MONEY MANAGEMENT FOR INDIVIDUAL

Money management is a process of managing money which includes investment, budgeting, banking and taxes. It also a strategic technique employed at making money yield the highest of interest-yielding value for any amount of it spent. So, everyone should have money management as it can help to prevent the wasting of money so that you can deal with unexpected financial emergencies and got financial freedom in the future.
Money management help to prevent the wasting of money by making a person accountable for the money that they spend and portrays an accurate idea on how much an individual can actually afford to pay for various consumer items such as a house, a car, or a new TV. It determines whether or not a certain purchase will fit within their monetary constraints.

Besides that, it will help a person dealing with unexpected financial emergencies because they may have to pay a huge medical bill or a car repair bill and they will have money to be use for such of those cases. Finally, they will get financial freedom in the future which was free from any financial problem and lead them to a happy life. It’s a comfortable retirement far outweigh any potential difficulty and you will meet your savings goals because it will tell you about the areas where you are spending too much or too little.

In conclusion, money management is important as it can control your way in spending money as you will be controlling your money as you know how much you have to spend, when and where. Therefore, for those who do not have money management yet should have theirs as soon as possible and the key to successful money management is maximizing every winning trades and minimizing losses.

BY:SITI AISYAH BINTI KAPLI