ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to Manage your money more wisely

Updated on March 31, 2009

how to manage income 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.

manage money more wisely

manage money more wisely, sue way to manage your incomes, how to manage fund, managing your income, managing peoples' fund, managing well, proper management, spend less, spend wisely, how to spend less, how to manage well, how to cut down expenses, how to reduce total expenditures.

watch this video and learn how to make a family budget

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)