Do you know how to manage your money, or to use it more efficiently? Currently, financial management is my biggest management problem. As I mentioned in my first blog entry, I like shopping and eating. Every month, when I get my salary, I will spend large portion of it in the first week. I don’t think too much; just spend it whatever and whenever I want. I also use credit card to purchase my needs. Due to the non-cash payment, I don’t realize how much money goes out o
f my pocket until I receive the monthly payment statement from the bank at the end of the month. When I see the huge payment, I don’t even know what I spend and how I spend that much money. So every month, when I first get my salary, I pay my monthly payment first, and continue to spend the rest of it in a same way as I did in the previous month. I know this kind of behavior is not good, but I it is hard for me to avoid it.
I remember in our first two lectures, Professor mentioned that management involves four basic processes: planning, organizing, leading, and controlling. Maybe I can use these four elements as a guide line to improve my financial management. First of all, in my planner, I start to write down every single purchase, including the snacks. At the same time, I organize things which I wrote down and record how much money I spend and how much money I hold on my wallet at the end of every day. This planner leads me to use my money more efficiently. In addition, it is better for me to control my behavior on spending too much money on some unnecessary things. I don’t know how this work, maybe it works and I will save much money in my accounts, or maybe there is a better way of solve this problem. If you are reading this article, if you have same situation as me, or if you have a better way of solving this small financial management problem, please feel free to let me know, help me out. Thanks.
f my pocket until I receive the monthly payment statement from the bank at the end of the month. When I see the huge payment, I don’t even know what I spend and how I spend that much money. So every month, when I first get my salary, I pay my monthly payment first, and continue to spend the rest of it in a same way as I did in the previous month. I know this kind of behavior is not good, but I it is hard for me to avoid it.I remember in our first two lectures, Professor mentioned that management involves four basic processes: planning, organizing, leading, and controlling. Maybe I can use these four elements as a guide line to improve my financial management. First of all, in my planner, I start to write down every single purchase, including the snacks. At the same time, I organize things which I wrote down and record how much money I spend and how much money I hold on my wallet at the end of every day. This planner leads me to use my money more efficiently. In addition, it is better for me to control my behavior on spending too much money on some unnecessary things. I don’t know how this work, maybe it works and I will save much money in my accounts, or maybe there is a better way of solve this problem. If you are reading this article, if you have same situation as me, or if you have a better way of solving this small financial management problem, please feel free to let me know, help me out. Thanks.
