HOW TO UTILISE YOUR INCOME (PART 3 OF 3)
5. Operational and legal processes of money
· Keep records of your income, investments and bank statements.
· Update your address, phone number and e-mail with your bank and other service providers.
· Understand the Internet, phone and mobile security for financial transactions.
· Don’t forget to pay a credit card bill, as it is critical when you need a bigger loan.
· Understand your annual tax obligations and deadlines of various activities.
· Complete your registrations, returns and paperwork in time.
· Get help with your accounts if you are a working professional with limited time.
· Good housekeeping helps in raising funds at short notice or explaining to the taxman.
6. Your money habits and personal finance
· These are driven by your cultural context, upbringing, personal values and preferences.
· Understand and accept the kind of person you are when it comes to money.
· You may be generous or stingy, meticulous or careless, honest or dishonest.
· It is a good habit to keep emotion out of your money decisions.
· Using money for popularity, acceptance and love are difficult to sustain and seldom last.
· When you lend, more often than not, you lose both money and friendship/ relationship.
· Always retain the freedom to decide how, when and how much of your money you will use.