Self Account Management

Portfolio guide for personal finance


What is finance 

Finance means money and money’s worth. It involves cash and cash Equivest’s (current assets) e.g. debtors, bank balance, bills receivables etc.

What Is Personal Finance 

Personal finance is monetary management where a person budget, plan save and spend his finance for future risks and future events. it is about setting and fulfilling financial goals e.g.

  1.   spending for child’s education and marriage  
  2.   After retirement financial needs  
  3.   Purchase / construction of house  

It concerns about 

  •  How one should arrange money to fulfill his needs? 
  •  How to use credit card? 
  •  How to pay money to creditors? 
  • How to control your needs according to your income?  
  • How to spend money in various areas? 

 How to create a personal financial Guide 

  1. Note down your total monthly income.
  2. Note down total spending fixed and variable in the month.
  3. Set your smart financial goal.
  4. Prepare a monthly budget.
  5. Set an emergency fund for variable spending.
  6. Start investment for the future for short term and long term.
  7. Review after a short time and adjust plans accordingly.

How to Create A Personal Finance Guide – 

  1. Prepare a budget: –

You should plan and prepare a budget for your savings and spending. It can be done by taking care of the following points- 

  • How much money you should save or spend? 
  • How much you should spend on clothing? 
  • How much you should spend on food items? 


  • You will save 35% of your income and spend 35% of your income. 
  • You will spend 10% on clothing. 
  • You will spend 20% on food items. 
  • 5% you will spend on other expenses. 
  • Spend what left after saving: –

 Don’t save money after your all expenses and spending. Firstly, deposit your fixed saving amount into the bank. Which is left after that spends on your daily expenses?

  • Go cashless: –

If you have too much money in your purse than you can spend it on useless things whether you need these things or not. instead of carrying a lot of money in the purse, you should go cashless through UPI such as google pay, Paytm, Bhim etc. As you can also enjoy cashback on online payments and save your money.

  • Don’t borrow money: –

If you want to utilize your money effectively than don’t borrow money. Avoid to taking debt, instead of taking long debt, take short debt if you need money on very urgent basis. Cut down your unnecessary expenses and save money.

  • Compare interest rates: –

If it is very urgent that you have to take a loan then before taking a loan compare the interest rates of various banks and loan providers. Try to take a loan on a minimum interest rate.

  • Stop unnecessary spending: –

This is very important for you to avoid unnecessary spending which is useless if you want to collect money for the future. you can avoid too many costly clothes, unnecessary parties, buying useless things etc.

  • Avoid credit card: –

To utilize the finance, avoid credit card. If you have a credit card, you will buy things on credit and next month you will pay interest on a credit card, so avoid credit card. The money you will pay for credit card interest can be utilized to meet any other expenses.

  • Pay your debt fast: –

If you have various debt, so pay debt fast as you pay a lot of interest on the debt and wasting your money. the debt which has a high-interest rate, pay that debt on an urgent basis. focus to pay long term debts on a priority basis. Pay long and short-term debt partly. Pay debts through cheque and draft at the last due date.

  • Create emergency fund: –

You should create an emergency fund for future uncertainties and risks. As the future is uncertain, something can happen. E.g. there may be an accident or a medical emergency. suddenly marriage of a child etc.

10.Two or more resources of income: –

You should not depend on a single source of income. You should try for two or more sources of income as your job goes or anyone business may go to the loss, then other methods of income and business will help you to survive.

11.Diversify your investment: –

Don’t put your all eggs in one basket. To avoid various risks, you should invest your money more than two resources. In an economic crisis if one investment can’t pay you good interest then you may earn well from other investment. you can invest your money into various schemes such as mutual funds, fixed deposit, recurring deposit, shares, treasury bills, commercial papers etc.

E.g.- you have invested in shares as well as a fixed deposit in bank .suddenly the company in which you invest is failed and price of shares are fall or nil .then you can easily cover your loss from fixed deposit.

12.Circulate your money: –

If you want to use your money efficiently don’t put it on rest. Circulate it more and more in economy .if you circulate your money you will not able to spend it on useless things and you may also earn some amount of interest in it.

E.g. You have Rs 3000. At your home. you may lend it to someone for a short time period or deposit it into the bank.

13.Pay debt first: –

If you have money in your hand then pay your debt on a priority basis rather than spending it on other things. try to finish your debt earlier and get rid of the unusual payment of interest on that debt.

14.Receipts in advance: –

If you are receiving money from a client or someone. then it is fruitful if you receive money in advance as you can save yourself from lending money from outside the business or pay an additional amount of interest.

15.Payments at end date through cheque and draft: –

The most effective way to utilise the finance properly that pay your creditors at the last date of payment. Don’t pay your creditors through cash, pay them by cheque or draft as it will also take time to deduct payment from your account.

