Post by nurnobisorker13 on Oct 28, 2024 5:05:31 GMT -5
The ability to competently distribute financial receipts is necessary not only for the head of an enterprise, a commercial company, but also for a family. It is necessary to have such skills as financial planning for beginners, which allows you to effectively operate the family budget, make short-term and long-term plans. The income part is built from wages, pension receipts, scholarships. Receipts from renting out real estate, receiving dividends are possible. All funds should be taken into account in order to have a complete picture of the situation.
Contents hide
1) Benefits of financial literacy
2) Defining financial goals
3) SMART goals
4) Analysis of the current financial situation
5) Budget development
6) Management, budget adjustment
In addition to income, expenses need to be controlled. This includes utility bills, rented housing, transportation costs, money for updating your wardrobe. Many families have a debt burden, which is also taken into account. It is necessary to consider the need to make large purchases. For example, this could be an apartment, a car.
Benefits of financial literacy
A full understanding of the current situation and prospects and a competent redistribution of family income open up opportunities for early debt repayment. As a bulk telegram blast result, you can save up for large purchases faster, avoiding excessive use of borrowed funds. A well-thought-out creation of a personal budget will allow you to start accumulating a "safety cushion". The gain for the family is quite obvious. So, you have been diligent and worked hard. What is the output:
An excellent achievement is considered to be a frugal budget. In practice, this means that 50% or more of cash receipts can be saved, without spending it on meeting current needs. It is easier for a family to solve problems related to paying for travel, real estate, cars.
It is very good if you manage to put aside at least 20% in a "piggy bank". You will also be able to solve global problems without credit bondage, and not just satisfy daily needs. A balanced budget allows you to pursue a hobby, have money for unforeseen expenses.
It is bad when expenses consistently exceed income. You will not be able to afford anything extra. Moreover, in such families, the process of increasing debt burden is often observed, which does not bode well.
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First payment only after 30 days
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Setting financial goals
Strive to help yourself in implementing your plans. We earn money to provide ourselves and our loved ones with a decent life. The ability to set goals and successfully achieve them within the specified time frame allows you to significantly improve your quality of life.
What is a financial goal? It is planning savings to solve a specific problem.
It is not necessary to talk only about buying a car or a house. Competent, systematic financial management allows you to save money for beautiful vacation experiences and even for professional growth. You can improve your position in the labor market by getting a good education. Now let's move on to distributing goals by time frame:
Most often, we have to deal with short-term goals that are achieved throughout the year. This could be buying a smartphone, TV, laptop, or more expensive items depending on the level of income. This also includes savings for vacation and other tasks. There may be two or three goals or even ten. Everything depends on the actual capabilities of the budget. As a rule, revision is not required in the absence of extreme circumstances.
Medium-term goals will be conditionally put into a five-year framework. The amounts of savings can vary from hundreds of thousands to millions of rubles. As a rule, during this time horizon, people strive to save money for the first mortgage payment, for the purchase or replacement of a car. We will also include here the purchase of a summer house, a garage, a boat. These are quite serious tasks that require regular updating. It is advisable to evaluate the savings process at least once a year , and make adjustments if necessary. There should not be too many tasks, preferably no more than three.
Long-term goals begin after a five-year period. People usually seek to invest in real estate or make significant savings to ensure a stable passive income. It is easier to work with one global task, setting priorities correctly.
It is not so difficult to learn how to combine current goals for the year, medium-term and strategic plans. It is necessary to use budgeting methods, strictly observing discipline, not allowing unexpected expenses.
SMART goals
You may be surprised, but people make a lot of mistakes when setting practical tasks. Mistakes made when formulating a goal complicate its achievement or do not allow achieving the result at all. Now we will consider SMART goals in finance in order to get an idea of the methodology for setting tasks. So, the goal must meet a number of requirements:
Specifics are a must. A plan to "become a millionaire" is not suitable. A specific designation is needed. "I must have a certain amount of money in the bank or in cash."
Units of measurement are required. These can be rubles, another currency with an exact amount. A phrase such as "8.5 million rubles in a bank account" sounds clear.
Set only achievable goals. Try to evaluate your own financial capabilities and prospects sensibly and objectively. Otherwise, you will limit yourself in vain, not achieving the desired results in the end.
Let's put special emphasis on relevance. That is, the goal should allow you to get the desired result. An example of a discrepancy may be in savings for a car. So, you have to save 300 thousand rubles for the chosen model, but you see that prices are growing noticeably. In this case, it is reasonable to even take out a loan or borrow from relatives. Otherwise, while you personally "get" these funds, the price of the car will increase by 500-600 thousand. That is why it is important to check the relevance of the goal, otherwise you will simply not catch up with your dream, miss easy ways to achieve it.
Decide on the time. It is incorrect to formulate the task "save up for a car in the future." The correct formulation would be "in the second half of 2026, buy a 2018-2020 Volkswagen Passat B8 with a real mileage of within 150 thousand km.
Analysis of the current financial situation
Learning how to manage finances wisely and plan is easy if you use special applications. Gone are the days when the main tools were a pencil, paper and lined tables. There are various applications for accounting for finances that allow you to instantly assess the current situation. You will be able to analyze the situation and make timely adjustments. You will be able to instantly find and systematize income and expenses. It will be easy to control debts. It is important that the analysis of the most important goals that your family sets for itself in the long term is simplified.
Here are some useful tips to help you use electronic assistants with maximum efficiency:
Learn to react quickly to the resulting imbalances in order to correct the situation in a timely manner. For example, excessive expenses on frequent car rentals, taxi rides make you think about the need to buy your own car.
