Saturday, 27 July 2019

Money Management Efficiently

Money is not  everything but everything needs money . The term money plays crucial part in today’s scenario , every decision , activities and day to day expenses are done keeping in mind this term . Hence it is important to Manage money effectively and efficiently .
In earlier times ‘Barter system’ was generally used to buy goods or take any kind of services . Barter system was nothing but exchange of goods for goods . But it was difficult to standardize the quantity of both the goods for the exchange , hence the money was brought and now became the most important part of life . Money doesn’t descriminate it tells everyone to save it , ignoring age colour and gender . Even a kid collects and save coins to get his favourite chocolate and adults get in FD’s  to get money during later ages of their life . 
Not only because money can buy everything we want to have but we all want to manage money because its not only ‘Money’ but ‘Hardwork’  . So here I share how I Manage Money . 
• I usually maintain a record from the first day i get pocket money to the last day of the month , I pen down every little expense I do and later on check on the record that where I can save or i can spend less . This help me in reducing unnecessary expenses .
• I owe a potter’s piggy bank (mitti ki gullak) so that I don’t use my saving unnecessarily .  Although it is very old method to save but the best one. 
• Also you can get yourself Saving Account or Re-occuring Account to save with interest .
• Invest your money, this can be either in form of short term or long term depending on your needs  . ( Do not forget to read Terms and Conditions and read all the documents carefully before investing your money somewhere)                                                                      
• Always keep an emergency fund – Try to save money as emergency fund , as you never know what happens in future . This emergency fund will help you in meeting your financial needs at the time of emergency .
• Give yourself a Week or a month  challange – When I feel urge to buy something I try to control myself and save that money for other important purposes . Also here you can add up making a specific amount your objective like – Rs.2000 . I promise you will feel happy when you reach your objective .
• Know your expenses and make a budget plan – like before you move for shopping make list of all the items you need and remember to buy not more than you need . Know your Income and buy accordingly that whether you can actually afford what you are planning to buy? 
• I also maintain monthly budget for all the expenses . This is good way of managing money as you will not move out of your budget and you will know it better where you can save more !  

Money saving and management is all about patience and control . Remember you yourself will only be their if someday you need funds . “ Try to save more than you spend “ because every single penny counts when you are in need . 
Money management is not about spending less but it is about managing your funds . 

Don’t try to ignore your basic needs and wants in the name of savings, after all money can’t buy your happiness. 




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