If you are someone who enjoys the fine things of life regardless of what your bank account is saying, then this piece is for you. It means you fall into one of the following categories; a spendthrift or a miser.
We all have a responsibility towards our finances whether as an individual or a corporate entity. The question is what is your money responsibility?
Money responsibility refers to the conscious effort an individual or a business makes to become prudent with their financial resources. As an individual, it involves making informed decisions and budgeting, while as a business, we could add one more to the list - bookkeeping. There are so many areas of money responsibility, but here are some Key areas:
- Setting a budget is one of the oldest and most sustainable ways to build financial prowess. This is because making money is hard but what is harder is spending responsibly, not spending on impulse and irrelevant expenditures. Benjamin Franklin said and I quote “Beware of small expenses, a small leak can sink a great ship.”
- Debt management is another, take loans toward important things. Prioritize high-interest debts and work towards paying them off.
- Invest in the right course, I don't exactly mean getting certifications. There are good and bad investments, prioritise low-risk investments and run due diligence because some bad investments often resemble good ones.
- Savings, save towards your goals. Little drops of water make a mighty ocean, aspire to do great, and plan to achieve it.
- Seek professional advice.In the intricate dance of life, where every step we take is often accompanied by the sound of financial decisions echoing in the background, it becomes crucial to pause and assess the harmony of our monetary affairs. Much like any relationship, our connection with money requires careful attention, communication, and responsibility to ensure it doesn't slip away unnoticed
