Managing your money wisely comes with excellent benefits. So how do you do it right?
Create a budget: Budgeting is essential to money management.
It helps track your income and expenses, so you know where your money is going and where you can cut back, thus creating financial stability as you avoid spending money you don’t have.
Set financial goals: Envision your short and long-term future - think about the kind of life you want in the next few months or years, and then set Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART) financial goals to help you achieve them.
If this isn’t something that’s available to you, scour the internet for personal finance books and courses. This will help you create and stick to a budget, set clear financial goals, and develop a plan to achieve them.
Keep an eye on economic conditions and government policies that can affect your finances. Read the papers, follow key opinion leaders, and stay up to date with industry trends.
Ms Muturi is the managing director at Branch International.
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