1. Basic Monthly Budget
2. 50/20/30 Rule
This is a money management technique that divides your monthly income into three major categories:
3. Money Envelopes
• If you don’t like keeping money in the bank and prefer to have it on hand in cash, divide your income into different envelopes.
• Each envelope will be labelled with the amount of money to be spent on groceries, transportation, entertainment, and so on.
• For better management and security, keep these envelopes in a flip file or a folder.
3. Notice Account
Money management is important because it helps you avoid overspending, running out of money in the middle of the month, and buying unnecessary items. Yes, keep your finances in order, but don’t forget to treat yourself.