Simple ways of better money management that can help you get there

Better ways to handle your money

06:26 12 November 2014

It is important for every person, regardless of whether they are self employed or employed to get pleasure from a good lifestyle. Since everyone looks forward for a comfortable life with good financial abilities, you will find most people working hard for the money. However, after they earn the hard-earned cash, they never know how they use it since after a short while they are back to borrowing and loans again. This can be hard for anyone who wants to make future progress and more importantly for anyone who wants to save for a long-term goal. You will also find it hard to handle emergencies since you never managed your finances well. 

 

Here are some of the ways you can handle your cash to serve you best.

 

Have a budget. Anytime you start earning, create a list of the things you need against their costs. You can make this on a monthly basis. You do not have to satisfy all your wants if there is not enough money. A budget will allow you to realise how much you spend and to what extent you can reduce this.

 

After that, go for a good saving plan. It is advisable for anyone to save at least 10% of their income. Likewise, choose a saving plan where you cannot retrieve the money easily and where you will be penalised if you fail to save. By accumulating some money in your bank on a regular basis, you start securing your future financial freedom.

 

By sticking to the budget and making it hard to access the savings, you will find that you will be able to know exactly where every coin in your salary goes. This will give you the morale to save more and deal with your funds better. Although at times financial issues can be hard to cope, always make sure you fall back to your plan in case you go astray a bit.