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7 simple steps to manage money effectively

Updated : December 31, 2019 03:36:59 IST

The most rampant myth about money is that money management is a complex, tedious task not for everyone.  It is absolutely not. There is no rocket science to it. You don’t even need to have a financial degree or to be a financial whiz to take charge of your own money and to make it grow.

To manage money effectively, you need to have the will to pay some attention and to devote some time to learn certain phrases, terms and products, and the way they function in the market.

You also need discipline. There is no getting away from that. It is not difficult at all.

Here are seven simple steps to manage money effectively:

1. Create your personal balancesheet and cash flow statement

2. Get insurance

3. Draw up an investment plan with the help of an adviser

4. Ask questions, do not accept advice blindly

5. Review portfolio every 3-6 months

6. Keep paper work updated and in order

7. Create a will
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