How to manage your finances

Often, many people feel that their finances is not what it should be and most people talk about earning more money but they  however, fail to talk about how to effectively manage it.

But while creating wealth is important, protecting your funds and using them prudently is also essential because hard-earned money needs to be saved, invested and spent judiciously to have long-term stability and liquidity.

This is only realistic through effective money management; basically this involves keeping a track of your expenses and periodic review of spending to cut off reduce unnecessary expenses and impulsive buying.

The following steps help in wise money management:

Create a budget: Have a plan for expenses in order of priority and stick to it.

Save first, spend later to ensure that you are prepared for a future contingency and eliminates the chances of overspending or exceeding your budget

Have financial goals: Plan what you want to do with your money in the short as well as long term.

Start investing early

Run away from debt as too much debt can become a financial burden.

Start saving as early as possible Saving early helps to generate more money with the power of compounding over time.

Ensure protection against emergencies: Stay financially prepared for any kind of uncertainties in life.

There are many ways to take control of your finances and though saving money isn’t always fun or easy, it is a guarantee to having a good life with less worry about bills or debt payments.

READ ALSO FROM NIGERIAN TRIBUNE 

• Buhari signs Almajiri commission bill, others hours to exit office

• Yoruba Nation: Akintoye condemns attack on  Ibadan radio station, disowns agitators

• Turkey’s President, Erdogan wins re-election after runoff

• May 29: I’m not deterred by Tinubu’s inauguration, Obi opens up

• MONDAY LINES: Tinubu, fix the North, embrace the East

• EDITORIAL: The Ondo rapes and killings