{"id":63671,"date":"2024-01-23T08:48:27","date_gmt":"2024-01-23T08:48:27","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/money-management-tips-to-improve-your-finances"},"modified":"2024-01-23T09:14:20","modified_gmt":"2024-01-23T09:14:20","slug":"money-management-tips-to-improve-your-finances","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/money-management-tips-to-improve-your-finances","title":{"rendered":"Money management tips to improve your finances"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>People mostly discuss how to make and earn more money as compared to how to effectively manage the money they already have. Although generating wealth is necessary, it is also important to secure your funds and use them providently.<\/p>\n

If managing finances and curbing debts or loans are part of your 2024 resolutions, you are on the right track, though experts note that it requires work and discipline. If you are wondering about how to start managing your money, experts offer some tips.<\/p>\n

Himanshu Arvind Kapadia, a business consultant at Jali Partners, explained that every person above the age of 15 years is suffering from one or another way of financial stress, irrespective of whether they have money or not.<\/p>\n

\u201cFinancial stress is an emotional tension, state of worry or anxiety related to current or upcoming expenses, debt, or any other situation that needs to be tackled with money. Money is one of the most universal sources of stress. I believe if we do not know what causes financial stress, we will never be able to cope with this stress,\u201d Kapadia said.<\/p>\n

The financial expert stressed that the current financial situation will have a big impact on how much any situations or events affect us. If we are struggling financially, life events that come with financial implications might affect us more than they would affect someone financially secure.<\/p>\n

He added that if you are accustomed to a cycle of earning, spending, and running out of money, learning to build a disciplined financial life may be challenging, but it\u2019s doable and requires patience.<\/p>\n

Changing financial habits and meeting financial goals is a long-term process. During the journey, you will slip up and feel like reverting to your old ways but do not get discouraged. Instead, keep your eyes on the results of meeting financial goals and becoming a more confident money manager, Kapadia noted.<\/p>\n

He urged people to keep constant checks on debt with high-interest rates and prioritise settling soon. If possible, he doesn\u2019t support opting for another debt till the previous one is settled or cut down to a reasonable level. Any debt payable with interest more than 7 per cent is not advisable.<\/p>\n

\u201cReduce unplanned spending and evade incurring new debt\u2013cutting down on regular purchases or avoiding unplanned spending is key since it leads to financial discipline. In most cases, unsustainable debt is caused by undisciplined spending and impromptu purchases,\u201d Kapadia said.<\/p>\n

He added that one can stop creating more debt by keeping a small percentage of their monthly income to spend as they choose. This will not make someone feel like they are completely deprived of it and can use this money when they are tempted to spend.<\/p>\n

Kapadia advises understanding the nature of expenses one spends money on every month; for instance, know where every penny is spent \u2013 start tracking what you\u2019re spending on a spreadsheet, in a notebook, or using a financial app. He also recommends categorising one\u2019s spending in buckets such as housing, entertainment, groceries, utilities, dining out, and transportation.<\/p>\n

Review your budget and goals regularly, remind yourself why you want to make changes, and get back on track. Developing a disciplined approach to managing your finances is worth the effort, the financial expert added.<\/p>\n

Jean-Hubert Nkurayija Ishimwe, a financial expert and founder of a platform that assists parents with skills in raising financially responsible children from an early age, stressed that to maintain a healthier financial discipline, one must first manage their spending. He noted that you can\u2019t talk about savings or investment without mastering what you are spending your money on.<\/p>\n

\u201cThis is the reason why many people save, but spend all their savings. It is imperative to track your spending and set a limit on how much you shouldn\u2019t exceed,\u201d Ishimwe stated.<\/p>\n

One of the key secrets that has helped him personally is to have a financial goal that is exciting and bigger. For example, to build a house or buy a new car\u2014something that impels him to accomplish and replace it with unnecessary spending.<\/p>\n

\u201cMaking money goes with having a skill that you put to work and get paid for, and managing finances means having good practices to manage what you are earning. To manage finances, I would say that it is to multiply what you earn. Especially in this era, we should find ways to multiply what we earn,\u201d he said.<\/p>\n

Ishimwe explained that there is a question that he has been asking himself recently. If another pandemic arises and the source of income he currently has cannot sustain him, what is the way forward? For him, such questions can help someone learn good practices in money management.<\/p>\n

\u201cAnother tip about making money is to possess discipline and not be driven by just making money. It is important to keep good values, especially for young people, with all their eagerness to make money, which pushes them into plans and deals with high costs.\u201d<\/p>\n

Ishimwe noted that financial discipline should start as early as possible which is why his mobile App, HiNia, was created for children to accomplish chores and tasks at home and earn a reward with savings that they can use to fund their own goals.<\/p>\n

\u201cThe purpose is to teach the young generation good practices about money. You can picture them growing and knowing how to stick to the budget and work to finance their goals,\u201d Ishimwe highlighted.<\/p>\n

Caroline Musuhukye, a financial expert in Kigali, advised people to draft a budget, check their monthly income, and focus on priorities such as rent, transport costs, food, and others. She recommended establishing an emergency fund and giving restrictions to the bank to withdraw once a month.<\/p>\n

\u201cSince saving accounts have an interest, this motivates a person to keep more money.\u201d<\/p>\n

Musuhukye is for cutting expenditure habits, tracking expenses, and creating a side hustle to earn more money. She said that it is advisable to carry out market research (any set of techniques used to gather information and better understand a company\u2019s target market) and set some money aside for it.<\/p>\n

\u201cInvesting and saving assist to curb loans and debts, however, invest wisely. Do research, know how much you expect to earn from a business, and don\u2019t just start a business without having enough information, as that way, you are likely to incur losses.\u201d<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. People mostly discuss how to make and earn more money as compared to how to effectively manage the money they already have. Although generating wealth is necessary, it is also important to secure your funds and use them providently. 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