id-100144120-300x225

MONEY MANAGEMENT SECRETS

What is Money Management?

It is the ability to handle or direct money with a degree of skill or to treat it with understanding and care. It’s to be a steward over it and to add value to it. Therefore, the goal of money management or stewardship is to improve the value of your money.

It was P.T. Barnum an American showman, politician and businessman that once said “Money is the excellent slave and a horrible master”.

This short but powerful statement of his summarizes the major lessons anyone can learn on the subject of money. That lesson is simply this – you can either choose to be a slave of money or master of money. The choice is absolutely yours. And this is irrespective of your tribe, nationality, level of education, age, sex, religion or even your family background.

Your choice to be a money master instead of a slave begins with an investment in your financial education. A financial education that encompasses the following money concepts – Money Minding Secrets, Money Making Secrets, Money Management Secrets, Money Multiplying Secrets and Money Mastery Secrets.

However, for the purpose of this paper our focus here shall be limited to Money Management Secrets –How to develop a good savings habit.

6 Steps to Successful Money Management

  1. Budget It – Have a Wise Plan for money even before it comes.
  2. Invest it – Put it into profitable ventures for more monies.
  3. Save It – Prepare for unexpected opportunities to exploit.
  4. Use It – Take care of your needs and the needs of your family.
  5. Record It – Monitor your Cash flow (Income & Expense) daily.
  6. Avoid Waste – Don’t engage in riotous living to impress others and prove you are rich.

Finally

I am sure you can now see that it’s not just enough to make money. To gain mastery over money, you must also know how to manage it very well. And the good news is money management is a skill that anyone can learn. Therefore, as you learn and put these lessons to practice, remember that the goal of money management is to add value to what you already have irrespective of the size.

bigstock-budget-finance-cash-fund-savin-92541977-e1454598715194

August Newsletter

Yeah! I’m so excited. Happy new month to all you wonderful students, this is indeed a dawn of a new beginning for us all. On behalf of B2sl team and my humble self; we want to take this time out to say a big congratulation to you all who just graduated. Some out of senior secondary school, some into senior secondary school and others that will be entering junior secondary, thumbs up to every one of you.

One may think ‘its holiday’ therefore no more book work, dear do not be deceived as no one ever graduates from the school of life. Learning is a continuous process and as a matter of fact the day you stop learning you start dying. The holiday is good no doubt and the importance of rest cannot be over emphasized nonetheless it is wise to seize  the  holiday period to learn something new, perhaps a new skill, read a new book, attempt and do holiday assignments.

Everyone must seek to add value to his or her life from time to time, I mean we do not expect you to resume the next session being the same way you were. What happens to surprising your friends? When you resume school, your teachers, school mates and friends should notice something new and different about you. I will like to quickly add this “do not move from one level to another passively but actively.

Finally, I won’t say bye without enjoining you to catch up with our exciting and educative articles on our blog; just a little expo, this month topic is on Money Matters/Financial Literacy, you may not get this ideas in school, tell a friend.

Click here to connect with classmates!