HOW TO MANAGE FINANCES

Finance is fund or other financial resource.Finance also refers management of large Amounts of money ,especially by governments or large companies.

Here are some ways to manage your money wisely :

1.Create a budget:making a budget is the first and most important step of money management.

2.Save first ,spend later

3.Set financial goals.

4.Start investing earlier.

5.Avoid debt .

6.Save early and enough.

7.Ensure protection against emergencies.

The Five Principles of Money Management:

1.Consistency:Transactions must be handled in a consistent manner .

2.Timeliness:Transaction must be handled within a reasonable period of time.

3.Justification:there must be a reason for the transaction that supports the project’s goals .

4.Documentation:sufficient documentation to support the transaction must exist .

5.Certification:transactions must be approved and carry all the correct authorizing signatures.