Test Your Money Management

Test Your Money Management

Test Your Money Management
If you were asked about your finances at​ night,​ awaken from sleep will you remember the​ figures? Will you remember your deposits,​ your debts,​ your net savings,​ your average monthly expenses? Not many of​ us can answer these questions .​
Money is​ one of​ the​ most important parts of​ our life,​ but we​ don't know much about our own finances in​ precise terms .​
is​ that not surprising?
Money management plays a​ very vital role in​ success .​
If you were to​ put the​ same questions to​ a​ very successful person,​ you will get all the​ answers with analysis thrown in​ for good measure .​
Those who make very big money understand the​ importance of​ money management .​
Unless you manage your money,​ you will not be able to​ make best use of​ it .​
I​ would discuss few important parts of​ money management here.
Debt- don't take debt if​ you can manage without that .​
The thought that you have debt makes you feel uncomfortable and kills enthusiasm .​
Ask two persons about their life- one who has no debt but lives very simply and other who has debts and lives lavishly .​
You will find out that one without debt is​ enjoying his/her life more.
Increase Savings - Save more and spend less .​
Your savings will not only be useful for a​ rainy day but also create a​ war chest for you that can be used when the​ right opportunity arrives.
Increase Profits- target good profits and try to​ reach that figure in​ your business .​
If you are employed,​ set targets for your salary and achieve it.
Reduce Costs - Wherever possible,​ reduce costs .​
Avoid all unnecessary expenditure .​
Reduce every cost .​
Live frugally till you save your first million .​
After that it​ will become easy to​ earn more and spend more .​
If you do that right from the​ beginning,​ you will never be able to​ save your first million.

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