Don’t miss out this money management skills.
These article is for the every person who is struggling with money and want to achieve financial freedom .
are you also the one struggling with to know what to do with your money ?these are so many people out in the world who earns money but don’t know to manage it properly and so they never become financially free.
CONTENT:
- What is money management?
- Tips to financial Freedom
- Why you need Financial freedom?
what is money management?
There are tones of people out their in world who are struggling with their finances, due their lack of knowledge & less understanding of money. Basically they lack money management skill.
money management skill is nothing but ability of individual or organization to properly guide & use his/her/their money into the right direction for the betterment of their stable present and future.
According to fox business nearly 2/3 of middle class American say they struggling financially.
about more then 50% of Americans with the annual income of 62,300$ for family of four struggling financially. These is not just case of America its seen all over the world.
Here’s the 7 tips to achieve financial freedom:
- create a budget
- save first, spend letter
- set a financial goal
- start investing today
- avoid dept
- earn through multiple source
- prepare for the emergencies.
create a budget:
lets have a activity when i say money management or finance which word came into your mind first. well when we talk about finances and the word budget often comes in our mind.
so how basically budget helps you achieve a financial freedom?
well budget gives the direction we need for towards our financial freedom. if i have to explain budgeting to you in simple words its tracking your income ,listing your expenses, allocating money to your need.
its like a giving every rupees a job so you know where it is going.
make a list of your bills & other expenses that’s where you start your budgeting. Now compare this with your income.
tracking your expenses always :avoid over expenses ,keeps you toward your financial goal, reduce financial stress, manage depts.
this are the some app that assist you with budget:
Save First ,Spend Letter:
Financing start with the earning and expenses. When we earn or get our money first thing we should do is put a fixed amount of our money into our saving account.(at least 15% of our earnings.)
then we should use the remaining amount to cover our expenses like rent, groceries ,bills and personal spending.
we always have to put aside the 10%or whatever we decides for saving unless there is emergencies. Such as medical, legal, family and home. Well we should not back down form it. well is we want to save first we need to track our expenses and then the question arises how much ,for how many time let’s discuss this onto the next point.
Set a Goal
Deciding What We Want to Achieve With our Money & Creating plan Around it to Reach it.
read our blog on:
1. Simple Ways to Digital Minimalism.
2.“Harness the Power of Your Subconscious Mind for Success”
3.These 3 Skills Will 10x Your Career in 2025 (No Degree Required)
steps to set financial goals:
- identify your goal,
- be specific,
- set timeline,
- break it down,
- track your progress,
- stay committed
Start Investing Early
while investing is the best option to make a lot of money. Also it helps with stable growth in the inflation time.
A Case Study of Couple Shows They Grew Their Net worth of 1 million$ before turning 30 with investing only. They are not the only one ,there are tones of people who has started investing in there early twenty’s and makes a lot of money and become financially free. tiffany James another example of smart and early investing .
“The earlier you plant the seed of investment, the sooner you will enjoy the shade of financial freedom”
Avoid dept
if you are still reading that means your really want to be successful and financially free don’t worry keep going we get you some amazing point.
according to study the average household debt stood at approximately $147,489, marking a slight decrease from previous highs.
we heard a lot of times “that we shouldn’t bite more then we can chew” same funds apply hear. What most of us do is we spend more money then the amount we earn on the unnecessary liabilities.
i believe what makes financial crisis in ones life is its behavior of showing of and he’s/heir’s FOMO-towards the societies new trend despite their financial condition is weak.
people often found in trap of credit card bill and interest loans at very high for the same reason.
Save Early
there is one of relatives of mine who is saving their money for the future. He started sip at early stage of it and he invested 2500 rupees per month he nearly invested ₹1,50,000 and he got return of ₹52,759 over the period of 5 years and he can estimate the earning with 20 years ₹6,00,000 and this become ₹22,99,643 with 12% return rate.at first we didn’t see the much difference but it sums up over the times. and it makes the difference.
start your saving the very first day you relies that you have to save for the future .if you want to survive in this inflating and fast growing world you have to prepare from today.
the last is prepare for the emergencies as the life is the full of uncertainties we should prepare for them as we discuses in 2nd point we should occlude our blog hear.
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