Money Management HBL week 3

What I know about money management:

1: Money management involves making do with needs instead of wants to ensure money is saved

2: Understanding the importance of money and how to use them wisely

3: One should save money to ensure sufficient money during a crisis in the future

 

Why I want to know about money management:

1: So that I can plan for future endeavors if one may arise

2: Learn a skill that maybe helpful in the future

3: Learn how to make do with the current money at hand

What I’ve learned about money management:

1: Saving money at a young age helps in the future (http://goo.gl/3Zc6zh)

2: Instead of using the whole income you have on expenditures, save an amount of income in savings and use the rest of the income on expenditures (http://finlit.sg/learning-videos/)

3: Tips on money management is bite sized income. For instance getting weekly allowance than monthly allowance will allow a better money management. People who receive monthly allowance tends to spend it all in a few days.

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