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How to manage healthy finances is a solution to keep your financial situation stable until the end of the month. In the end, the following financial management creates a balance between your wishes and needs. Interesting right? Well, no need to linger, let’s check out the finance management tips below.


How to manage personal finances

Every day we are confronted with spending needs again and again. Starting from utility bills, and water bills to online shopping entertainment in preferred e-commerce. The funds we allocate to all of these things can be better managed by understanding how to manage personal finances. Read more about the following general financial management tips.


1. Distinguish needs and desires

Before you create a monthly financial plan that works for you, you should first be clear about what things you need or want.

– Basic needs are all goods or services that primarily have to be fulfilled. Some examples are consumption and education.

– A desire is a product or service that is an accessory and is only fulfilled for personal pleasure. An example is shopping for lifestyle and hobbies.

By distinguishing the two, managing finances becomes easier as you know which is a form of commitment and just to satisfy yourself.


2. Create a financial plan

The second step you can take to manage your finances is to create a financial plan. A financial plan can be created by compiling expenses and income by month to make it easier to monitor.

Even if you have little money in your savings, you still need a financial plan. The effect will also be better if you can apply this step early.


5. Use credit cards wisely

Shopping with a careless credit card can consume you and lead to the consequences of long-term debt. Therefore, consider using a credit card for your various needs.


4. Investment

Another way of managing your finances that you can apply is investing. Aside from stocks and real estate, there are currently many other financial technology innovations like mutual funds that you can invest in.

5. Prepare an emergency fund

It’s also important to set aside some money from your income so you can take this step as a way to manage your finances. There is no requirement as to how much principal must be set aside each time. Just make sure this emergency fund can be used when there is an urgent need.


6. 50 20 30 rules

You can use the 50-20-30 rule to manage other monthly finances as well. This scheme was coined by Elizabeth Warren, an economist at Harvard University.

Broadly speaking, the concept of the 50 20 30 rule teaches you to break down financial ratios by the percentage in those terms.

  • 50% – basic needs (needs)
  • 20% – Savings (Savings)
  • 30% – Wishes

This concept teaches you to use money optimally for your main needs, desires for hobbies, and saving for the future.


7. Pay later and cashback

The next trick you can use to manage your monthly finances is the Pay Later and Cashback features. Currently, almost all e-wallet and e-commerce platforms offer “buy now, pay later” and cashback options.

Try to wisely maximize the use of these two features as one of the tips for managing finances so that you are not weighed down by your expenses.


How to manage household finances

A large number of household needs also need to be managed so that they are maximized and not wasted. The following ways to manage household finances can be used with your family.

1. Monthly Shopping Plan

Just like covering personal needs, monthly household needs must also be carefully planned. When preparing, prioritize basic needs first. For example, in the following example of a list of monthly expenses.

  1. Food
  2. Electricity and water bills
  3. Other household appliances
  4. Rates and Fees
  5. Additional needs (Wi-Fi, recreation, and more)


2. Cook and eat at home

Cooking and eating at home are very effective in reducing family expenses. Imagine, once you and your family eat at a restaurant, you can spend around 50,000 per person. In the meantime, this amount can be used to meet a family’s food needs at home.


3. Saving and investing

One way to manage household finances so that they remain stable is to save and invest. When you have a steady income each month, it never hurts to put some aside to save.

Besides saving, you and your partner can also try investing. This step can also be the right preparation for a later age.


4. Insurance

Applying for insurance is the next way to manage household finances that need to be done, especially if you are married and have children. With insurance, some of the risks that arise will not be as onerous for expenses and families.


5. Perks

Finding a side job can be an easy way to manage household finances. There are many alternatives you can try, e.g. B. a home business or an online business with your partner.


How to manage corporate finances

A company certainly cannot be separated from its financing and management. For this reason, it is certainly important for business people to know how to manage corporate finances in an industry-appropriate manner.


1. Drafting the company’s budget and financial reports

The first way to manage business finances is to create a budget plan. A budget plan can be created by clearly projecting the company’s revenue streams and expenses.

In addition, the company’s financial statements can also be a way to manage the company’s finances. All proof of income and expenditure can be entered into the annual accounts.

So if you do these two things like this, the company’s expenses will most likely not increase.


2. Company loans or debt

A company can take out loans or debt. This can be disastrous if not properly managed and monitored. To keep the company’s finances on track, try to regularly check whether the company’s loans and debts have been repaid or not.


3. Emergency Fund

Risk cannot be separated from everything, which is why an emergency fund is also important for a company. The existence of this one budget allows you to run a business even if you have experienced difficult situations.

Emergency relief funds can be obtained from the provision of funds from the Company’s revenue stream.


The importance of managing finances

What are the benefits you can reap by successfully applying how to manage your finances well? Of course, there are many, see the answers in the list below.

  • Secure cash flow. Monitor your finances directly so you don’t miss any income or expenses.
  • Identification of financial mistakes. Know the problems encountered in managing finances as material for future assessments.
  • Peaceful retirement. Managing personal finances can help you prepare for old age.

One thing that needs to be considered when attempting to manage a household, personal, or business finances is consistency. If you apply it consistently in your daily life, this method will be very useful for life in the future. Might be useful!

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