The importance of financial management.

Hello, everyone.

I welcome you to my blog. We all as individuals know how important it is that our finances are well managed; we know the consequences that follow with not managing our finances right. We all must have experienced how one or two financial mismanagement put us in a tight corner, and it took us time to get back on our feet; that alone explains why we need to manage our finances properly and avoid being reckless with anything that concerns our finances. Many people live the nonchalant and I don't care kind of lifestyle, but all that does not go anywhere near their finances, as once finances are involved, they start to care and are careful about it.

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Many people were opportuned to learn about how important it is to properly manage our finances before they made a financial mistake, while some had to make a financial mistake that landed them in debt before they learned the importance of financial management. There are some mistakes you can make and get away with, and there are some that, once you make them, whether intentionally or unintentionally, you are paying for them, and there is no getting away with such mistakes. Financial mistakes and mismanagement happen to be one of those mistakes that you must pay for.

I have had my own fair share of making financial mistakes, and I had to deal with it on my own. That is one of the consequences of making a financial mistake or financial mismanagement: you deal with it on your own because the moment you open up to people that mismanaged your finances and it landed you in trouble, they find it hard to help you, and instead they get angry that you did such a thing. If you mismanage your finances and the consequences come knocking, you just have to deal with it on your own and keep it a secret.

There are so many reasons why financial management is important, but I will outline and discuss a few:

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Attain financial stability: For those who were not born into a family where they have it all and now they have to forge their own way, you must manage your finances properly to change your story and attain financial stability. If you fail to do things right, your kids will have to face what you faced.

Achieving set goals: We all have financial goals that we have set for ourselves, but the truth is that if we fail to manage our finances properly, there is no way we are achieving the goals we have set; our dreams will just be dreams and never made a reality. You plan to build a house or pay for rent, and you don't save, and it is extravagant; you will just keep dreaming.

Reduction in financial dependency: With financial management, you can reduce how much you depend on people financially. There is a rate at which you will manage your finances, and you will celebrate financial freedom before you know it. You become completely independent such that you can now do things on your own without needing to call your parents, uncles, or aunties.

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