Is It Necessary To Manage Your Finance?

In our today's world, it has become necessary to manage how one spend his resources so as to avoid living above one's means. One may therefore as - "how do you manage your income?".

Income simply refers money received on regular basis from work done or job done as a means of payback. We all have one or two things we do from which we regularly generate revenue and when these monies come in how do we now manage it?
Is it therefore necessary to manage one's income? I think I'll answer in the positive.

Source

There are necessary steps to be taken to manage one's income and expenditure. For me, I first of all identify my needs and place them in a scale of preference. The most pressing needs get the best attention and allocation of my resources or income. In essence, I prioritize my needs. This helps me not to overspent on things I generally may not need at present.

Again, I also consider the cost of getting those things I need. This is very important because certain commodities or items have places where they are sold. I prefer getting them from specialized markets rather that making a random purchase. For instance, assuming I need an oven, electric kettle and all that I usually go to an electronic based market to get them rather than buying them from the market overt. Alternatively I check up the prices on a few notable online vendors. From there I drew a comparism of prices before I set sail to buy. This helps me t9 get the said items at an affordable prices without hitting hard on my income.

Moreso, I limit myself to my expected income. I avoid borrowing or buying things in credit and then start looking for a way to offset the debts. This kind of lifestyle has made many not to progress in life. It does not encourage planning as one is always placed on the repayment list.

Finally, I try to live within my limit. This way, I do not do impulse buying or trying to impress others while making purchases. This keeps me on the guard. I only purchase goods or items earlier identified by me as top necessity or priority. I don't buy things because others are buying them or just to join others in owning such items.

This is my entry into the @indiaunited weekly prompt: "How Do You Manage Your Income?”.

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