If you are done with it correctly and affordably, you save most of your money. What would be the outcome in an organisation where the purchase department works totally independent and without any understanding with the finance department of the organisation? What would be the outcome in an organisation where the purchase department works totally independent and without any understanding with the finance department of the organisation? Purchase dept may overspend; finance dept will lose control; misunderstanding and conflicts between both the depts; the result is the organizations growth gets destroyed. You go out for dinner together. This will lead to misunderstanding and marital stress. You go to the movie together
Suppose the partner, who is managing Personal Finance, met with an accident and need to be hospitalized for one month or so, then how does the spouse will run the show? During the accident, if the partner has missed his wallet which had all the credit cards and debit cards then how does the spouse block those cards before it is misused? Where does she or he find that information? In case of emergency, nothing will help except the practice of managing the personal finance together. Over time, you will come to know these expense ‘peaks and valleys’ and this will help you maintain a positive cash flow. It helps you to analyze your spending and savings habits. Establish a yearly and monthly household budget. Consider all your expenses – weekly, monthly, quarterly and yearly outlays of money
Its effective personal debt management keeps track of your expenses and guards you against falling into debt trap. This will help you to stay off from indulging in unwanted expenses. Your life will be secured if you give the reins to the personal finance manager. So how does this apply to managing finances successfully you might ask? Take extra effort in removing any emotion like dept anxiety or overwhelm from financial obligations worry over mounting bills and income. As a result, the life blood of their business dries up and all too often the business is unable to continue to operate
Save small save smartly. If you look at the emotional reasons that make you spend money and understand them, it will be a lot easier for you to control them. In the broader perspective it includes checking and savings account, credit cards, consumer loans, stock investments, retirement plans, insurance policies and income tax management. All of your saving plans will be destroyed in this way. Learning how to control your personal finance and the use of plastic money aka credit cards will go a long way in helping your with your money management
CRUSH T20 