Money management is an important part of our lives. It is a pity that many of us are not aware on how to manage money as these skills were not taught to us in school. In order to lead a happy life, it is crucial for us to be financially educated. Unfortunately, there are few genuine resources online that teach us this basic life skill. We makes an attempt to help people with meeting their life’s financial needs and future retirement. It is a financial educational resource that provides you with wealth creation and retention strategies.
What is financial education?
Financial education comprises of learning money management skills, strategies for the creation of wealth, understanding personal financial reality, eradicating debt, having a six-month emergency fund and saving money for future retirement. Effective money management skills will help you worry less. It gives you complete peace of mind for the present and future.
Help With Financial Planning-5 Tips For Everyone
You may be in your 20’s or over 40’s. It is never too late for you to begin. Here are 5 easy tips by experts to manage money effectively and plan for the future-
- Create A Budget-This is the first rule. Know how much you earn and where your money goes. Very often keeping track of money on entertainment and food is hard. It is important for you to set aside a budget so that you do not go overboard.
- Pay yourself back first-The next fundamental rule of effective money management is: income-savings= expenses. Whatever may be your income, you should first set aside money for yourself as savings. Systematic investment is the need of the day.
- Create an emergency fund – In event of an emergency, it is important for you to have at least four to six months of emergency expenses in hand. In case, you have been falling short of money lately, calculate how much you should ideally have and begin saving from this month so that you can reach the required amount.
- Control debts– It is important not to succumb to materialistic temptations and overburden yourself with debts. If you have to incur debt, ensure the EMI is 20%-30% of your net income to manage cash flow with ease. Think before you take that debt.
- Build A Wall Of Financial Protection-Analyze insurance policies for you and your family. You do not want them to suffer financially if you are not around. Do not confuse insurance with investment. Take basic insurance covers like home, disability and health.
Manage Money- Get Peace
Fortunately, money management skills can be taught to everyone. The economy is uncertain today. People are losing jobs; real estate is going downhill and the stock market taking a dip. It is time for you to get your investment options in order. You need the help of qualified money management experts to give you financial advice to save tensions. We gives you this credible advice so that you do not have to spend sleepless nights anymore. Help is at hand. Not only can you learn the essence of money management skills but you can help others too!