E.g. The last date of payment of the debt to your friend is 9 i.e. on Friday .you gave a cheque to your friend. So Saturday and Sunday are holidays in bank .he will deposit cheque on Monday .you can use that money for more two days for your urgent needs.

16.Invest in gold: –

Currency may be banned or finished anytime. From our ancient era to today currencies are changed. Digital banking, credit or debit cards, payments apps are taking the place of currency notes. If you are collecting finance for long term try to invest in gold as with the time the value of gold is increasing and it can’t be replaced by any other thing or material.


  1. Pay debts on a priority basis
  2. Avoid credit card purchase
  3. Decentralising of receipts
  4. Centralisation of payments
  5. Receipts through cash
  6. Payments through cheque and draft
  7. Invest differently for short term and long term
  8. Maintain a good credit score
  9. Diversify the risk
Self Account Management Business Guide

Top 5 Mistakes People Make When Creating a Family Budget

Top 5 Mistakes People Make When Creating a Family Budget

Top 5 Mistakes People Make When Creating a Family Budget

Creating a family budget can be difficult because you have to take into account so many different people and their needs. Unlike a regular personal budget, you have to find a balance between everyone.

There are more variables in building a family budget spreadsheet that you don’t have in other budgets.

It would help if you were sure to make a thorough list so you can account for every expense.

Mistake 1 – Forgetting to Factor in Fun

Don’t leave out the fun. It is so easy when putting together a family budget to forget the fun things you want to do as a family. You need to put a line item in for various travel expenses, outings, and even dinners out.

As a family, it is important to have time to bond; this means handing out the money to do the fun things, which means it needs to make it into the budget.

Mistake 2 – Not Leaving Room for Surprises

All budgets need room for surprises, but family budgets need to cover surprises from every angle. Children sometimes have unknown school expenses, extra-curricular activities, and even outings with friends.

You don’t want to deny someone in the family a great opportunity because there isn’t room in the budget for it. This is where many families put things on a credit card, but if you use a family budget spreadsheet, you can find a way to cover the expense.

Mistake 3 – Not Contributing to Savings

You need to put a line item in for savings. If you do not include savings in the budget, you won’t be putting money away. Even if you cannot put an extensive amount away each month, you should work to put something into savings.

This helps give your family a sense of security and a bit of a safety net. If you can afford to put a large amount away, consider using a percentage of it for family vacations. Your budget plan needs to take care of many things.

Mistake 4 – Not Tracking Actual Expenses

Busy parents often feel overwhelmed. It is easy to forget to track all actual expenses. You won’t know if you are succeeding with your family budget if you do not track your expenses.

You need to start living on a budget and examining your income regularly alongside your spending to see if you are staying within your limits.

This also helps you move money around to other areas to make your quality of life better. The more closely you keep track, the more diligent you can be about keeping up with your savings goals.

Mistake 5 – Forgetting About Interest

It is easy to forget that putting something on your credit card costs more than the initial price. If you do have to put something on your card, you have to include the interest in your budget.

It counts as expenditure, and you need to know the money is going there to cover the interest. By making it a line item on your family budget spreadsheet will help discourage you from using debt as a backup, and you will quickly see how it adds up.

Self Account Management Business Guide

5 Easy Financial budgeting Tips for an Average Person

5 Easy Financial budgeting Tips for an Average Person

The more thorough you are when working on financial budgeting, the more successful you will be at changing your financial outlook. A budgeting plan is necessary to reach your goal. There are a few simple things you can do when proposing financial budgeting for you and your family.

5 Easy Financial budgeting Tips for an Average Person

Financial Budgeting Tips

Weekly Budget Planner

The great thing is that many people are now getting to understanding the importance of having a weekly budget planner. While your budgeting plan will be longer-term than weekly, if you keep a weekly journal, you can closely examine where you spend your money.

This allows you to make small adjustments that don’t seem so difficult to do. All of the little adjustments will add up and help you reach your savings goals. Details help you when living on a budget.

Budget for Fun

Many people abandon their financial budgeting plan because they cut out everything fun. You should make line items for fun.

Include some money for travel, eating out, and going to the movies. While you might do it less often than before, you do not need to deny yourself everything you love.

Cut Back on Interest Spending Through Financial Budgeting

Combine credit cards where possible. If you can build a financial budgeting plan around paying off your interest as quickly as possible, you will have more money to put back into your budget for other things or even to grow your savings account more quickly.

Pay off high-interest rate credit cards first; you will save hundreds over just a short period of time.

Put Aside Money for Emergencies

Part of your savings should be allocated to emergencies. When working on financial budgeting, it helps to know what you can spend your money on. When emergencies come up, and the savings are depleted, many people give up on their budgeting plan because they feel like they have failed.

