Money Management

Money management is vital in our life. There are several steps should be followed in money management. First of all, we should setting goals and understanding priorities by learning how to asses our current financial situation, establish priorities, set financial goals and monitor our progress. For the second step, we should manage income and expenses. This can be done by creating spending plan by recording monthly income, tracking monthly expenses and making necessary adjustment. Next, building savings and wealth means that we need to develop saving strategies to reach goals and build savings for the future. Make credit report and manage it wisely. Update our credit score regularly in order to see development of our savings. Besides, we can make comparison when we are shopping so that we can get reasonable price, learn the importance of comparison shopping and how to save money on almost all goods and service. Finally, we must have our personal financial recordkeeping system as this will ease us in magement of our money.

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