Written by: Prasanna Dhungel - 28021, Grade VIII
Posted on: 05 December, 2023
Money is the most important thing that can help us live in this 21st century. So, building a smart money habit is very important. You should learn to be careful with your money or learn to handle your money. This way you can have a safe future ahead. Moreover, when you’re just starting your career, being careful with the money you spend is a must. So, this article illustrates how to spend your money correctly and carefully.
First of all you need to start reviewing your income, fixed expenses and other expenses and create a budget accordingly. This will help you be smart with your money rather than having an unplanned income. Moreover, you should keep a small percentage of your income into savings and emergency funds. Emergency funds are really important as in case of medical emergencies or other financial needs. Additionally, you should look into your budget plan every once or twice and adjust it accordingly and quite often too. This way you can have a realistic budget that is directly proportional with your life.
Along with saving, you must also learn to invest. Automate a small amount of money from your income to your savings and investments accounts. Investing properly will help you get a sustainable income and financial support. Also, there are other important things like taking advantage of compounding and having a fixed deposit (FD). They should be a crucial part of your life. Moreover, you can always take money out and use it in case of emergencies. Also, FD gives you interest over the years and also, you can harness the power of compounding and use it to get financially secure overtime.
Also, you should set specific financial goals and track your expenses so you will learn to be careful with your money in the future and learn to handle it properly. Finally, in conclusion by saying, being smart with your money will help you be secure for the future.
