How to Manage your money more wisely

     Making money in most situations, don’t seem to be the problem, but it is handling and keeping this money so well to solve your problems and still leave you with a good change for investments- which is the chief way of growing rich in life.
   If you have a million dollars today, and you cannot boast of any reputable investment that can bring back at least a hundred thousand dollars every six months, don’t be surprised when poverty hits you hard.  Because you were so fortunate to make money, but wealth isn’t your portion, since you weren’t able to manage your money wisely. Please pardon me anyway, if I am being too harsh, focus more on my points.
  One of the greatest ways of ensuring proper management of ones’ fund, is to know exactly what your income is, and then spend less than what you earn. If you can be able to learn and inculcate this habit into your personal life, I promise you, money will be your servant, and you being its servant, which is the typical case with most people today.
    Everywhere you go, you kep on hearing this same word, save. Therefore make saving your priority, the moment you receive payment for whatever service you rendered, rush immediately and deposit the amount to wish to save in a bank or any other place where you normally keep your money for safekeeping. This is because anything can arise to swallow up that money which you would have still mingled your way out, had it been that money was not there.
   For you to manage and save money properly, you must make a budget. Budget helps you control or reduce your spending. If you budget well, it can give you a clear sense of where your money goes, how it goes and hence, helps you achieve your financial obligations. And for you to make a good and proper budget, you must able to differentiate between your needs and your wants.
   Applying economics will help you to achieve this. Make a scale of preference, putting first, your innate or basic needs. Also, make proper calculation of every project before embarking on them. This will help you know the exact or approximate cost, as compared with your budget for such project, to avoid unnecessary incur of debts.
  Oh, I didn’t tell you? Before you can make a good budget, you must plan well. Planning is taking decision in advance, deciding what to do, how to do it and when to do it. Sometimes, planning involves forecasting the future or even predicting it. Therefore, you must plan your future needs in advance, in order for you to succeed financially in life. For instance, if you plan to purchase may be a shop or a house, ensuring that you obtain a mortgage, which has a very reasonable rate, is a very good decision and plan as well. In order words, for you to remain at least within your current comfortable financial status or go higher, you must plan ahead; considering retirement, the invasion of a health complication or disability.
    Again, you must have a balanced life style to manage money wisely. Don’t be too conscious of just acquiring acquiring money, thereby putting it first to human and services. This is a big mistake that many do today, no matter what success book authors tell you in their non-practical books, don’t be fooled, apply your common sense and instincts
  Yes, you must desire it, to be wealthy and comfortable, but don’t be over conscious to have it at a glimpse, or else your whole happiness will be in shambles, live a balanced life from today.
   Staying balanced has to do with being contented with what you have and avoiding greed. Greed has thrown many off balance, and they lost all their life earnings in a blink, like a passing shadow.
  Prior to satisfying their basic needs, many has embarked on the pursuit of more riches, thereby investing their money wrongly in illegal and fast businesses, in anticipation to make more money, but along the way, they loose all.
    Summing up my lesson, I want you to do the following exercise as a way of learning how to manage your money, if you are not managing it well already.
Write down in details, your monthly income.
List out your basic needs (those needs that you cannot do without, e.g. buying food, clothes, paying house rent, electricity and water bills, and may be your children’s’ school fees, if you have any etc).
Plan your spending based on the above records.
From all of the above information, prepare a detailed month-budget.
After mapping out money for each budgeted plan, sum up their cost and then subtract it from your expected month-income, check the balance left.
Finally, save 90% of the balance left, and then keep 10% for miscellaneous expenses.
Now set a target of the amount of money you want to save at the end of this year (this will dpend on your personal income and its consistency), at the end of each month, check whether it is in line with your target and budget.
Please don’t ignore this practice, it works, and I promise you won’t regret practicing it. You can as well, inculcate this habit into your children, no matter how little they are now, it will do them good in the future, and they won’t forget you in life.

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