Skip to main content

Posts

Showing posts with the label Types of income management

How To Get Off Income Management

How To Get Off Income Management Okay, so assume that you have just received your pay cheque on the first day of the month, what would you do with the money that you got? Maybe you would first pay your EMI or maybe your house rent or your Child's education fees, and keep aside the rest of the amount for the month. But now the question comes- “why do you need to understand the importance of income management?” Before answering this, we need to understand what is income management? Income management definition: Income Management is a technique that is used to maintain a perfect proportion of the needs, wants, savings, and investments of a person. If this is too technical let’s classify it by some examples. Needs: - Needs are the deficiencies that must be fulfilled like you need food and water for your survival. You need clothing and shelter to protect your body. Therefore foods, clothing, and shelter are basic needs. Other needs make our life easier, like for example a car t...