Thursday, February 21, 2008

Proper Management Pays

Managing a football club is much like managing finances. We have to learn how to use available resources wisely. In soccer, club managers have to manage available funds, talents and players when other members of the club are injured. Proper management of funds are needed even in hiring of extremely good talents or what we call outsourcing.

In life, managing our finances require budgeting, savings, and proper accounting of our income and expenses. Even our debts need proper management.

In my own experience, I’ve had some times when my wife had to put some sense into e especially regarding debt. Sometimes when we have so much available credit, it is very tempting to just go and shop for anything we like. But the principle in financial management that my wife and I follow is spending only what we can afford. Because going beyond what we can afford can lead us to a financial crisis due to mismanagement and could even lead to bankruptcy.

Going bankrupt doesn’t have to happen because there is another way. Having proper Debt Management Plans can help. Whether you are single, married or having a big family, with proper planning, accounting, saving and budgeting, bankruptcy can be avoided.



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