Good day, amazing people of the Hive Blockchain. Welcome back to my blog. It is another edition in the #indiaunited community. I am so delighted to participate in this week's prompt: how do you manage your income?
Wow, this is a very big question about how we manage our income, and I am so glad that we are talking about this topic this festive period. Most people fail today because they fail to manage their income properly. It is very important that we manage our income; if we fail to do so, we will be full of regret. Managing income is one thing we shouldn’t joke with; if we fail to manage your income, there will be no money saved in case of rainy days.
When it comes to managing my income, I am not an expert. I make mistakes, and I also learn from my mistakes. I can remember the first few months I earned my salary; I was lavishing my income unnecessarily. My mom would always draw my attention to how I spent money. All I would tell her is, 'Mom, life has no duplicate; let me enjoy life now that I am still alive.' The moment I realised how important it was and why it was necessary that one should manage their income was the moment I lost my first job. I couldn’t boast of getting anything for myself because back then I failed to manage my income. Even when my mom was ready to assist me in managing my income, I declined because of my selfish mindset.
Managing income is not easy at all; it comes with a lot of challenges, and if one fails to manage their income properly, that is why financial setbacks creep in.
Steps that helped me manage my income.
One of the things that has helped me manage my income is that I have to realise where my cash is flowing from and where it is going to. How much do I earn? For someone like that who gets paid at the end of the month, cash doesn’t flow into my account every day. I have to wait until the end of the month before cash will flow in. That alone has helped me manage the way I spend my money, knowing full well that cash doesn’t flow in every day.
Another one that has really helped to manage my income is realising that I should prioritise my needs over my wants. The moment I understand that my needs are more important than my wants, it helps me set a clear goal of how I will manage my income, pay essential bills, and handle others' needs before I go for my wants. If there is a need to prioritise that want, I will go for it. It made me realise that my want is not so important like that.
Another thing that has helped me manage my income is setting a budget. Once I receive my salary, I split the money and put the rest of the money in my savings. I just don’t budget; I stick to everything I write down when analysing my budget because it will help my income be more effective. One thing about me is whenever I am budgeting my money, I always take fund money in my emergency account if the need arises.
Before I spend any money, I always ask myself this big question: is it really necessary that I spend money on this particular product or not? I will have to review it over and over again before spending on it. I am really impressed with the way I am managing my income.
It is not about the income; what matters is how disciplined we are and applying wisdom when it comes to managing income. If we don’t manage our income well, it will affect us in the future. That is why we should be deliberate when it comes to managing our income.
This is my entry on the ongoing content #indiaunited topic: how do you manage your income?
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