MONEY ESSENTIALS 1: How to manage your financial life

So i am no financial expert but after studying Financial Accounting in the higher institution for four good years and with my few experiences handling financial details and money for others, i should be able to at least know what there is to money. This is why i have decided to add a money section titled MONEY ESSENTIALS to my blog featuring different episodes on which i would be writing on different unique money tips.

First of all, y'all need to understand that the most important financial tool you can ever think of having is DISCIPLINE and discipline is a way of control to one's behaviour that shows obedience to certain principles, rules, regulations, and order. It's very important you understand that money is an essential tool to livelihood and i am not literally saying everyone should be money drunk but i am saying that finance is really really necessary.

Quick Financial Management Tips:
  • Know where you are financially right now by taking a look at your income, debts and expenses. Then try to answer these three (3) basic questions; 1) How much money do i have & where does all my money go? 2) What is my source of income & how much can i save? 3)What services can i render to make the amount of money i have now to be more than the amount i spend?
  • Set financial goals, annually, monthly and weekly. This really helped me streamline my financial life because i am a kind of person who set goals and work hard to achieve them except otherwise in cases beyond my control. So whenever i set my eyes on where i want to channel my money to and where and when i am expecting money from, it makes managing it easier for me.
  •  Set up a budget. A budget is telling your money where to go instead of wondering where it went. Plan what you want to do with your money no matter how small and know an estimate of your income and expenditure for a set period of time, then write it down. I understand it takes great effort to set up a budget but having a budget planner will give you peace of mind and make you feel better. You can download a free budget planner online.
  • Start saving. Try to review your spending habits and incorporate savings into your budget before spending your income every month. Yes it's easier said than done but it's often much easier if you have money to fall back on in case of emergency. The best way to do savings is to pay or transfer some money into a savings account monthly, then as soon as it grows you set aside your emergency fund and if possible start making an investment plan based on your goals.
  • Learn about finances. Attend seminars, read, study, and be harmed with knowledge on personal finance. Understand how money works and how it can work for you, don't let anyone cheat you because you are ignorant.
  • Live a debt free life and if you got any debt at hand pay it off. I don't know why you won't have cash at hand and still decide to buy goods on credit and it's not like that need was even a necessity, if you don't have the money stop the spending and just cut it down.

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