Neduglobvibes 
Money is a reward earned by working or selling things and can be used to carry out transactions. Money can also refer to a means of payment or profit in the form of coins and banknotes.
In society today, it’s no news that money is an integral part of daily activities and a way of life. Money is scarce and can lead to stress, depression, anxiety, high blood pressure, and many other unpleasant or negative outcomes if not managed properly. This article aims to outline possible steps one can take in order to manage money and enjoy a stressless, happier, and healthier lifestyle.
Read below are, suggested methods on how to manage your money effectively that you can apply to improve your quality of life efficiently by managing your money effectively;
Table of Contents
1. START A BUSINESS
Starting a business is the activity of making, buying, and selling or supplying goods or services for money.
Managing your business increases the possibility of receiving money and reduces the scarcity/stress for getting money to cover your bills and expenses, which allows you to control your income flow and eliminate limitations to earn higher profit.
Some lucrative business you can try to start includes [ digital marketing, point of sales, graphic design, saloon, makeup artist e.t.c ].
2. BUDGETING
The act of making comprehensive plans of your available money and how it should be spent over a period of time is no doubt a lifesaver and a wise way to live.
Creating a sustainable and effective budget requires the application of your scale of preference and the opportunity cost.
A scale of preference refers to the outline of your needs and wants in an order of importance/value while the opportunity cost refers to the price/cost to achieve a set goal, need, or want directly proportional to the money available or cash at hand.
3. SAVING
Saving can refer to the reduction in money, time, or other resources used. Saving prevents a resource from being wasted. When you save money, you prevent it from being exhausted at once in the present time and protect it for more important future use. When you save money, you do not need to use your money urgently.
There are many ways to save money. You can save your money at home, with a financial institution, or with friends and family. According to statistics and research, it’s advisable to save huge amounts of money in a financial institution such as a bank. It is safer and you can earn too through accumulated interest.
4. QUIT DRUGS
Excessive consumption of alcohol or any other drugs, such as marijuana or cannabis does not just consume huge amounts of valuable money and time, but can also have a negative impact on your relationships and work ethics. Drug abuse increases your cost of living and reduces your quality of life.
Quit smoking and excessive alcohol intake or reduce your consumption drastically and you will be glad/amazed to the amount of money you can save by doing this.
5. LEARN ABOUT INVESTMENT AND OTHER FINANCIAL RESOURCES
Continuous learning and research is one way to never go broke. You can manage money by exploring investments and other financial resources such as real estate, cryptocurrencies, foreign exchange, mutual funds etc.
Research and learn more about investment and financial opportunities through the Internet, financial institutions, radio, and television. Just as mentioned earlier, keep your mind open and” shine your eyes”. One day, somewhere, somehow your opportunity will locate you! Don’t miss it.
Conclusively, in accordance with the aim and objective of this article, it is in the writer’s best interests that you find the information useful and attain a better, healthier, and happier life managing your money effectively.
