Is there a way to differentiate this that will make a lot of people see some things which they always do as the wrong thing or the misinterpretation of some certain things which is not supposed to be so, meeting some set of people have made me wonder and conclude that they are taking some things for each other and they should not be ignorant of it, that is why i decided to pick this topic today and talk more on it. Money management and stinginess have been taken for each other because they dont get to understand how this two work, the difference is very clear but most don't see it like that. Money management is about making a decision on how to use certain finance either through saving for a better reason which later be useful to do things when the need for it arises but does stigness work the same way? for me it is a No.
Stinginess is just the reluctancy of not wanting to spend some certain money even in a very severe and despirate situation when money is needed, stinginess wont make that money drop because it will look like loss and also wastage of money which is not so, there are lot of scenerios that back up the topic but as the post continue, it will be talked on. In money management, it s just like having a certain budget on how to spend a money while the other way round is not like that. For instance a man own the sum of $15,000 which he got from share on selling of hectares of land and in other to manage the money, so as to utilize it so well, a budget should be involved that will be like a guide in other not to spend the money anyhow, it is normal for a money to be spent but in the right way
and to important things.
Some set of prople can have that amount of money and still keep, when certain need for them to spend money arises, they wont want to touch the money because they believe once they touch that will be the end of it, we call that stingines. A lot can be broke even with having some certain amount of money, which is what stinginess can bring. making list of things that are of priority will surely help financial stability and will make money management go smoothly.
Having the mindset of having money and not wanting to spend them is an act of stinginess and not money management. I have a friend who is earning well but he always claim things are not going well, despite earning a lot, and funny enough if he needed anything sometimes, he always reach out to those who doesnt even earn up to him to borrow him money despite having that money in the account but he doesnt want to touch his own yet, i dont see that as money management either and this mentality should be changed to enable a well financial stability. So in all Money management involve the professional way of tackling finances to maintain financial stability and also with money management there can be effective planning for the future which can be in form of normal savings and also it can involve the means of budgeting. A better use of decision on money entails management.
The restriction to spending and use of any financial resources even when in possession of them and also the bad handling of any finances resources is termed as stinginess, I hope this two have been made clear and they can now differentiate between both.