Welcome to my prompt this week .
It will really bring alot of knowledge concerning how to manage our finance and the different strategies to use and how to apply them so it will benefit you.
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Finance is one of the thing in which we really find difficult to control because it requires a lot of good reasoning and strategies so to manage it is really a hard one .
Meanwhile income and expenditure is our everyday activity because we hustle and run our different types of business and make our money everyday ..so doing all this without knowing how to control money whether daily , weekly, monthly or yearly even some 5years, 10years or even more than will be a very bad thing and it can affect our financial aspect of living (life)..
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In managing our finance which is our income also requires a lot of discipline because if you are not financial disciplined you will be spending money extravagantly without knowing this word called "savings" and when you don't know nor practice this so called word "savings " it will affect you in many ways and this will bring about you not improving financially and that is very bad.
There are many ways and discipline on how to manage our financial income and expenditure (strategies in managing finance):
SAVINGS:
Savings is a very high and main way of managing finance and it requires self determination and this determination centers on our way of expenses because when we determine on how to spend and discpline ourselves on it,it will really set a way on how to go in our financial expenditure and income .
Savings can be done in so many ways and this ways include:
OPENING A BANK ACCOUNT: is true that the amount of charges bank takes now in the name of maintaining our finances is really high and alarming but it does not hinder us from opening a bank account where we can save our money because is better to have your money in the bank than to have it with you, when you have it in the bank before you can get access to it, it will require a little process but when you have this money with you is possible that you will spend it anyhow you like because the money is within your reach anytime you want it you will just go get it and it will make you spend more than you have budgeted..
JOINING A MEETING OR CLUB
This is the main strategy i am using which has also bring alot of help to me .
This is how it works,
You join this with friends and tag it a name maybe something like (helping hands club), and you bring a particular day or month you contribute a certain amount for a member, and it is done rotationally and it reaches everybody .
This is the main strategy i prefer because how i do my own is this ,
Anytime is my time to collect the contribution, after collecting it i will keep it in the bank for my normal servings so i will not touch it..
DEVELOP YOUR OWN STRATEGY SO THAT YOU WILL HAVE SOME SAVINGS.
THANKS FOR READING MY BLOG @KC6729 I REALLY APPRECIATE.
HAVE A WONDERFUL DAY.
I also invite @mayoor-001,@nwothini335 in this wonderful prompt of the week.
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