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Find out your current financial situation
Before you can begin to manage your money well, you need to know how much you have. I do not think you can go on without knowing where you are.
Create an emergency fund
A better way to manage money is to save cash for unexpected events such as job loss, illness, or broken car.
Create and stick to a budget
Write a budget that determines how much of your income will be spent each month.
Debt settlement
Being in debt can make it harder for us to reach our goals. Since most debt is interest-bearing, becoming interest-bearing can be a long process if you just make a minimum payment to get ready for debt. Find a way to repay the debt and set a maximum budget for this debt reserve.
Prepare regular progress report
Managing your money is an ongoing process that helps set up regular time throughout the year to assess your financial situation.
For my experience:
When I was in high school, I used to spend all my money to buy something useless and some unhealthy food until one day I was sick and I did not have any money to buy medicine. I decided to borrow some money from my friend and I still remember it because it was a very hard time for me. Next week, my health also come to normal and I decide to learn how to manage my money.
First: I have to know my resource like how many do I get today so I do not have to spend all that money and I could save some money for some problem in the future.
Second: In high school, I had a lot of friend and every month maybe two of them invited me to every birthday party so I have to save some more money for this or otherwise I broke.
Third: When I want to buy something, I have to buy it by myself so I have to calculate how much that I save for one month and how many months that I can buy this thing. If that month came but I could not afford, I have to waste one more month just to buy that thing. Luckily, it never happen to me.
Fourth: Do not borrow your friend money or lend them your money. because for this situation I have lost some friend and lost some money. But some issues that you can not solve it by yourself ask your family or your close friend to help you.
