HOW TO ACCOUNT FOR YOUR MONEY
Happy Jamhuri Day, I hhope you had a good one
Today am taking you through how to account for your money or how to keep accounting records for your money after each financial period. Many people, partners or companies don’t account for their money, some not because of ignorance but because they are not informed on how they should account for their money.
- Budgeting -Before spending your money, the key thing is to budget for your money, how much you want to spend and how much each item should consume to avoid over or under spending.
- Plan -Always plan for the future, know what needs to be accomplished first(this happens mainly during the time of scarcity when you need to make choices in order to survive)
- Evaluation -Always have some time, especially after consuming your money, say after a particular period to evaluate yourself and see how much was your income or cash at hand, how much expenditure have you incurred and how accurate have you spent your cash.
- Savings – Remember your savings should remain intact unless there is emergency. Be true to your savings . make sure you have some cash left for your savings as planned before (do not forget to pay yourself)
- Be true to yourself – Keep proper accounting records, this will help you in planning and budgeting for the future. It also enables you to know follow-up plans so that you do not deviate from your budget.
Have a great week ahead