Income management skill is one of the skills that everyone needs in life. Why in was able to succeed as a young boy who lived alone outside of my family was the fact that I was able to manage my income efficiently. The problem that many people have in life is not about money but how to manage what they have. I thank God for my life because I am not an extravagant person. I do not live a wasteful life. I always ensure that I live with the resources that I have. Therefore, it will be my joy to share with everyone how I manage my income; however, before I do it, let me give you a little background on who I am.
I was born into a poor home; my parents were literally poor, but we lacked no necessities of life. How they managed to achieve that is what I did not know. They were able to send us to school, and they also ensured that we ate whenever we were hungry. After my high school, I had admission into the university and after four years I graduated. All this years I lived alone and I was able to manage the little resources sent to me from home.
I then proceeded to national service and the little amount that was paid us was not enough to take care of us; however, you were expected to save a reasonable amount of money to start a life after service. While many of my colleagues came back with zero balance in the bank account, I was able to return with an amount of money that was able to get me an apartment in town. Notwithstanding, I couldn’t find a good-paying job after service, the money I earned was not enough to feed me till another payday, but I was able to survive. I paid my bills from there. How was I able to achieve this? Is what I am about to share with everyone.
First of all, understand that you do not need to have a high income before you can manage it. If you’re unable to manage the little income, then even with the huge one, you won’t be able to manage it.
What I do is that I ensure that I budget everything I need for the money. My first budget has always been food. I ensure that I buy everything I need in bulk. Therefore, before the money arrived in my account, I had already written out what I would use it for. With this, I am able to track my expenses as well as income.
Second, I avoid indebtedness as often as I can. Debt is a burden that weighs on people’s finances. Debts have a way of dragging someone down. So what I cannot afford at the moment, I shift it to another time.
Third, I literally live on my earnings. I do not live above my earnings. My father usually tells me to cut my clothes according to my clothes. What this means is that whatever my money cannot afford, I cannot go for it. I cannot start a lifestyle that I know I won’t be able to fund, or probably will cost me a lot of money.
In a nutshell, I live within my income, and that’s what has kept me going to date.