By knowing a certain amount is allocated for such problems, you won’t feel bad when you have to pull the money out of savings.

Make Plans for Your Savings Through Financial Budgeting

While a majority of your financial budgeting plan for savings will be long-term, some if it should be short term as well. If you determine that 10% of your savings are open for travel, big purchases, or events, it gives you something to look forward to.

When someone approaches you about traveling to Hawaii or you are invited to go to a wedding, you won’t have to scrimp on your monthly budget as much because you know you have funds set aside for such events.

Overall your financial budgeting allows you the freedom to control your expenditures. By taking control of a financial plan, you will find yourself less stressed out when something exciting comes along. You won’t have to worry about how you are going to pay your bills or acquire what you need to survive.

You can also control how much you work by knowing exactly what your financial needs are. You might be able to cut back on overtime or take more of your vacation time because you are not overspending on interest or other fees.

Living within your means sounds stressful, but once you get the hang of it, your life will be simplified. Start letting financial budgeting to become part of your life today.

Self Account Management Business Guide

Simple Methods for Creating Budgeting Worksheets

Simple Methods for Creating Budgeting Worksheets

There are some very simple methods for creating budgeting worksheets that will help you make the most of your budget. Having a budgeting sheet available to you each month can really help you to keep track of all your expenses. You’ll begin to gain confidence in yourself and your ability to manage your finances better because you’ll always be certain your money is being spent on the important things in your life.

Simple Methods for Creating Budgeting Worksheets

3 Simple Methods When Creating Your Budgeting Worksheets

  1. Find a worksheet template – Take advantage of the excellent worksheet templates that are available these days. There are a bunch of great free ones online that you can just print off or download instantly. If you have excel on your computer, perhaps get an excel template instead.
  2. Keep all your bills together – By having all your bills and expenses in one place, it will make your job that much easier when it comes time to enter the numbers into the worksheet. Make sure you don’t get bills from different time periods mixed up.
  3. Spend extra time looking for the perfect match – When you search for a worksheet template, make sure you don’t just choose the first one you find. Spend a little extra time looking for one that meets your specific needs. You’ll thank yourself later because the extra time you spend here will save you a lot of time later on. You’ll also more likely stick to the one that you live and makes your life easier.

How to create your own budget worksheet using excel

Tips for Budgeting with a Family

Budgeting is important for everyone, but when it comes to family, it’s even more important. A good budgeting worksheet will help you track your entire family’s expense and understand which areas need improvement.

This will be extremely beneficial to you and your family especially if you have more than 1 person in the household earning and bringing home income.

A lot of families that don’t take the time to create a working budgeting sheet often find themselves pacing at the end of the month with no more money left for saving or investments.

Here are a couple simple tips to follow when budgeting with a family:

  • Keep track track of all expenses especially the recurring monthly and yearly payments (rent/mortgage, hydro, telephone, gas, electricity, etc.)
  • Monitor the average amount of money spent on food each week and come up with a monthly average
  • Budget for other monthly expenses which are not recurring but come up often. Example of this would be clothes, leisure, etc.
  • Monitor each expense category and determine which ones to cut back on if monthly income does not cover the expense. Never spend more than you make and never spend in anticipation of what you might be making. (Things don’t always go as planned so you should be prepared for that)

Using budgeting worksheets to get the most from your budget

Having a worksheet helps relieve a lot of unneeded stress when it comes to managing your budget and it allows you to simply concentrate on the simple task of plugging in the necessary numbers and doing the calculations systematically.

A simple budgeting worksheet also allows you to return to a snapshot view of your current finances every week or even every day.

This helps you get a quick picture of where you currently are, and an approximation of how much you can afford to spend. You will feel a lot better about making a purchase when you know that it is well within your current budget for that week or month.

Make sure you learn to keep your priorities straight. It’s often easy to get swept away with the stress of work and family but you must always remember your financial responsibilities or you will build up a lot of extra avoidable stress over time.

Remember that a budgeting worksheet is simple to build but it can have a tremendous impact on you and your family, and the more you save the more secure you will feel. This is the first step towards living a comfortable and rewarding life even if you’re not able to increase your income.

Self Account Management Business Guide

10 Ways a Budgeting Sheet Can Change Your Life Forever

10 Ways a Budgeting Sheet Can Change Your Life Forever

Using a budgeting sheet helps you easily see exactly where you are spending money. This often brings to light some habits that are costing you extensive amounts of money every year when you could be putting those dollars to better use. When you compare these expenditures to your income, you might find it easier to cut back.

