Making a budget is a simple task. Anyone can do it. But following a budget, and sticking to it, can be much harder. The following guidelines will help you find the discipline you need for each aspect of your budget. 1. Setting financial goals Set specific short and long term goals for your money. Set …
Your money beliefs Beliefs about money are based on what we have seen, heard, and experienced in the past. We build our behaviours on them. However, some common beliefs about money are not accurate and they hold us back unnecessarily. For example, many of us believe that we cannot manage money well because we are …
Keep track of your income and expenses The first step is to keep careful records of the money coming into your household (income from all sources) and the money going out (expenses). You can then use this information to create a cash-flow statement that shows where your money comes from and where it goes during …
Use Money Wisely. Personal Financial Management involves key aspects of planning your income sources as well as where expenditure can be made. One major tool to manage income and expenditure in one’s life is through the use of a budget. A budget is a plan that lays out what you will do with your money. …
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