Setting Up Your Financial Management Systemadmin
Not sure where to start?
Well look no further, because we’ll tell you how you can accomplish this.
First, let’s define the term system:
A system is a set of processes working cohesively to achieve an objective. In this case, your objective would be manage your money well.
Below are a couple components you could implement in your financial management system:
- A list of financial goals – Before you embark your journey to financial soundness (http://astrapefinance.wordpress.com/2013/03/01/steps-to-financial-soundness/), you will need directions. Think about where you want to be in the next five years.
- A budget – A spending plan used to allocate money for various purposes. You can create a budget by writing it on paper, by using software or by placing money in envelopes via the envelope system.
There are more components you can add to increase efficiency in the management of your financial affairs. The wonderful fact is everyone’s management style is unique, therefore each system need not be identical!
We’ll be sharing this and more at our Family Finance Workshop Series: http://www.facebook.com/events/498763206827659/
See you there!