#WeeklyReflection3

What I know about money managementMoney management is basically how one manage their own money by saving, investing or spending. ‘ saving money for rainy days ‘

What I want to know about money management –  What would be the most accurate amount for one to save for retirement? What is the limit to budgeting? How to know exactly if one is overspending? What is the best way to save and keep our money, in the bank, at home or bring it along with us wherever we go?

What I’ve learned about money management  It is necessary to save some money aside for rainy days. It is not advisable to spend more than what you earn. Similarly it is also not advisable to spend more than what you save. It is important to manage money properly and not treat it lightly by keeping an account of it. 

https://finlit.sg/learning-videos/needs-vs-wants/

Above given website gave a very simple example on ‘needs vs wants’. This is a very important lesson for people who have troubles managing their money. If one is unable to differentiate between needs and wants they might end up overspending for nothing. 

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