My Top Ten Concept
On Money Management
I will be going over my top ten concepts for money management
Number one: Spending Plan
Everyone has to have a Spending Plan in order to spend their money wisely because sometimes you have to keep track of your money and having a spending plan is the best way to go. And You can redo it over again without many difficult problems.
Number Two: Mobile Banking
Just imagine you finally get your check and you really want to turn it into cash but your bank is closed. That's easy just open up your cell phone go to your apps and bam your on your account for your bank. This is why I think it is one of the thinks you will need to mange your money you need to have a bank and make sure you can get to it at all times.
Number Three: Bank account
You need someplace to keep your money so get a bank account but you need to choose the right one. There are many types of banks and they vary between the types that people like. Because once you choose that bank it takes a long time to choose another one. Study find out which type of bank you would really like and then go for it.
Number four: Statement of Financial Position
Statement of Financial Position is like a record book of all your liability's and net worth etc you need to keep track of it. It helps you in the long run just to keep track of what you owe other people and it can be hard at times if you don't check it over time.
Number Five: Income
Income is money that you earn from working. It's how you get paid and it's pretty important to have especially when you have to pay taxes and bills. It's a important thing to keep track of your income so you don't get cheated out of pay.
Number Six: Taxes
Taxes is what we all have to pay once and while like for food and other stuff. Taxes can affect your life immeasurably if you don't pay them. They can take everything away from you if you don't pay them back. Taxes come through many things like sales tax which is like when you buy something and have to taxes. Property Taxes you have to pay Taxes for what you own like your house and cell phone even though you already bought it.
Number Seven: Net Worth
Net worth is in charge of telling how much your house is and also everything you owe like if you had a super rare card the Net worth would be involved if you wanted to find out how much it costs. It even goes for the your furniture and appliances. And that's why I think this is important.
Number Eight: Liabilities
You need to be responsible for what you owe so like your house. You need to take care of stuff that has a Liabilities because if you don't it comes back to haunt you. The way to take care of your Liabilities is to just be smart and take care of what you need like with making your taxes and paying your bills help keep your house and keep on the electric and water.
Number Nine: Expenses
Expenses is for everything that we buy like our house and food and everything else. Why I think this is important is because you need to learn how to use Expenses the right way and when to know when your spending to much. You have to track your expenses so that you can record on what you spend so you can change on what you did in order to save money.