Misunderstanding When Managing Finances

There are still many misconceptions when it comes to managing finances. This of course will affect your expenses, Bright Friends. Instead of being frugal, you might even waste it without you realizing it.

For example, so far you have always used cash because you think transacting with cash is safer. In fact, cash makes it more difficult for you to manage finances because it is difficult to track unless you are diligent in making expense records. Relying on cash transactions will also make it difficult for you to shop online. So, you should balance spending with cash and debit and credit cards.

See Also: Home Finance Division

See Also: Carlyle Finance

In addition, many people also think that DIY (Do It Yourself) projects are more economical than buying finished goods. In fact, sometimes the price of the materials needed to carry out the project is more expensive.

Or, are you the type of person who prefers to choose cheap things?

Actually, there’s nothing wrong with buying goods at a slightly higher price but with quality. Items that are cheap but quickly spoil can actually thwart your frugal mission, Bright Friends because you have to buy the same item over and over again in a short period of time.

Actually, the most appropriate way to manage finances is to be more careful, thorough, smart, and willing to continue to learn about financial planning. With sufficient knowledge about finances, your financial condition will be more organized, and healthy, and your future will be more secure.

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