Thread by @Nairametrics

Money management is key to financial breakthrough!
Follow these steps for proper money management ⏬ THREAD!
1. Know how much you have: It is important to determine your net worth and to know your capital in the future.

RTs for others

2. Know how much you make: this is easier for monthly salary earners to calculate. But, becomes difficult for hourly employees or those who work in a business where income may rise and fall unpredictably. A good way to calculate this if you receive irregular income is to...

...average out the last 6 to 12 months of recurring income and use the figure.
3. Know your debt. Calculate your Net Worth: Once you know how much money you have and your debt, you can easily calculate your net worth. Subtract what you owe from what you have.

4. Know your average recurring monthly expenses: make a stack of household expenses for one month. Keep your receipts, your utility bills, and documentation of any other expense that arises during a one-month period.

5. Enter all the Information above into a Database: For flexibility, document this in an excel sheet.
6. Make adjustments when needed: The document will show you if you are overspending, when inflation starts creeping in (e.g. food gets
...

...more expensive, rent hiked, transportation hiked, gas prices rise etc.)
7. Remove unnecessary expenses and request for salary increment at work.
8. Keep track of your expenses, monitor it, and be disciplined: Keeping good track of your budget will help you save well and...

...have a good financial plan.
Thank you for reading! 🙂

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