How can you manage your money better and explain the role of bank in financial management?
Answers
Answer:
To manage money better are:-
Explanation:
1) Have a Budget: Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up.
2) Using the Budget: Your budget is useless if you make it then let it collect dust in a folder tucked away in your bookshelf or file cabinet.
3) Give Yourself a Limit for Unbudgeted Spending: A critical part of your budget is the net income or the amount of money left after you subtract your expenses from your income.
4) Track Your Spending: Small purchases here and there add up quickly, and before you know it, you’ve overspent your budget.
5) Don’t Commit to Any New Recurring Monthly Bills: Just because your income and credit qualify you for a certain loan, doesn’t mean you should take it.
6) Make Sure You’re Paying the Best Prices: You can make the most of your money comparison shopping, ensuring that you’re paying the lowest prices for products and services.
7) Save Up for Big Purchases: The ability to delay gratification will go along way in helping you be better with money.
8) Limit Your Credit Card Purchases: Credit cards are a bad spender's worst enemy.
9) Contribute to Savings Regularly: Depositing money into a savings account each month can help you build healthy financial habits.
10) Being Good With Money Takes Practice: In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them.
Commercial banks play an important role in the financial system and the economy. As a key component of the financial system, banks allocate funds from savers to borrowers in an efficient manner. These financial services help to make the overall economy more efficient.
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