Income Management: Seperating Need and Wants.

Financial management is really an important skill, a skill that needs to be acquired by everyone including children and students. Being able to manage your finances, save you from reckless spending, debts, helps you track your expenses and saves you from financial embarrassments.
To some it's as difficult as rocket science and to some it's easy, to me it's about financial discipline.
Being able to manage finances adequately is the reason you find an average man who earns little lives a satisfied life , and a man who earns largely, go broke monthly and run into incessant debts.

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This week we are asked to write a about how we manage our income , and to me it's simply having a budget and a written plan, a deliberate act of knowing and separating my needs , wants and savings.
I learnt this first from my mom , growing up she prioritized certain things and she would always remind us that those are our needs, necessary things we need for survival and the other things are our wants, and we would survive without them.
The second time, I had a clearer knowledge about seperating needs from wants was in a class, an Economics class, and I learnt alot from listening and reading about it.

As an adult, I practicalize this knowledge often, I leart to seperate my needs and wants. I get to write a list of the things I need and eliminate my wants if my money isn't sufficient for them .
I learnt to live on a budget, so I don't spend recklessly and end up regretting or going broke before the next month.
Even when I was a student I did this with my upkeep money too, so it doesn't matter if you are a worker, a student or a business person, you can manage your income and still live a satisfied life.

Being able to apply this have saved me from alot of financial issues, especially having money in time of emergency, showing up for myself in tough financial situations and also saved me from getting into unnecessary debts.
It gives you a trace of your income, a full knowledge of how you spent every dime and why you spent it.
This knowledge also helps in improving self control, control the frequent urge to satisfy unnecessary wants.

Thanks for reading ♥️

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