WHY MANAGE YOUR MONEY? AND HOW?

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Good day to everyone of my fellow steemians and bloggers of this wonderful community, it's been a while since I made a post on steemit and this is because of some personal challenges however, I am going to be trying my best to still make posts on the steemit platform and on this great community.

This post is basically going to be about why it is important to manage ones money and how one should manage money effectively, managing ones money is one skill that should literally be taught from a very young age because it is a very important and crucial life skill and it is so unfortunate and disheartening that many young and old adults to lack this basic life skill.

Therefore I will also be discussing why it is basically important that everyone wether at a young age or whenever develops good money management habits and the basic first reason is that the alternative which is having bad money habits is not a very good path or lifestyle.

WHY SHOULD I MANAGE MY MONEY

Learning how to effectively manage ones money is very important and essential because no matter how low or high ones income might be without properly or effectively managing this income one will not be able to make the best and have the chance or opportunity to achieve ones financial goals, financial stability and independence, ensuring that one is going to be able to meet both short term needs and long term goals.

When one manages his or her finances wisely and is able to gain control over how he spends or what he spends on he or she will be free from needing, requiring or taking unnecessary loans or debt and also be free from all the financial stress that comes with be a lender I mean even the Bible says it that a "the borrower is a slave to the lender".

Additionally, learning and mastering effective money management skills allows one to be able to live on and afford his or her necessities and still be able to save money in the case of an emergency or to start up a business which will ultimately allow one to attain financial freedom and live the lives of your dreams.

HOW CAN I MANAGE MY MONEY

To manage your money effectively the following skills or steps will come in very handy;

First, creat a budget, having a budget basically helps you to keep track of your income and expenses, ensuring that you don't take on or spend more than you can afford in other words it helps you cut your coat according to your size it helps priotize and allocate your funds and money to the essentials like food, clothing and shelter.

Second, have savings, by basically practicing setting aside a portion or certain percentage of your income each month will help you build reservoir of an emergency fund which will basically come in handy in times of emergency and when an unexpected expense comes up, you can also have long term savings which will help you achieve goals and make investments.

Finally, learn to distinguish between needs and wants, when you practice differentiating between impulsive spending, wants and needs before making the decision to buy it or make the purchase, this will help you avoid spending your money on every desire and wants because as you know the wants of humans is insatiable and unless you have money that is unending it will end badly.

CONCLUSION

In conclusion, after discussing the importance of learning and implementing effective money management skills and how to implement these skills I honestly hope you all will be taking these advice as I myself will be trying to also implement these skills myself as they have proven to have the potential to be a game changer for me and hope they and know they will be the same for you all.

I would also like to offer my appreciation in advance for you all for making the time to read and participate in this post of mine.