Don't be lazy when comparing your spending levels in different categories. You don't have enough money to buy an annual membership to a decent sports club, but your weekly restaurant visits are too expensive ? Maybe it makes sense to change your meetings with friends or cut them down, and use the freed-up time and money to improve your health?
Contents hide
1) Benefits of financial literacy
2) Defining financial goals
3) SMART goals
4) Analysis of the current financial situation
5) Budget development
6) Management, budget adjustment
In addition to income, expenses need to be controlled. This includes utility bills, rented housing, transportation costs, money for updating your wardrobe. Many families have a debt burden, which is also taken into account. It is necessary to consider the need to make large purchases. For example, this could be an apartment, a car.
Benefits of financial literacy
A full understanding of the current situation and prospects and a competent redistribution of family income open up opportunities for early debt repayment. As a bulk telegram blast result, you can save up for large purchases faster, avoiding excessive use of borrowed funds. A well-thought-out creation of a personal budget will allow you to start accumulating a "safety cushion". The gain for the family is quite obvious. So, you have been diligent and worked hard. What is the output:
An excellent achievement is considered to be a frugal budget. In practice, this means that 50% or more of cash receipts can be saved, without spending it on meeting current needs. It is easier for a family to solve problems related to paying for travel, real estate, cars.
It is very good if you manage to put aside at least 20% in a "piggy bank". You will also be able to solve global problems without credit bondage, and not just satisfy daily needs. A balanced budget allows you to pursue a hobby, have money for unforeseen expenses.
It is bad when expenses consistently exceed income. You will not be able to afford anything extra. Moreover, in such families, the process of increasing debt burden is often observed, which does not bode well.
Try paying in installments
First payment only after 30 days
Find out the limit
Setting financial goals
Strive to help yourself in implementing your plans. We earn money to provide ourselves and our loved ones with a decent life. The ability to set goals and successfully achieve them within the specified time frame allows you to significantly improve your quality of life.
What is a financial goal? It is planning savings to solve a specific problem.
It is not necessary to talk only about buying a car or a house. Competent, systematic financial management allows you to save money for beautiful vacation experiences and even for professional growth. You can improve your position in the labor market by getting a good education. Now let's move on to distributing goals by time frame:
Most often, we have to deal with short-term goals that are achieved throughout the year. This could be buying a smartphone, TV, laptop, or more expensive items depending on the level of income. This also includes savings for vacation and other tasks. There may be two or three goals or even ten. Everything depends on the actual capabilities of the budget. As a rule, revision is not required in the absence of extreme circumstances.
Medium-term goals will be conditionally put into a five-year framework. The amounts of savings can vary from hundreds of thousands to millions of rubles. As a rule, during this time horizon, people strive to save money for the first mortgage payment, for the purchase or replacement of a car. We will also include here the purchase of a summer house, a garage, a boat. These are quite serious tasks that require regular updating. It is advisable to evaluate the savings process at least once a year , and make adjustments if necessary. There should not be too many tasks, preferably no more than three.
Long-term goals begin after a five-year period. People usually seek to invest in real estate or make significant savings to ensure a stable passive income. It is easier to work with one global task, setting priorities correctly.
It is not so difficult to learn how to combine current goals for the year, medium-term and strategic plans. It is necessary to use budgeting methods, strictly observing discipline, not allowing unexpected expenses.
SMART goals
You may be surprised, but people make a lot of mistakes when setting practical tasks. Mistakes made when formulating a goal complicate its achievement or do not allow achieving the result at all. Now we will consider SMART goals in finance in order to get an idea of the methodology for setting tasks. So, the goal must meet a number of requirements:
Specifics are a must. A plan to "become a millionaire" is not suitable. A specific designation is needed. "I must have a certain amount of money in the bank or in cash."
Units of measurement are required. These can be rubles, another currency with an exact amount. A phrase such as "8.5 million rubles in a bank account" sounds clear.
Set only achievable goals. Try to evaluate your own financial capabilities and prospects sensibly and objectively. Otherwise, you will limit yourself in vain, not achieving the desired results in the end.
Let's put special emphasis on relevance. That is, the goal should allow you to get the desired result. An example of a discrepancy may be in savings for a car. So, you have to save 300 thousand rubles for the chosen model, but you see that prices are growing noticeably. In this case, it is reasonable to even take out a loan or borrow from relatives. Otherwise, while you personally "get" these funds, the price of the car will increase by 500-600 thousand. That is why it is important to check the relevance of the goal, otherwise you will simply not catch up with your dream, miss easy ways to achieve it.
Decide on the time. It is incorrect to formulate the task "save up for a car in the future." The correct formulation would be "in the second half of 2026, buy a 2018-2020 Volkswagen Passat B8 with a real mileage of within 150 thousand km.
Analysis of the current financial situation
Learning how to manage finances wisely and plan is easy if you use special applications. Gone are the days when the main tools were a pencil, paper and lined tables. There are various applications for accounting for finances that allow you to instantly assess the current situation. You will be able to analyze the situation and make timely adjustments. You will be able to instantly find and systematize income and expenses. It will be easy to control debts. It is important that the analysis of the most important goals that your family sets for itself in the long term is simplified.
Here are some useful tips to help you use electronic assistants with maximum efficiency:
Learn to react quickly to the resulting imbalances in order to correct the situation in a timely manner. For example, excessive expenses on frequent car rentals, taxi rides make you think about the need to buy your own car.
Don't be lazy when comparing your spending levels in different categories. You don't have enough money to buy an annual membership to a decent sports club, but your weekly restaurant visits are too expensive ? Maybe it makes sense to change your meetings with friends or cut them down, and use the freed-up time and money to improve your health?