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Manage Your Money Wisely

 
 Some people have indeed developed a fondness for money and have devoted themselves to the accumulation of riches. Some have become slaves of money and have reaped tragic consequences.
 When managed properly, however, money can be a useful tool. You can use “money to solve a lot of problems.” 

The following five steps are commonly recommended by financial advisers, 

  
Save. Most financial planners encourage saving. Make saving a priority. As soon as you get paid, deposit the amount you wish to save in a bank or other location for safekeeping. That will help you to fight any temptation to spend those funds.
Budget. This is the only practical way to monitor, control, or reduce your spending. A good budget can give you a sense of where your money goes, and it can help you to reach your financial goals. Know what your income is, and spend less than you earn. Learn the difference between needs and wants. 
Plan. Carefully consider your future needs. For instance, if you plan to purchase a house  or an apartment, obtaining a mortgage at a reasonable rate may be a good decision. Similarly, a family man may feel the need to purchase life, health, disability, or other forms of insurance to protect his loved ones. Considering your needs for the future may also involve planning for retirement.

Learn. Invest in yourself by acquiring skills and taking care of your physical and emotional health. These are investments that will pay you back. Make learning a lifelong habit.
Balance. Keep money in its place. Survey after survey shows that those who care more about people than they do about money are happier. Some allow greed to throw them off balance.

TEACH YOUR CHILDREN TO MANAGE MONEY

With so many adults in financial trouble today, experts are urging parents to teach their children about money—and to start early. Ask most children where money comes from, and they might say, “Daddy” or “the bank.” If you can teach your children the value of money—how to separate needs from wants, how to save, and how to invest—you may help them avoid the heartache of crushing debt and economic slavery. Here are a few suggestions.
1.     Be a good example. Your children will generally imitate what you do more than what you say.
2.     Set spending limits. Discuss how much you and they can spend. Learn to say no, and mean it.
3.     Allow them to manage money. If they receive an allowance or earn money from a job, give them some guidelines. Then allow them to make some decisions.

4.     Teach them to share. Encourage your children to share what they have with others(especially with the needy).

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