More often than not, the average salary earner gets just enough money to support and be on a break even with the numerous bills and fees presented to him. There is a common misconception of having to manage money with a tight budget in terms of being given the image of incapacity or lack of capability. However, to be optimistic,
One of the greatest breakthroughs in civilization is the concept of banking. Banking paved the way to the creation of bigger corporations, complex institutions, more secure financial transactions, and global economic interdependence. People manage money through banking to make sure that the hard earned money that they acquire stays safe, healthily anchored in a national market, and easily accessible without having to hold on to the money itself.
Banks have been introduced since approximately 3 B.C. when temples held resources in terms of grains and other produce for commercial trading. Modern banking which standardized banknotes as currency was established during the 1500’s and marked a new era of western banking as you know it.
Since then, banking have been brought to new heights with introduction of technology which allowed virtual banking while still being associated with real world currency. Faster transactions and larger volumes of money can now be transferred to any where in the world with a global banking system with just a click of a button.
Personal Accounts: The most common and simplest form of managing money through banking is by opening a personal account. You are then given an option of how the account should act, either as a savings account or a checking account. The former is the most basic form of savings with a fixed interest rate, as you’ll need a minimum maintaining balance to prevent account closure.
The latter also known as current account is designed
Everyday, you are tasked to handle a number of responsibilities and obligations to make sure that each choice that you make and each action that you do would keep you in your normal state of being. From the health to the financial choices presented on a daily basis, you are tasked to make the right and responsible choices lest you want to be in a state of confusion and detrimental scenario. In the financial aspect, you have to manage money and save more in the process. Here are several ways to effectively carry out such task.
Easier said than done, increasing the savings would entail us to sacrifice some other type of leisure or free time. In addition, increasing savings would definitely need the added money required to accomplish
Effective tips on managing money are the things that will help us have money where and when needed.
If you do not have money when you need it, it simply means you are not handling the money that comes into your hands well. In order not to overshoot your budget here are 3 ways to ensure you spend according to your budget.
- Look At your Future Goals
Thinking about the future helps you to avoid spending more than your budget allows. When you have future goals and aspiration you want to meet. This gives you an option of having to put an allowance from your salary and allowances for your future goals. This way you’ll be able to adjust and cope up with unexpected events with a bit more
As you read these words, there are millions of people leaving their dream life from their investments. These people set their own working hours, live where ever they choose and have a ton of spare time to spend with their family, friends and simply do things they love to do. It can also be your life.
But you need to start now. A journey of a thousand miles begin with a step. Don’t wait to get started,
A bank account seems like the perfect type of investment until you realize that the interest you earn hardly keeps up with inflation. In today’s world it is not enough to have just one stream of income. If you are a salary earner you shouldn’t depend on your salary alone to survive. This is because things are moving at a faster pace than before, inflation is on the rise and economic depressions and recession are on the increase. Not to talk of increasing population of humans.
What do we do? Do we sit down, fold our hands and cry? No, we have to adapt to the situation we find ourselves. As the saying goes change is the only constant thing in life. Therefore we change with the situation. We adapt to our world. Our forefathers had only one stream of income and they