Hello, everyone.
I welcome you to my blog. One thing a lot of people struggle with is how to grow their finances and how to attain financial stability, one thing with attaining financial stability is that if Yiu don't manage your finances/income properly, you will never attain financial stability. Proper management of your finances and attaining financial stability goes hand in hand, without one you cannot achieve the other which makes knowing how to manage your finances and your income properly very important. Your financial life is a crucial part of your life, if you joke with it people will never take you seriously and will treat you and take you like the joke you have portrayed yourself to be.
Many young people make the mistake of thinking they have to grow old before they start learning to manage their finances properly, where their money should go to, if they should do more of budgeting or just spend extravagantly, if they should go for wants or needs or if they should go for both, but the truth is that both young and old need proper financial management else you will suffer the consequences of not managing your finances properly. As a young man/woman you will grow up and realise you should have learnt financial management a long time ago as learning it now that you bare bit old becomes difficult because you now have even more expenses lying at your door than you used.
When it comes to income management I believe everyone has a strategy or should I say a style that works perfectly for them, and any style you try out and it works perfectly for you then you should never let it go. The first way I manage my income is by keeping track of what I spend my income on and how I spend it, what are those things I spend my income on mostly? Knowing what I spend on mostly is how I keep track of my income and where it goes to when it comes in.
Secondly on income management what I work with is budgeting, I work with a budget as I have seen that my income cannot cover everything at once, I have to make a monthly budget such that I can do all my expenses and still some portion of my income left that I can send to savings. Whatever does not fit into this month's budget or can result to not having anything left to send to savings, is moved over to another month. I also work with what my economics teacher calls a scale of preference, I always follow and go for things based on how important they are to me.
My response to the India United prompt, and you can join here