Financial management refers to the effective and efficient usage of money/funds in such a manner as to accomplish an individual set objectives or goals. Below is how one should manage the finances through out the month to avoid stress

Have a budget in place

Don’t wait for your salary to get credited for making your monthly savings and expenditure plan. You need to have a basic financial plan in place beforehand. This plan can be updated every two to three months.

Get started with paying your bills

It is better to make the bigger, fixed payments. This refers to the installments you have to pay and whatever else you know is critical to sustain your lifestyle.

Pay yourself

You should pay yourself from your own salary for your personal expenses. This is the foundation stone of your wellbeing. The best way to do it is to transfer money to a different savings account immediately after you are paid.

Create piggy Bank savings for emergencies

It is always a good idea to cheat yourself into saving a bit more than you desire. While insurance and investment are more like planned financial tools, you can create saving traps for yourself. For instance, use a piggy bank, necessarily not in the shape of a toy, at your desk or within your room. The idea is to make a self-rule and swear by it. For instance, any coinage in your pocket or every Five/Ten rupee note you have has to go in this savings contraption. This might sound like a kiddish idea but it really works.

If you don’t have enough money to do everything you would like to do then prioritize. Spend what you have not what you hope to make.

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