Ten Basic Financial Principles, Learn to manage you finances.

How can you manage your finances, managing Finances is not easy especially in this difficult day that all our basic needs like rice are increasing, we need a strong desire to manage our Finances to be able to coop the rising necessities.

 

Let me share to you a simple tips about how to manage our Finances.

 

1. Make and maintain a budget: make a list of your need don‘t over spend in excess of your allowable budget for the day. Bear in mind that you need to maintain your money until the next payday.

 

2. Honor your commitment: pay your debt, pay your bill like electric, water, house rent and alike, so that, you will not pay the penalty because you are updated in payment.

 

3. Be Accountable: write what you are buying or spending, so, you can review where your money goes.

 

4. Buy according to principle not fad: buy only what you need not the one you don‘t need and what your interest is.

 

5. Give God a portion of your income: before anything else give your offering to God. it‘s from Him so we must return what is from God and God with His abundant blessing will shower us.

 

6. Be fair and selfless with your funds: share a blessing, give to the needy

 

7. Limit or destroy the credit card: don’t over use your credit card, let your current bill clear first before using it again, estimate if you can pay the amount in accordance to your budget, Much better to use it not.

 

8. Shun debt and over commitment:  avoid borrowing money and other commitment beyond your income.

 

9. Control the small purchases: much better to buy all your need than to buy one by one, limit buying small things, if you do, one day you will amazed you have no money anymore.

 

10. Pray about your money management. Pray to God to help and teach you to manage and to spend your money wisely.