When we were children, we had not a care in the world. All of our needs were well taken care of. Daddy and mummy worked, put us through school, fed and clothed us. Now that we are grown up, we have to look after ourselves. We have to do the cooking. We got to make sure we are on time for work. And the responsibilities add up. As stated earlier, our parents took care of everything, including the money. Now that we are living on our own, the management of our money becomes one of our greatest responsibilities. How can you take personal responsibility for your finances? Here’s how:
- Make note of due dates for payment. You want to ensure you pay your bills on time.
- Live within your means. A budget can be very useful in helping you achieve this.
- Do not fall to peer pressure. You don’t need to spend money to impress others or have friends.
- Have an emergency fund in place. Unplanned emergencies do happen. It is always best to be prepared for them.
- Be a responsible tax payer. Ensure you are registered to make contributions to the relevant tax authorities.
- Have adequate coverage. Start planning for retirement. Ensure you are covered by medical and life insurance.
Having these systems in place can certainly ease the pressure in managing our daily duties. Astrape Finance