A beginner's guide to managing your finances
Here are a few steps for those who are new to understanding how to manage their money:
Assess your financial situation. Start by making a budget to understand your financial situation and where your money goes. Then set your financial goals - what your short, medium and long-term plans are.
Keep a record of your finances. Record all your income and expenditure, prioritise and make sure your expenses don't exceed your income. Analyse your budget regularly to see where your money is going and make changes if necessary.
Set up a fund for unexpected expenses. Set aside some amount in a savings account or other available account to cover unexpected expenses such as medical bills or sudden repairs. Also try to pay off your debts.
Develop a debt repayment plan, starting with the most expensive loans with high interest rates. Making regular payments will help you save on interest and build your financial stability.
Start investing for the future. Develop an investment strategy according to your financial goals and risk level, starting with small amounts and gradually increasing your investments.