“Unless you control your money, making more money won’t help. You will just have bigger payments”
Everybody is fussing over money. Everyone has issues on managing, spending and saving money. Finance management is not only restricted to big organizations or wealthy individuals. You don’t need to be a billionaire to hire a finance advisor or an accountant. Everyone needs advice and help in managing their finance. Managing spending, and investing your money can have a intense impact on your life, yet very few schools teach these important skills.
Personal Finance Management is the buzz word .Everyone stresses over their finance issues, and we all secretly want a secret trick or a magical formula to get firm grip on our financial matters. Well I don’t know about any such magic but I certainly know where to get some of the best tips and tricks that can help you to manage your finance. It is the most trending crash course which is especially helpful for those with difficulties in personal finance management. The course provides valuable information on how to create a smart budget. It also mentions how to increase your savings while reducing expenses. By the end of this course if you can’t master financial savvy at least you would be able to learn the basics of finance.
The course includes Golden rules for beginners and people with no background of accounts and finance.
With expert advice on how to invest wisely by opting for low risk investment.
Target Audience:
· Money conscious individuals or individuals who are broke most of the times.
· People who want to make investment.
· Students who want to manage their pocket money.
Additional Material:
· Test your Money Managing Skills
https://www.moneyharmony.com/moneyharmony-quiz
http://www.aarp.org/money/budgeting-saving/info-12-2012/managing-your-money-quiz.html#quest1
Applications for Personal Finance Management:
http://www.businessinsider.com/7-best-personal-finance-apps-2015-3
·Best Seller Books
http://www.lifehack.org/articles/money/20-best-personal-finance-books-you-should-read-now.html
· Spreadsheets and templates
· https://www.vertex42.com/ExcelTemplates/money-management-template.html
http://www.makeuseof.com/tag/10-helpful-spreadsheet-templates-help-manage-finances/
Requirements
· Readiness to acquire new concepts about personal finance
· Course is designed for beginners and individuals with no background of finance management.
· No pre-requisites.
· A calculator and a notebook.
Summary:
Most people are clueless when it comes to managing money .They are only focused on how to make more money rather than focusing on how to efficiently use and manage their already existing money.If you cannot manage a small amount of money you won’t be able to manage large sums. Winning a lottery worth millions wouldn’t make you rich. Money is a potent tool. If you use it efficiently you can make more money. However if you misuse it and abuse it, you will get poorer day by day.
You can manage your personal finances by:
1. Tracking your income and expenses. Keep a monthly balance sheet. Where you can note down your monthly income generated and the expenditures. You can attach receipts and invoices. This will help you get an idea where all your money is going. It may also enable you to ponder over the fact that are you spending the money right?
2. Setting up finance goals is essential and important to manage your finance. You can set up goals for weeks and month and even years. This way you can prioritize the areas which need to be spent on.
3. Adhere firmly to Your Budget: Budget is the biggest tool that can help you achieve financial freedom .You will be able to control the habit of being spend thrift. You will know when and where to spend.
4. Don’t take loans or debts. Try avoiding loans and debts to maximum extent.
5. Create a monthly , annual plan :
· Only 55 % of your income should go towards necessities
· 10 percent should be dedicated for long term savings.
· 10 % of monthly income should go to investments, anything that can earn you passive income in the long run. Like real estate’s stocks ,
· 10 % of income should be used to pay yourself first. Set this amount for you education .Invest in yourself because the best investment is in yourself. You must grow and improve.
· 10 % of income can be utilized for entertainment and leisure
· Finally you must give 5 % of income as charity and donations .Because nobody ever gets poor by giving. And charity is the best way to circulate money in the society.