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In daily life, we have to earn money for our living. Some are facing financial problems as they can’t manage finance in their lives. So, the easiest and simplest ways of managing finance are described in order that there may be no difficulty concerning with finance in life.
To achieve goals of our lives, discipline is a very important thing. We will become the master of finance only if we use and spend money systematically. Whatever condition we are facing, the purpose we are earning money is that income may be surplus than expense. Everyone want to spend more money. If we want to do so, it is needed that we have to make more income.
The easiest and simplest six ways of managing finance, are described following.
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(1) Financial Freedom Account(FFA)
10% of income is should be saved for financial freedom
(2) Long-term Saving for Spending(LTSS)
10% of income should be saved for the requirement in long-term life
(3) Education Account(EDU)
10% of income should be invested for education and improvement of life
(4) Necessary Account(NEC)
55% of income should be spent for our daily living.
(5) Play Account(PLAY)
10% of income should be spent for miscellany and social relations
(6) Give Account(GIVE)
5% of income should be used for donation to others in order to make benefit for them.
In managing finance, you should also use money fairly between NEED and WANT. If you buy the things you want without need in your life, there will be less in purchasing the things you need in your life.
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So, if you use your income systematically with discipline whatever your income is low or high, you can become free from financial problems in your life