To stay financially safe, it is best to maintain financial integrity through personal finance management.

Lazarus was a salary earner, he earned enough to live good. He was alone on his earnings until he decided to raise a family – a great step. He married Rebecca, a sweetheart from the same organization. It was all fine from the onset. Both were paid equally and robustly. They usually had more than enough, hence, they would buy luxuries just to keep up with their paycheques. Five years later, they had three children, they felt they should nurture them in accordance with their lifestyle. Things changed, they did their best to keep the standard as there was nothing but a little rise in their salaries. They did not save for the future. They couldn’t afford the luxuries anymore, they entered the unusual mode of survival; one that is alien to them. They couldn’t keep up, salaries started coming later, expenses are higher and lifestyle cannot be lowered: they had unresolved issues night after night.

The family (Mr. and Mrs. Owolabi) had to divorce five years later. It was so sad to see a once sweet and lovely family turned bitter. People never understood the real cause. They did not know that the family went bankrupt and both parties were not willing to take their respective share of the blame. Although they were educated, they were financially uneducated as they couldn’t manage their personal finances.

Personal finance means monetary management which a person (an individual) or a family unit performs. It involves making plans for the future through savings, while also maintaining a good life through budgeting, taking into consideration money earned, values of things purchased, costs of possessions and how they affect the future.

When planning personal finances, the individual would consider the suitability to his or her needs, that is, favoring needs over wants. Priorities must be set. A good planning is needed for all daily, weekly and monthly monetary transactions. Remember the saying, “a man who failed to plan has already planned to fail,” therefore, to stay financially fit, one must plan to efficiently manage his money.

Are you having a family? Then you must ensure that every member is sensitive to money management through self-consciousness. More-so, having personal finance principles take control or influence your spending and earnings (financial behavior) is of great importance. These principles include: salary is not savings, financial planning is now and for everyone, spending must be below earnings and must not equal or above earnings, every item acquired must come cheap and of best quality, and finally, a goal must be set for savings (examples include investment for retirement, children school fees, medical bills et al.).

Personal finance management helps you make more money and also helps you save more money. Having a low salary doesn’t make you poor, likewise, having a high salary doesn’t automatically make you rich, how you manage your finances will decide where you belong.

Personal finance management is personal, everyone must engage in it. A family should talk about money, bad debts should be avoided (items not essential and purchased on loans), and generally, debts should be avoided. The goal of this science is to make one financially independent, stable and comfortable. You will be able to track your income, your expenses and your savings with this technique. You will also be able to choose your lifestyle in accordance with your plans, as you will know that all your expenses must not be greater than 50-80% of your earnings.

Age is just a number especially when it comes to finances, children are not exempted from this system of personal finance management. Almost all of them will follow the financial principles their parents taught them, because of the foundation matters. Teenagers and adults need to plan wisely and prepare for the future; theirs and their generations. When the future is considered, everyone must play a role through individual cash management and delayed gratification – all can be done by maintaining a standardized personal finance.

Personal finance is one’s life and it must be protected.

Well, after so much pain, Mr. Owolabi decided to figure out what went wrong with his finances. He discovered his mistakes: The unnecessary trips, the unneeded luxuries, the undervalued expenses and most importantly his short-sightedness regarding his family future.

He did not practice the science of money management, he relied so much on his salary, he did not plan ahead; he failed to adhere to personal finance management.

Many were once rich and now poor, many footballers, many musicians, many actors and actresses, so many, even with the fame and stardom couldn’t save their future, many like Mr. Owolabi missed it because of their ignorance about PERSONAL FINANCE.

Personal finance is the key to transforming your life from that poor thing to that rich elite. If you are already an elite, personal finance will help secure your position.

It is never too late to start, maintain your personal finance now, so that when the tables finally turn, your spot, your share, and your future will be strengthened and secured.

http://askgloriawems.com/take-charge-of-your-personal-finances/

Askgloria:
To stay financially safe, it is best to maintain financial integrity through personal finance management.

