the life that only works and a person's future cannot be so successful from this life. If he continues to do this, he will neither think of anything good for himself nor for his children. Therefore, more money cannot be accumulated from one job.

[ImGenius]

The key to business success is the proper use of money. The task of financial management is to collect money, prepare a budget, determine expenses, prevent waste and build assets for future development. To keep accurate records of income and expenses, it is important to maintain debit-credit vouchers, cash books and ledger registers. Every expense should be approved according to the budget. An audit should be done at the end of the month and a balance sheet should be prepared and audited at the end of the year. Proper financial management ensures transparency, stability and progress in the business.

[traderethereum]

Money management is the thing that you should do to fill all your needs. You can make a plan on how you will use the money so you can divide the money for all your needs. With the right money management, you can allocate the money in the right place and run all the plans you make.

You will not borrow the money if you can manage the money allocation with the right. You will be careful using the money and will not use it for unnecessary things that you don't need. You treat money as worth it and not waste it because you understand that you need to survive.

[Egii Nna]

Some people find it very difficult to manage their money and many have gone bankrupt because of the lack of control over money management, the best ways that I manage money is budgeting, tracking my expenses through budgeting has always helped me to monitor the way I spend money and the places my money is going into. Another way that I manage money is by keeping aside money for emergency like an emergency fund and this an helped me to avoid going into debt whenever an emergency comes up unexpectedly.

You are right, budgeting is the best way to manage your finances, but most people overlook it, and that is why they end up paying the price by suffering. One important fact that needs to be understood is that if it’s hard for you to manage small money, even when you get rich or have more sources of income, you are likely going to become poor again.

If you don’t know how to manage your finances from the beginning, you will definitely end up poor, no matter the amount of breakthrough you have, you will still come back to your poor status. That is why you see the rich getting richer and the poor remaining poor. There is a saying that even if they were to share all the money in the world equally among everyone, the money would still likely go back to the same set of people who have it now.

[woez]

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.

For those of you who are not yet married, especially if you are currently engaged in certain activities and currently living in a men's dormitory, there are certainly many options besides buying and eating out. If you want to feel at home, you can order a lunch box for two meals a day, or even one at a restaurant.

For those who are married, manage your finances by avoiding debt beyond your income, even if it's considered important but not urgent, and by adding activities other than your primary income. This is very different if you haven't or have expired your income. A work strategy is essential if you don't want to constantly be faced with the idea of ​​being short of money.

[KiaKia]

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


DEBT MANAGEMENT, this process can make you go poor in your life, if you don't manage your debt position very well, because most people are ruined all because of debt, you have to be careful on how you borrow money from any NGO or backs, and if you must borrow, borrow for a tengeble reason.

I don't joke with debts, I have a thing about debt that whenever I take a loan for something it doesn't always ends well, maybe it is because I am not as rich as people who use debt for good things and it worked for them many times, I will never know.

I will rather advice people not to use debt unless you are already a very wealthy person who have alot of properties and assets, you can take loans from sharks and banks, if something very bad happens you can easily get it fixed because you have a lot of assets.

Most people I have seen are always in regrets because they took loan and it turn into heavy debt for years, some never get back on their feet ever again, debt is very dangerous if you have nothing but you and just some money in the banks.

[junder]

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.

[XOOMBOX]

Money management is the thing that you should do to fill all your needs. You can make a plan on how you will use the money so you can divide the money for all your needs. With the right money management, you can allocate the money in the right place and run all the plans you make.

You will not borrow the money if you can manage the money allocation with the right. You will be careful using the money and will not use it for unnecessary things that you don't need. You treat money as worth it and not waste it because you understand that you need to survive.

You have explained very well that money management actually starts with awareness and planning because many people get into financial problems even after earning a good income just because they do not know where their money is going, so as you said, dividing and using money according to need is really the most important thing. When someone learns to divide their income, expenses and needs, then they can control their financial life. Many times the main reason for taking loans is lack of planning, for example, many of my friends borrow money from me to buy an expensive mobile phone but it turns out that they do not really need it, many buy it just for show-off which is a very unnecessary thing. But if they had made a proper budget for it then they would not have needed to take a loan from me, they could have bought it with their savings.
However, I would also like to say that in addition to saving, it is also good to develop the habit of investing because small savings provide great security in the future. In addition, if they can invest them somewhere and increase more money, it is very good for the future. Finally, money is a tool. If we use it fully for its intended purpose then money will work for us. We are not for money. So your perspective from that point of view is really admirable.