ipl-logo

The Importance Of Financial Security

1229 Words5 Pages

Financial security is a most desired kind of security in life ,right from the very first moment a person begins to know what money is and he/she begins to take financial responsibilities, the person begins to desire a financial security in life.

Financial security doesn't just come by wishing ,or because am working or I have a good job sometimes doesn't guarantee financial security.There are lots of factors that must be considered and things to put in place that will give you financial security.Continue reading to find out what will guarantee your financial security in life.

What is financial security?

Financial security can be best defined as the kind of peace you have when you don't have to worry about how much money that comes into your …show more content…

The reasons for budgeting is to prevent unnecessary spending ,it helps you to spend within your plan and you won't run into bankruptcy at the end.

What are your NEEDS?

These are essential things that you cannot do without, if you don't do them your life may be miserable and it can cause a lot of discomfort to you and your family.These are basic things of life which include shelter, foods and security.Hence these things must be included in your budget and cut your cloth according to your size,don't do more than what you have not budgeted for,this is wisdom.

What are your WANTS?

These are completely different from your needs,they are things that you spend money on with out any implications if you don't do them.These include clothes (latest in town),going to best restaurants, lodging in a five star hotel,buying the latest car ,all these things don't have adverse effect on you if you don't do them.If you are working towards financial security in life ,you have to be careful in spending unnecessary on your …show more content…

4) INVOLVE IN INSURANCE SCHEME

Insurance is one of key ways to be financially secured.There are basic things that you should insure which include health ,then you can insure your car(s) ,house and others ,some even insure their pets and then doing life insurance is also good.

Insurance of health can actually be done by yourself or through your employer, if your employer don't provide this scheme for you ,you go ahead and do it by yourself and for your family.You can actually look out for insurance companies around you or you search online to locate one for yourself .Other insurance mentioned above such ,car ,houses,pet etc mostly are done by individuals not by your employer.

What are the benefits of being financially

Show More
Related
1230 Words | 5 Pages

Financial security allows individuals to survive. It ensures that individuals have a sufficient amount of money to buy food and have a place to live. Financial security connects to the idea of “home.” Part of “home” is having a permanent place to live. The comparison of emotional and financial securities, shows that home can be perceived in many ways though seeing other’s experiences.

Read More
1079 Words | 5 Pages

“Money can’t buy happiness.” “Money isn’t everything, its just paper.” Anyone who has ever grown up without money and lamented about it has heard these kinds of phrases many times. In looking around our culture and society today it would be hard to say those statements are true. While everyone has problems, rich and poor alike, having money gives you access to more solutions to those problems.

Read More
813 Words | 4 Pages

Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome.

Read More
762 Words | 4 Pages

It should not be about buying a house, car, boat, etc. Why materialism made a sudden leap in this era, I would think the media has something to do with that. It’s understandable to work up to those additions, but they should not just be the “goal” that one works up for! Somewhere along the way, the pursuit of pleasure started taking hold of the dream. Life should not be shallow.

Read More
1639 Words | 7 Pages

Budgeting can be defined as a solid process to decide the estimate of revenue and expenditure for the specific time period. This definition of budget serves for all, country, city, state, business or personal matter. It is observed that, each successful company never moves forwards without deploying budget process (Al-Shawabikah, 2000). So, talking about Personnel Budgeting, it is one of the crucial aspects of any business to keep labor or personnel budgeting in the mind at the start and end of the year to maintain or increase productivity and profitability of the business.

Read More
563 Words | 3 Pages

I plan to master the skill of budgeting. Tuition, books, housing, utilities, and food is a very costly aspect of college life. Being able to master a budget throughout my college years is a skill that I will be able to use throughout life. Independence is also a skill that I plan to gain. While living on campus, I will be away from my home and family, which will force me to find out things on my own.

Read More
680 Words | 3 Pages

Money can bring great joy to someone’s life, but it can also bring destruction and unhappiness. Wanting money and material goods over love or leisure time can be frustrating and can distract from happiness. Desires that are way too high and are constantly rising higher with every material purchase, can make someone

Read More
1659 Words | 7 Pages

Preparation Outline Persuasive Speech Name: Fong Xiang Qi, Noreen Tutorial Group: W14 Date: 15th October 2015 Title: Plan for the future you and your loved ones. Topic chosen: Life Protection Insurance and Saving Plan. Specific purpose: To persuade my audience to start planning for their future wellness and financial needs to cope with the uncertainties in life.

Read More
3334 Words | 14 Pages

Introduction to Budgets and Preparing the Master Budget Budgets and the Organization Many people associate the word budget primarily with limitations on spending. For example, management often gives each unit in an organization a spending budget and then expects them to slay within the limits prescribed by the budget. However, budgeting can play a much more important role than simply limiting spending. Budgeting moves planning to the forefront of the manager's mind. Well-managed organizations make budgeting an integral part of the formulation and execution of their strategy.

Read More
1436 Words | 6 Pages

Managing Small Business Finances How do small businesses usually able to keep functioning even as the economy changes? There are many ways of using strategies that are effective against the targets of small businesses and in managing the monetary resources in small businesses. How does financial management start? Problems are inevitable, but it can always be overcome by different solutions, that is for the common, while for the businesses these problems existed and they can be solved, but not permanently because we are knowledgeable that problems with money keeps circling around, for the physical or/and digital state of the money are used in everyday life 24/7.

Read More
811 Words | 4 Pages

Can Money Buy Happiness? In today’s materialistic world that we live in, the phrase that ‘can money buy happiness?’ is an often asked question. There is no right or wrong answer but only peoples opinions and people always think their opinions are right. Money is an easy way to gain happiness since in our daily lives we need money for food, shelter, and keeping ourselves healthy, which are necessities for having a happy life.

Read More
815 Words | 4 Pages

Richelle Fey Caasi March 05, 2016 EN110 What Creates Wealth In today’s society, wealth is a large definition to different people. The official meaning of “wealth” in Marriam-Webster’s Dictionary define it as an abundance of valuable possessions or money. In other words, wealth means living in a mansion, owning a Ferrari, or having loads of money in your bank account.

Read More
1029 Words | 5 Pages

Cut some expenses- If you’re having problem managing your budget to save, you might want to cut off some of your expenses. The first thing you can do is remove “luxuries” for your budget list. You don’t have to go to the spa every single week and you can survive without taking a taxi home every day from work.

Read More
812 Words | 4 Pages

Financial management “is the operational and financing activity of a business that is responsible for obtaining and utilizing the funds necessary for effective operations. Thus, Financial Management is concerned with the effective funds management in the business process. Finance is interrelated functions which deals with marketing function, production function, Human Recourse function and Research & development activities of the business concern. Financial Management is concerned with the financing, acquisition and management of assets with some overall goal in minds. There are three major areas in Financial Management decision making.

Read More
856 Words | 4 Pages

What money can do for you is what is really important. Money gives you freedom and choices. What I learned from my investment classes is that investing is important. If you keep your money in your back pocket instead of investing it, your money doesn't work for you and you will never have more money than what you save.

Read More

More about The Importance Of Financial Security

Related Topics

Open Document