Disciplining spending habits - Part 3

Financial management is an integral a part of management in business that reduces alarming rate of fraud, creates accountability for organizational activities and therefore the cost of capital is rapidly becoming high. It is somehow associated with management accounting but the 2 concepts are often separated or distinguished conceptually.
Reasons for financial management
For reducing the alarming rate financial fraud which can successively affect growth of business.

Financial fraud on the a part of officials responsible is prevented by effective financial management

It brings about accountability of organizational activities through regular counting and monitoring of capital flows within the organization

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It helps in prevention of monetary wastage which will be likely to occur within the course of learning business

It also enables the organization to work out project or a number of the expenditure with immediate forecasting or what shall be the return

It also displays the financial and capital flow of business, which reciprocally guarantee proper financing monitoring

It contributes to capital maximization through the effective and efficient utilization of monetary resources of business

Things to be done to scale back spending habits

Investment schemes should be registered into in other to require away any reason of getting much take advantage hand which may cause spending on other intangible goods.

Investment are program , schemes or platform
Launches and operates with the most aim of helping investors have profitable returns on their investment after a brief or long period of your time .

Investment schemes could even be seen as registering for business either on short or long scale.

Also in reducing the habits of paying much one much be ready to know the clear difference between needs and needs so as to not do waste the cash at hand on wants which may not be really tangible for future needs in Terms of need for food and clothing
Having savings too would scale back the rationale to spend lavishly, because it's said that it’s only the take advantage hand that would motivate the owner to shop for things more than expected or lesser but the worth of the cash at hand would determine

Also in reducing spending habits the individual must deviate from gambling or drinking proposals because the rationale to gamble is to stake once and. Have a bond of huge result haply and when the individual loses and he knows he has another money he try again thinking the more he plays there is a probability of him winning once whereas his money is reducing and while for alcohol the intake of alcohol distorts the mind that it’s possible after drinking the individual looses all his money on his way home either when fidgeting on his way home or even him being robbed by people taking advantage of his unconscious state of mind

Conclusion:- there is no major factor or technique to the disciplining of spending habits, the motive of spending hard earned money or swiftly earned money is all decided through the state of mind. So are often said that in disciplining the habits of paying it's advisable to form productive plans to spend the cash earned on creatively or on innovations that would help keep the mind busy from thinking of paying on unprofitable things.

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