In a country and world where our needs and wants increase on daily basis and our income is the same, there is a need for everyone to have an income management skill, some people call it financial management skill.
No matter how much you are earning if you can't manage it properly, you might end up looking as someone who has never seen money before. We have seen a lot of people who had gone up and one day the come back to square 1. Most of the case is as a result of lack of income management skill.
I remember a man in my society who was not well to do financially but he was an hustler. One day, he was blessed with a good paying job in an oil company. The man started the work and everyone were just so happy for him. But when ever he returned he would be seen drinking with guys in all the bar in town. He later started buying different kind of cars but will only drive one at a time. He forgot that the job was a contract job. After 3 years of the contract job, things were not going on the same again. He had to start selling all the cars and later started a petty business. All these was as a result of lack of good income management skills.
Personally, to mange my income, I write down my scale of preference and stick to it. I try to differentiate my needs from wants . If something is not really important to me, I don't get it. The truth is, because Mr. A is buying a particular product doesn't mean you should. Having money to buy a particular stuff dose not mean you should buy it, if it's not that Important.
We all need to learn how to manage our income to avoid running around in times of needs. You see some people who might not be earning much , but they are archiving big, all because they are able to manage their income. And you see people who work like an elephant but eat like an ant and at times they may be earning more but you can't see any tangible stuff they are using the income for.