BY -AASHI SINGH
The more the chinking of coins in your pocket, the more is your worth. Money
seems to be a valuable asset these days. It has become as important as bread
and shelter. As you cannot live without food for long, similarly you cannot thrive
without money. It offers you, the freedom of choice. If you do not have a
cent in your pocket, then you have to accept whatever has been provided
to you. Most people fail to strike a balance between earning and enjoying
money, only because they lack the managing skills. If you are a student, then
you need to learn management of money, but if you are a grown up and have
enough money, then you need to learn it too, to enjoy the money you have. Here are some simple tips and tricks for managing money. In the long run, they will help you to grow in a more thriftier way.
● Budget: The best step to make a count of every penny you spend is to make a
budget. Keep your emoluments and your outlays recorded. This will help you to
know how fast you are spending money.
● Disbursements: Keep a check on every penny you spend. Be it your electricity
bill, groceries, phone bill, a new lunch box or a new book. Also, there are
some expenses that are not regular, like your college fee. Watch like a hawk
on these expenses too.
● Investments: You can keep an eye on your money by investing it in something.
Share market and purchasing gold can be an option. It will raise your funds,
and at the same time save your expenditures.
●Priorities: You should set your goals for which you need to save money. It can
be as small as purchasing a dining table, and as big as a car, house, or
education. Once you are done setting your goals, the purpose of saving money
becomes a lot more clearer.
●Banks: The best way to manage your money is by depositing your money in the
bank under various policies. You can go for a fixed deposit or a savings
account. The bank lends your money to the ones who need it, and then refill
your account when they return the money. By depositing your money in the bank,
you don't have to worry about the calculations and safety of your money.
● Savings: These are the actual important things. Save as much as you can. You
can save upto rupees hundred per day, or fifty. Savings are very crucial, if
you want to live a hustle free life in your future.
●Emergency Fund: You got to be prepared for the emergencies. God forbid! if by
any means you are struck in an emergency, then you have to spend the money in
your hand. Be prepared for it. Always have some money deposited in the bank,
for the emergencies that you might face.
● Financial Manager: Yes, financial management is very important. But for that
you do not need to hire a financial manager. With some knowledge of funds and
budget, you can be your own financial manager.
Financial management deals with keeping a check on your expenditure,
savings and income. Thus finding your assets and liabilities. I am no financial
manager, but you can simply use the above methods to get rid of the tension of
your future. Life comes with big liabilities, but make sure you do not make
money one.
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