3 Golden Financial Management Rules

Although the term alone might seem scary for some, there are only three basic things to consider when it comes to financial management to ensure your money is well taken care of. Plan, take control and make decisions.

Plan

If you haven’t set a goal for yourself, how will you know when you reach it? Think about short-term (groceries, rent, date night) and long-term expenses (car, house). How much should you be putting aside each month to cover these? This is the perfect time to start putting a budget plan in place – and make it realistic (one that you can and will stick too). Try saving a little more than you need to, that extra bit of breathing room could really help relieve some financial stress.

Take control

I’m not saying become a complete control freak, but when you’re in control of your money, financial freedom isn’t as far as it might seem. This means you need to regularly monitor your cash flow. Know how much you’re spending each month, as opposed to how much is coming in. Never let it be said that being a control freak is a bad thing; especially when it comes to managing your money. Identify those hidden costs, pay off any debt and keep up to date with tax payments.

Make decisions

Unless you and your partner are sharing expenses, it's your money and you are in charge.
Is your budget realistic? Are you going to have a separate savings account? Have you thought about an emergency fund? You really want to make decisions now, that will not only benefit you today, but 3-6 months down the line.

Original article: https://blog.moneysmart.co.za/financial-management-for-dummies-follow-these-3-golden-rules/
Author: http://randomhighfives.com/ 

August 25 2020 By Noble Wealth Management Financial Planning