How do you effectively manage your financial life

[Jonaville1]

With everything going on in the world right now . Businesses having to shut down due to covid . How do we build on the little capital we have?

We can do this by monitoring our expenses, we need to keep track of our income and expenditures and see to it that we avoid going into debt as much as possible. If what we spend is less than what we currently earn, then we will be able to save up some money for rainy days.

 

[Richard92]

You can effectively manage your financial life when you spend your money only on basic needs, when you know the different between your opportunity cost and forgone alternative, I can say you effectively managing your financial life. To manage financial life is very difficult for most people but it is simple when you are able to balance your income and expenditure.

 

[Abibatabosede]

You needs to plan on what you have at the moment. Reduce your expenses to compulsory one, and leave out unnecessary spending. Look into investment that can multiply your capital and invest. Then no matter how little, make sure to save.

 

[Nicklas22]

1. Understand your current financial situation.
2. Set personal priorities and finance goals.
3. Create and stick to a budget.
4. Establish an emergency fund.
5. Save for retirement.
6. Pay off debt.
7. Schedule regular progress reports.

 

[Heatman]

With everything going on in the world right now . Businesses having to shut down due to covid . How do we build on the little capital we have?

Some people have this bad habit of getting themselves into unnecessary debt and expenses, casual spending and extravagant lifestyle. There is no way such person can be able to save money or have a stable financial status.

 

[Damscooguns73]

Concerning how to manage oir financial life. Well, I must say things are kind of hard, goods are expensive and there is no money out there to spend especially in these covid period. An individual needs to know how to spend wisely and identify is needs to his wants. The individual needs to make clear and deny himself of some of the things not necessary

 

[Rimsha kanwal]

With everything going on in the world right now . Businesses having to shut down due to covid . How do we build on the little capital we have?

It's a really good time to start a budget, because all your big numbers are coming in," says Jon Brodsky, U.S. CEO of Finder, a comparison website for financial services and products. W-2 and 1099 tax forms compile income information while year-end summaries from credit card issuers such as Chase and Discover make it easy to review annual spending patterns.

 

[Trexxxy]

Some people have this bad habit of getting themselves into unnecessary debt and expenses, casual spending and extravagant lifestyle. There is no way such person can be able to save money or have a stable financial status.

I agree with this, people who engage in frivolous spending, will find it hard to save money for a particular goal, that is why one must be disciplined and prudent when it comes down to money matters.

 

[Heatman]

I agree with this, people who engage in frivolous spending, will find it hard to save money for a particular goal, that is why one must be disciplined and prudent when it comes down to money matters.

Exactly, they certainly can not be able to save a dime. I know one guy in my neighborhood, he was so extremely extravagant that when he was settled after 6 years with his boss, it took him only 7 months and he squandered more than 7 million Naira.

 

[joy101]

It is very hard now for offline business to function very will, before spending someone need to think very well before spending, the way things are going now you need to invest your money into something good.

 

[Kennysplash]

With everything going on in the world right now . Businesses having to shut down due to covid . How do we build on the little capital we have?

I plan my finances,and I create a budget according to my income. I don't spend unnecessary and I don't buy what I don't need. I also make sure to save at least 30 percent of my monthly income. One has to be careful with expenses these days or there will hard times.

 

[singlej007]

Managing one financial life is not an easy task at all...I could manage myself financially When I was single because I hardly calculate... But now that I am married, I calculate every day, just to make sure my family is being taken care off..

Financial life is another life.

 

[Emma Aneni]

It has not really been easy with this COVID and lockdown everywhere. The best option here is to spend on what you need and not what you want. Cut down spending recklessly and save massively it’ll go a long way

 

[Heatman]

I plan my finances,and I create a budget according to my income. I don't spend unnecessary and I don't buy what I don't need. I also make sure to save at least 30 percent of my monthly income. One has to be careful with expenses these days or there will hard times.

They say wants are different from needs, and it's when one knows how to differentiate between his wants and needs, then spend according to them that such person can be able to cut spending on things that are not important.

 

[Oliver 20]

Understand your current financial situation.
Set personal priorities and finance goals.
Create and stick to a budget.
Establish an emergency fund.
Save for retirement.
Pay off debt.
Schedule regular progress reports

 

[Lagazine]

With everything going on in the world right now . Businesses having to shut down due to covid . How do we build on the little capital we have?

Managing my financial life is more than what I can explain, but I will give you a clips of that. The only thing I do is to cut my coat according to my clothes. I don't chew more than I can swallow. I also reduce the way I visited groceries stores, unlike year 2020 when things are not encouraging.

 

[Gilead]

Well in this perilous period that we find ourselves, I try my best to reduce my consumption level,cut my expenditures, even more increase my savings and invest the little I can invest.

 

[chicnthin]

When it comes to business, it's really hard to operate when there's almost no capital left. But what some owners do, instead to taking a loan from the bank, they seek out for a new investors.

 

[Ojonuyo]

To be able to manage your financial life, one must be ready to be disciplined and sacrificial at the same time. You must understand that life is not all about having it all at the moment. Therefore you must delay gratification till later and build up your financial goals.

 

[solomonmali]

1. Create a Financial Calendar. ...
2. Check Your Interest Rate. ...
3. Track Your Net Worth. ...
4. Set a Budget, Period. ...
5. Consider an All-Cash Diet. ...
6. Take a Daily Money Minute. ...
7. Allocate at Least 20% of Your Income Toward Financial Priorities. ...
8. Budget About 30% of Your Income for Lifestyle Spending.