How to Excel in Your Money Management Skills?

In today’s era, everyone loves spending money but most of us fail to manage hard-earned money. We are going to make things a little easier for you with the below points through which can easily save and manage your money.

Make a budget and follow it 

There are a few things we are not taught in school and making a budget is one of them. But it does not mean that we cant learn it now. As we progress in life we are supposed to take care of not just ourselves but also our family. In the process of making a budget, one must keep an eye on the history of items that have been purchased earlier but their usage was not justified. Such articles should be avoided and need not be included in the budget. Before making a budget one should analyze what is needed and what is not. Even a game player such as Poker plans and makes a budget after measuring all the poker outs and odds. Budgeting would make you think economically. A budget gives you a chance to rethink before actually spending huge chunks of money on unnecessary items. Even big nations all around the globe first prepare a budget and then they do analyses before finalizing it. Think of your house as one such nation and prepare a budget discussion with your family members to give their suggestions to include or exclude spendings as per their choices. After all these discussions proper funds could be allotted to each activity and liabilities. There are overheads in a home similar to a factory. These overheads are the costs that cant be avoided such as electricity bill, water bill, internet bill, rent of the house, etc . these are the fixed charges that will be paid every month in any situation. Then comes the variable which fluctuates every month like grocery traveling and recreational activities. After allocating funds for the overheads we can reserve some money for these variable spendings. If we are still left with money that should be treated as saving for future use.

Be a smart consumer 

In present times when every resource is just a touch away with your smartphones, there is no dearth of coupons and offers. Before going for any big purchase a smart consumer would do his research to find the best price and offers. For example, if one wishes to buy a car he should do thorough research and approach the dealers to get the estimate and best offer as every dealer will have a different price for the same car. Even if you are thinking to order a pizza online always look out for the deal that could give you the maximum discount on your purchase. As we live in this digital world we always have the option of researching our home or office. There are online platforms and e-commerce websites that offer various discounts and online sales monthly and on special festival occasions. Although it requires a lot of patience, in the end, it is worthy as it could make u richer in the long run as money saved is money earned.

Balance your passbook 

Recording of expenses is very crucial when you aim to improve money management skills. This refers to the analysis of your previous spendings wherein one can analyze one’s past purchases and spendings and determine its usefulness. This is possible only if we record it on a real-time basis. Beginning with the first day of the month we should monitor our expenses and write to them. Subscribing to monthly statements of banks is also a good option if you spend mostly through your digital payments through your bank accounts as that would enable you to have ready data for analysis of your expenses and earnings at the same time. It is easier to track your expenses when you pay through digital payments instead of using cash.

Have a vision with a plan 

To accomplish any task, one must have a plan with a clear vision. It is like driving to a location without a GPS, you would never get there, on the contrary, you would just drive aimlessly. If you do not have a budget you will never know where has all your money gone. But if you plan you will have even the smallest details of your spendings. Buying a house requires a huge amount of money it is advisable to go for a loan so that you will keep aside a part of earning to be paid in the form of EMI. This would make an individual more disciplined as he can not think of overspending due to the pressure of EMI. Such plans require a very clear vision before one mulls going into such contracts. If playing online card games and earning additional from that source then also you need to keep an eye on the player actions to save money at the poker tables.

Think like an investor

As said at the beginning of this article that money management skills are not taught in school .when you want your money to grow you have to think like an investor. If you cant think of converting your Rs 500  into Rs 1000 you can never multiply your wealth. This is the mindset of an investor who would always find ways to multiply his money instead of keeping it as it is. Producing nothing. You can also try some investments offered by banks or you can try playing online real cash games and invest in the gaming sector. You just need to understand how to play poker easy with freeroll chips and start playing with cash afterward for a smart investment.

Work together with your spouse or partner on the same financial goal

When you are living with your spouse or a partner and share money you need to work together as money is the biggest reason for conflicts in a relationship. It is commonly found that one partner is a saver and another one is a spender so it becomes really important that both of them are on the same pitch about financial goals. One should sit with their spouse and discuss their goals and prepare a budget and stick to it. 

Commit to saving money 

This is the most important and difficult skill to hone if are looking to master your money management skills. When you find yourself surrounded by so many attractions it becomes a challenge not to spend on them. Especially in this era of social media when everyone is flaunting their expensive possessions one should keep his pocket tight. First of all, don’t get swayed away by social media pressure. Keep your nerves under control as saving money requires a lot of self-control. If one sticks to these rules he can master the art of money management without any doubt. 

Bhupendra Chahar
Bhupendra Chahar is an online Gamer who has a love for creativity and who enjoys experimenting with various trending topics. You Can follow him on Twitter @Bhupendrachahar and Quora - /Bhupendra-Chahar #Poker #Games #Politics #India

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