Friday, February 12, 2021

Money Management For Beginners


Hey lovelies so for all those who don't know, I have done my masters in Finance & International Business and one thing that was always on my mind was to make money matters simplified. 

So I thought of taking a step towards that direction by starting a section on the blog on Personal Finance where I will be sharing with you some easy tips and information to make you more aware about Finance in a simplified manner which you might find it helpful for building your wealth. 

You really don't need major qualifications to manage your money but some financial discipline, basic common sense and a right person to guide you to make you aware of your options.

So let's begin with basics!

1. First of all you have to Decide to Save! 

Saving money will give a sense of confidence, financial independence and peace of mind when you have a strong foundation to build on.

2. Write down your financial goals - Short term, Mid term, Long term. 

You have to be clear as to why you are saving.  

You can have various things on your list, like going on a trip, buying a car or buying a house, children's education, etc. Be clear about your goals and classify them periodically.

3. Decide how much you want to save! 

Ideally you should allocate minimum 10% of your earnings towards your savings.

4. Bifurcate your savings towards your goals!

Out of the amount you have decided to save, allocate them towards your different goals according to your priorities and emergency towards accomplishing your goals. You can have separate bank accounts for that if you wish.

5. Make your Money Work!

After you have allocated your funds towards your different goals, for starters park them in Savings Bank Account which fetch decent interest. So like that your money won't be sitting idle but will grow with time.

Hope you found this helpful and helps you start towards building your wealth!

Tons of Love 💕


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