5 Simple Ways for Expense Management
“Spend your money thoughtfully”, is a phrase that we hear often and yet we overlook the importance of Expense Management.
Expense Management, the term we have heard many times and some of us had even tried some of the methods to manage our Expenses either manually or through Expense Tracker Apps or Budget App or any other expense app or manually; however, due to one or the other reason, most of us fail. Therefore, we thought of writing the 5 simple ways for expense management.
However, spending money in the right manner is more important than receiving or earning it and that shall not make you lack money, you can save for emergencies when you don’t fall into the trap of making unnecessary purchases.
Here are 5 simple ways you should consider for Managing your Expenses:
1. Set goals
The key to better expense management starts with Goal Setting. Try setting two three monthly goals and make sure all your purchases thereafter are for the pre-set goals. For instance, landing a good job could be a goal and if you spend your money to buy earphones then it would be poor expense management.
On the other hand, when you spend towards gaining the skills you need to land any particular job, it becomes great expense management and the same expense becomes your investment in yourself. We highly recommend, while setting long-term goals is perfectly okay, but SET SHORT-TERM LIFE GOALS TOO for your daily expenses.
2. Set Budget
Having set some short-term life goals, you must set a budget (Don’t confuse it with a Budget App; wondering How? Read Here if you need a Budget App) in your mind for each life-goals. For instance, setting INR 300 per month for Skill Development and INR 200 per month for Grooming. This shall make sure that your expenses are better managed.
3. Maintain Liquidity
“Save for the rainy days” is an old phrase often reminded to us by friends and family. Likewise, it is important to maintain liquidity to be able to manage your expenses in a better manner.
It simply means that you need to put some portion of your money in Shares or Mutual Funds or Fixed Deposits or at any place but in such a form that it could be liquidated easily and readily. Of course, risks involved are to be measured but the core idea is to manage your expenses better and that could be done when you park your money smartly keeping in mind your life goals.
4. The WIO Way
The simplest form of Expense Management is to follow the WIO way i.e. making sure that every penny spent is for life goals. WIO AI makes sure you get the best of the best out there and it doesn’t just stop there.
It makes you conscious about spending and helps you keep a track of your expenses, and makes sure you get closer to achieving that life goal. Check out our earlier Smart Living in 21st Century.
5. Follow-Up
Any exercise would go to waste if not properly followed up. Therefore, start with two goals per month and then follow them up daily for not just better expense management but also for your personal growth. (Do read Expense Management in Industry 4.0)
Here’s a short poem for you!
Hey, You! Hey, You!
Money is your Tool,
Manage those expenses,
And don’t be a Fool,
Don’t you Worry and Don’t you Cry,
Coming Soon is WIO-AI.
-TeamWIOAI
So, these are some simple ways through which proper expense management could be done. Expense management becomes easy with WIO AI since it acts before you have spent your money and advises you to spend it fruitfully unlike other budget manager app which work when money has already gone. Check out our short video for clarity.
We are Coming Soon!
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