10 Ways a Budgeting Sheet Can Change Your Life Forever

1. Seeing How the Little Things Add Up

When you have to write every little purchase down on your budgeting sheet, you will begin to see a pattern. This pattern will illuminate areas where you can cut back. Buying a cup of coffee out every morning instead of drinking it at home adds up to over one hundred dollars a month for many people.

2. Accountability

When you know ever purchase is being marked on your budgeting sheet, you might change your mind about purchases. Just like eating junk food, knowing you have to justify your purchase often keeps you from over-spending

3. Helps you Save

A budgeting sheet can keep a running tally of your current savings. When you start seeing that number grow, you start to get excited about making the number increase. You might find yourself putting more money in savings to help the total along.

4. Simplifies Your Budget

Budgets often seem complicated and difficult to follow. By using a budgeting sheet you can easily track your money without feeling as though it is taking up a lot of your time.

5. Shows Your Where you Can Borrow From

Your budgeting sheet keeps track of where all your money is and you can easily see where you can borrow from to cover an unexpected cost. This helps you keep to your budgeting plan even when you spend more money than expected.

6. Eases Your Worries when it Comes to Money

A budgeting worksheet keeps you up-to-date on all of your financial obligations. You no longer have to worry about if you have enough money for something or what your credit cared bill is going to be. You will always know exactly where your money is, freeing your mind for other concerns.

7. Helps you Compare Your Income

When looking at your income compared to your expenditures you might be surprised to see what percentage of your money goes to certain areas of your life. A budgeting sheet makes this comparison easier to see. You might adjust your budget plan to lower some of your numbers.

8. Gives You Attainable Goals

Your budget sheet can give you a place to put your financial goals. You can clearly mark your successes and adjust your goals as you start to reach your benchmarks.

9. Helps Keep You Positive

By keeping track of your success on your budgeting sheet, it helps you stay positive when it comes towards your budget. When you see great things happen, you want to keep going.

10. Changes Your Attitude Towards Money

As you build your budgeting sheet you will see your attitude adjust. It becomes easy to stick to your plan and grow your financial accounts. This helps you feel secure and you will want to keep that security for the rest of your life.

From your savings goals to your bank checkbook, a monthly budget spreadsheet should be used to monitor how you manage your money.

The good thing is that personal budgeting software can now help you to do all those things easily. A system should also be established to track other personal financial matters. This is in addition to having a budgeting sheet.

Self Account Management Business Guide

How to Choose the Best Budgeting plan for Super Fast Results

How to Choose the Best Budgeting plan for Super Fast Results

When you look to make a budgeting plan, you have to determine the time frame on your goals. When looking to get results as fast as possible, it might be more important to take out most of the frills in order to pay things off to get you out of debt and on the path to saving.

How to Choose the Best Budgeting plan for Super Fast Results

Using a Budgeting Plan to Cut out the Extras

If you want to see results fast, you need to cut out absolutely everything that you can. Even in so doing, when designing your budgeting plan, consider still leaving a few very small things in there. These items can be used as a bonus or treat for sticking to your very aggressive budgeting plan.

It is difficult to stick to a personal budget that does not have much wiggle room, so giving yourself a reward every once in a while helps you stay on track.

Paying off Debt

Concerning financial budgeting, you should know that debt costs more the dollar amount on it. The interest you pay per month adds up fast.

By paying off your debt, you reduce not only the amount you will pay in interest over time, but your monthly payments once the debt is completely paid down.

When designing an aggressive budgeting plan, using as much money as possible towards debt will allow you to build your savings once the debt is done. Once the debt is gone, your savings exponentially.

Examine Percentages

When designing your budgeting plan, one step that is often overlooked is the thought of how much you think you should be spending on things.

What percentage of your salary do you think should be spent on food? On entertainment? Compare what you think should be spent with what you actually spend.

This might help you cut back on these costs. If you cut back to the percentage you think you should spend, you will likely see quick results.

Using Budgeting Plan to Change Your Needs

Study your household expenditures and see where you can cut back. Buying lower cost household items is one way to make some money and redirect it to savings. Look at energy-saving options for your home.

The amount of money spent on heating and cooling your home often costs lots of money per year. If you can find a way to keep the temperature more consistent with improved windows or insulation helps bring down your costs.

This type of budgeting plan often brings instant results. The budgeting sheet should be your companion. Use it from time to time in checking all your expenses, match with your personal budget to see whether or not you have overspent.

Whatever budgeting plan your go with, you need to be diligent if you wish to see fast results. By making the sacrifices now, your long-term goals will be easier to attain.

Often people take a drastic budget plan when saving money for a home or a car. With that type of reward, it might be easier to stick with your plan. No matter what, make sure you keep track of your savings. This positive assessment makes it easier to press forward and stay true to the plan. Stick with your budgeting plan and you will reach your goals.