Simple Steps How To better Manage Your Personal Finance
What is financial management? Mention of the terms ‘Financial Management’ quickly brings into mind ‘Money’. That is one of the biggest mistake even some so called financial experts make. Financial management is not just money and if you think it is, you terribly miss the ‘Management’ bit which is the core concept of financial management.
Finance basically refers to money. OK, we got that right in the first place when we thought about money with the mention of the terms financial management. But you see, the term ‘Management’ is attached to the term finance. Management again comes with its own definition. To manage simply means to control something in a way that is satisfactory. So in our case here, financial managemt means controlling your money in way that makes you satisfy. Satisfy in the sense that you are able to control how much you earn and how much you spend on certain things and that you still have some money in your account at the end of the day.
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A Useful Hub about Financial Management
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We are living in an era where everything tends to move fast. Most people today live life in a fast lane without realizing it. As we move fast, we tend to over look basic things in life that make or break our lives. One of them is financial management. Managing your personal finances is a wonderful way to get ahead in life. Many people find financial management to be overwhelming, but it does not have to be. It is important to learn simple steps to make your adjustments much easier.
Is it necessary to write this hub?
There are numerous hubs written about financial management and little precisely on personal financial management. I don't intend re-invent the wheels. I don't disagree or even agree. What is published already on personal financial management took a lot of effort in research and I truly commend that effort.
My only intention here is to add to the pool of knowledge we already have on personal financial management but in a more practical and easy to understand manner with less technical jargons complimented with my personal experiences.
So let's see where you should begin, and we will work from there.
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Detail Definition Of Financial Management
Financial management is that managerial activity which is concerned with the planning and controlling of your financial resources. Planning ,directing, monitoring, organizing and controlling of the monetary resources of you have.
We are talking about personal finance. The similar definition applies to business as well.
From the definition above three things become apparent.
1. Financial planning
2. Financial control
3. Financial decision making
- Eight Ways to Budget for Eight Budgeting Personalities
Learn about 8 effective ways to budget your money to earn your financial freedom - Eight Ways to Budget for Eight Budgeting Personalities
Learn about 8 effective ways to budget your money to earn your financial freedom
Financial planning
Planning plays an integral part in success at any area in life. Financial success is no exception. Those that succeed in their personal life or business in terms of finance are those that plan their finance well. You have to have a realistic budget out lining your sources of income and expenditures. You have to know and differentiate between wants and needs when it comes to using your money.
Financial Control
Financial control is a critically important activity to help you ensure that you operate according to your personal budget limitations whilst meeting your financial objectives. Financial control has to do with your personal asserts and how effectively used. Do you follow your budgets when doing your shopping or you just go and buy o impulse?
Financial Decision Making
This refers to your decisions on things that you desire and want to buy and own or use. Every day you are faced with the decision to buy of not to buy. You faced with the economic concept of Opportunity Cost every day. Your personal financial decisions can make or break you. Being self disciplined and going by your budget is the simplest way to prosper in your personal finance.
Hold on a moment, how do you understand financial management?
What instantly comes to your mind when you hear the terms financial management?
10 Simple ways to save money
They may sound simple enough but if you take a closer look at your financial status, few of this things cost you a big time in the long run.
If you can drop some of them, great! You may ask me why? My simple answer is "You will save extra money"
Care to save few cents or dollars to put to other more useful future investments? Check my simple list below
Some tricks to manage your personal finance
I assume you have a better background knowledge on financial management now. Great! We will take it down a bit more and talk about it at your personal financial level. Here we are not much concern about business finance. Let alone the executives of your employer worry about how much to pay you. What we are concern about is how you going to spend your money after your bosses ends you your fat or skinny cheque.
Useful hubs on how to manage your personal finance
- Personal Financial Management: 26 Ways You Can Manag...
When it comes to managing finances, there really is no magic formula or easy fix. Managing one's finances takes dedication, hard work, and most of all, self-discipline. The tenets set forth here...
Step 1: Ditch the paper
No need to buy new paper products every now and then. Use cloth napkins, mop up spills with dishcloths and rags, write shopping lists on the back of junk-mail envelopes, (and stick your coupons inside).
Step 2: Give up bottled water
Give up bottled water; almost 40 percent of it comes out of the tap anyway. If you don't like the taste of your local water, use a filter.
Step 3: Buy less food
Buy what you can or drink eat and finish it. Don't buy extra
Step 4: Cut the phone line
Get rid of your home phone if you have a cell phone.
Step 5: Cancel your gym membership
Cancel your gym membership. Jogging, stair-climbing, jump-roping, hula-hooping, and dancing are all free, and that's just a partial list of what you can do to stay fit.
Step 6: Forgo the fast food
Forgo the fast food. If you really have a hankering, recreate the meals at home; all those "secret" recipes are online.
Step 7: Drop cable
Drop your cable subscription. More and more television shows are available online, and you can even hook your computer up to your TV set for the ultimate viewing experience.
Step 8: Do not buy clothes you wont use frequently
Step 9: Don't buy new jewelry
Use old jewelry until they are totally damaged
Step 10: Cut down on supplements
Get rid of unnecessary vitamins, unproven supplements, and worthless cleansing or fasting products. Ask your doctor what you should be taking.
I live you with a video on personal financial management
Better things ahead
If you can manage your finance well, who knows you could be the next person owning one of the things shown below......Never Ever Forget this. A tree grows from seed. So are dollars from cents.
Start small and be committed to grow and prosper.
A dream women
Your dream man
A car of your dream
Dream house
Hope you enjoy reading and learning from this hub
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