MONEY MANAGEMENT is simply a way of using different financial methods (e.g budget, spending diary, debts repayment strategies etc) to handle income and expenditure efficiently. It is about looking at your income and expenditure (i.e, your earnings and spending) to see or ascertain your source(s) of income and where your money is going, and what can be cut back on and what should be a priority.


  • Prepare an individual budget; budget at the individual level simply mean a financial record of an individuals expected income and proposed expenditure within a defined period of time. One of the most important strategy in money management is setting of a monthly or yearly budget and sticking to it.
  • Organise debt repayments; pay your debts very early to avoid incurring late penalty fees which is a wastage.
  • Recognise that some purchases are simply unnecessary thus, avoid things/spending that are not really important to your wellbeing.
  • Financially live beneath your means. Living beneath your means does not mean that you live like a monk; it simply means becoming financially responsible. It means spending less than you earn to avoid you borrowing or using credit cards thus, giving yourself room for savings and investment.
  • More importantly, always seek financial education. Study and read good books on financial management to know how money works. Seek financial intelligence.

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