The ability to manage your finances is what gives you independence and financial freedom.

It also gives you leeway to have the lifestyle you want. So, that is why it is essential to manage money effectively. And been contented is an important value that helps in managing money.

If you are contented, you would not go broke trying to prove to broke people that you are not broke.

Here are the tips, according to The Nation.

1. This may sound very cliché but create a budget tracker. It would help you to know how much you should spend, how much you have spent in a month, variances and mechanical ways to save up from bargains.

2. Whenever you are free, listen to financial podcasts. It will help improve your financial knowledge, plus if you have a side hustle, the podcast will teach you how to scale your business faster while learning from the mistakes of other entrepreneurs.

3. Have at least three bank accounts. One should be your expense account, one your revenue accounts and the last should be your savings account.

4. Do not spend directly from your revenue account. Separating your account would also help you track your inflow and outflows.

5. Try as much as possible to save up 40% of your monthly income especially if you are still single and have fewer responsibilities. Saving for rainy days cannot be overemphasized.

6. Twenty percent of your six months income should be able to take you on a holiday trip. If not, it simply means the trip is a way too much above your budget and you are balling above your budget. Find a cheaper option. You can have an amazing holiday on a budget.

7. Apps like Piggy vest can help you cater to your personal savings and investment.

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