2 simple steps for managing your money better
Dailybhaskar | Nov 28, 2012, 19:58PM IST
New Delhi: We all earn money, and some of us earn resonably well. But on an average, we tend to loose grip on how we manage our money, and no matter what, we always tend to land short when we need it the most. Though a lot of the external factors like the economy matter to us at a personal level, but there are some basic and simple steps, which if taken, could do a world of good to our financial situation. We bring some of these simple rules to follow for a better budget management for tomorrow:
- Making & documenting your budget
The basic and primary step of budget management, is to make one, and ensure it is documented. If the list of fixed expenditures and sources of income are known, jotting them down could be very useful so that the rest of the money at hand can be managed better. Also, rather than mentally doing the excercise, keeping a physical draft of the same is always very useful so that keeping a track is easier, and any references can be made easily. Also any errors can be tracked from time to time and corrected, if neccessary.
- Periodical revision
Depending on lifestyle, spending habits, and personal choice, one could keep a watch on one's income and expenditure every week, every fornight or every month. This would mean that after each of these intervals, one does an accurate review of one's budget and sees where he/she lies on targets and goals pre-set. Then, the short term medium term, and long term financial planning can be done better.