Greetings to all the readers here,
December is about to end, and a new year along with a new month will begin very soon. With a new month comes new planning, especially about how we are going to manage our income in the coming year.
Today, I want to talk about how I manage my income in the modern era, even with so many distractions around us. This post is my participation in the United contest, which is going to end in the next 3 hours. So by the time you read this, the contest might already be over.
I am someone who buys many things on EMI and also subscribes to different services. One example is my Twitter subscription for the blue tick. Apart from that, I always keep a record of the loans I have taken from different people.
The first thing I do is make a clear list of where I need to pay money. My first priority is always the EMI payments. This is very important because if we miss EMI payments, penalties are added, and that creates unnecessary stress.
After clearing my EMI payments, I focus on paying back any loans I have taken. I try to close as many loans as possible by the end of the month. Only after taking care of these responsibilities do I start spending money on myself and my family.
This is how I manage my income in a simple and effective way. I do not think it is rocket science. It is more about discipline than anything else. If you are disciplined in life, managing income becomes much easier.
Discipline can mean different things for different people. For some, discipline might mean not spending too much money on games. For others, it might mean controlling how often they eat food from outside.
For me personally, discipline means avoiding buying too many toys for myself and my son. I really enjoy collecting toys, and whenever I see something interesting, I feel like buying it immediately. As long as I am able to control myself in this area, I believe I am doing a good job managing my income.
That is all for this blog. You are welcome to share your own ways of managing income, and let me know if you liked the way I manage mine. I forget something and so I will do it now, I send good wishes to all for the new year.