Not everyone is born or have that innate understanding of how to manage money, I too was in that category for quite some time. My thoughts never encompassed money other than the fact that money arrived and then disappeared again, and I continously found myself pondering where all my money had gone. Over time, I faced many unplanned expenditures and ended up experiencing multiple days of 'I'm broke'. It was during this time that I began to realising the importance of keeping track of my finances before I could see the positive changes in my overall financial situation.
Those who earned a lot and usually had extra cash lying around, was the set of people I believed that planning and saving money was for. I now understand that saving can begin from whatever point or whatever I currently have. So even small amounts should have a plan attached to them. Now, I no longer wait till I receive a big amount, no matter how small of an income it is, I try my best to divide it. I take out what I need for essentials like food, bills, data and small expenses. Then I move a portion into savings before I even think of what else to buy. I save using digital apps because they make things easier. That way, the money isn't just sitting in my regular account where I can see and touch it easily. It's locked away, and that lock has helped me many times.
At one stage, I experienced an expense that I did not expect nor plan for, it wasn't disastrous, but it was a lesson that things can direction quickly and unexpectedly at any time. What happened changed how I viewed saving and managing my income. Even if it is small, I put it aside.
Still it shouldn't be all about saving either, i live my life also. So yes, I save but I also let myself enjoy what I earn. I buy books, I buy clothes and I treat myself every once in a while. But I keep track and budget everything that I do, so that I do not spend unnecessarily or mismanage money. I don't think I need to deprive myself of everything just because I want to save or manage. I work hard to find a balanced approach where I can continue to manage my income while also being able to enjoy little moments along the way.
Managing income is more of consistency than perfection. Even if the amount is small, discipline in saving is what matters.
Another thing I do is seperate my savings. I have one for emergencies and one for random things that I might want to get for myself later. I don't mix everything up that way.
What matter most in managing money is being intentional about it.
This is my entry to the indiaunited prompt for the week.
Thanks for reading...
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