Lazarus was a salary earner, he earned enough to live good. He was alone on his earnings until he decided to raise a family – a great step. He married Rebecca, a sweetheart from the same organization. It was all fine from the onset. Both were paid equally and robustly. They usually had more than enough, hence, they would buy luxuries just to keep up with their paycheques. Five years later, they had three children, they felt they should nurture them in accordance with their lifestyle. Things changed, they did their best to keep the standard as there was nothing but a little rise in their salaries. They did not save for the future. They couldn’t afford the luxuries anymore, they entered the unusual mode of survival; one that is alien to them. They couldn’t keep up, salaries started coming later, expenses are higher and lifestyle cannot be lowered: they had unresolved issues night after night.

The family (Mr. and Mrs. Owolabi) had to divorce five years later. It was so sad to see a once sweet and lovely family turned bitter. People never understood the real cause. They did not know that the family went bankrupt and both parties were not willing to take their respective share of the blame. Although they were educated, they were financially uneducated as they couldn’t manage their personal finances.

Personal finance means monetary management which a person (an individual) or a family unit performs. It involves making plans for the future through savings, while also maintaining a good life through budgeting, taking into consideration money earned, values of things purchased, costs of possessions and how they affect the future.

When planning personal finances, the individual would consider the suitability to his or her needs, that is, favoring needs over wants. Priorities must be set. A good planning is needed for all daily, weekly and monthly monetary transactions. Remember the saying, “a man who failed to plan has already planned to fail,” therefore, to stay financially fit, one must plan to efficiently manage his money.

Are you having a family? Then you must ensure that every member is sensitive to money management through self-consciousness. More-so, having personal finance principles take control or influence your spending and earnings (financial behavior) is of great importance. These principles include: salary is not savings, financial planning is now and for everyone, spending must be below earnings and must not equal or above earnings, every item acquired must come cheap and of best quality, and finally, a goal must be set for savings (examples include investment for retirement, children school fees, medical bills et al.).

Personal finance management helps you make more money and also helps you save more money. Having a low salary doesn’t make you poor, likewise, having a high salary doesn’t automatically make you rich, how you manage your finances will decide where you belong.

Personal finance management is personal, everyone must engage in it. A family should talk about money, bad debts should be avoided (items not essential and purchased on loans), and generally, debts should be avoided. The goal of this science is to make one financially independent, stable and comfortable. You will be able to track your income, your expenses and your savings with this technique. You will also be able to choose your lifestyle in accordance with your plans, as you will know that all your expenses must not be greater than 50-80% of your earnings.

Age is just a number especially when it comes to finances, children are not exempted from this system of personal finance management. Almost all of them will follow the financial principles their parents taught them, because of the foundation matters. Teenagers and adults need to plan wisely and prepare for the future; theirs and their generations. When the future is considered, everyone must play a role through individual cash management and delayed gratification – all can be done by maintaining a standardized personal finance.

Personal finance is one’s life and it must be protected.

Well, after so much pain, Mr. Owolabi decided to figure out what went wrong with his finances. He discovered his mistakes: The unnecessary trips, the unneeded luxuries, the undervalued expenses and most importantly his short-sightedness regarding his family future.

He did not practice the science of money management, he relied so much on his salary, he did not plan ahead; he failed to adhere to personal finance management.

Many were once rich and now poor, many footballers, many musicians, many actors and actresses, so many, even with the fame and stardom couldn’t save their future, many like Mr. Owolabi missed it because of their ignorance about PERSONAL FINANCE.

Personal finance is the key to transforming your life from that poor thing to that rich elite. If you are already an elite, personal finance will help secure your position.

It is never too late to start, maintain your personal finance now, so that when the tables finally turn, your spot, your share, and your future will be strengthened and secured.

http://askgloriawems.com/take-charge-of-your-personal-finances/

Nicely written with lucid
anecdotes.