Topic: Reasons for personal financial accountability? - page 3. (Read 954 times)

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.

2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.

3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.

4. It builds financial confidence in hustling continuously.

How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.

2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.

Thanks for reading through, and what are your opinions regarding personal financial accountability?.

Some people do have those early realizations and there are ones who are really that making realizations when its too late. This is why it would really be that best that you should really know
on what to do on the time that you do make some income on which it would really be that common sense that savings would really be that a common thing that you should really be looking or consider on.
We cant really be having our own job forever on which risks is there, this is something that you should bare up in mind that there's no such thing about permanent like forever.

Because if  you dont really make yourself having no savings then you are putting up yourself on such great danger. On which it would really be always
best that you should really know on how to make priorities and back up plans because shit things could happen along the way.

This reminds me that i have to keep consistent record of my expenses on a daily basis.

Lol, i tried it once but it was a little difficult to always stay consistent sometimes i just forget about keeping track of it and taking note. Although i spend money on things i know i can replace back the money in a short period of time. Yeah, if i am supposed to spend about $100 this week and unconsciously i spend more than that like about $120. I will make sure i increase the level of input in my work and also add extra work time to my daily schedule so that i can meet up the extra $120 i have spent in the previous week.

Using this strategy has helped me to maintain my financial capacity. That means i won't have to hinder my plans for keeping money for emergency funds, investment and daily live expenses. Everything still falls in place at the right time.

It is one of the challenges that most people are meeting everyday. When you lack of finance and source of income then you lack financial accountability. And as we grow older, we just want to see ourselves be in a better situation and that's why there's a need to change that way of handling finances. That's why when we earn, get the salary from our jobs or businesses and profits from it, we need to be accountable and spend and use them wisely.

I agree with you,Just as you ritely said, accountability is a good source to checkmate oneself to know if you are spending wisely and also enable you to manage your resources efficiently, it is not easy to account for everything but it pays if one can practice accountability in all his doing,it will make you  know what goes out from your pocket and what come in to your pocket.In term of
project it enables you to be accurate of whatever thing you are doing,so accountability is good for every home, businesses and in every organisation to practice.

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

It is an individual responsibility to decide about their financial management. A dump dream of someone's someone else target. Many has reached level of prominent accountabilities but yet they misused it either because they hope everyday would be a blessed day as usual or they lacks the ability to take control of their financial possessions and at a level of their live races they looses it all to no profitable accountability.

On the other hand, we realize that the onslaught of social media has more or less had an impact in encouraging us to have more excessive desires, this is where the importance of personal financial accountability lies. Where we can organize and determine the priority scale according to initial planning, so that we can control consumptive desires. Control of personal financial accountability can save us from financial problems, can make us aware of managing finances well, such as investing and so on.

You don't have to use so called strategy.

The key is always try to looking a way to increase your income, try to lower your monthly expense, think few times before purchase something and keep DCA-ing Bitcoin. Sooner or later you will become rich, the problem is only the consistency.

Someone: It's hard to increase my income.
Me: Who said it's easy?

Financial responsibility? It mirrors our finances. Yes, your hustle matters, but what do you do with the results? The actual game starts there. Spending discipline is a skill that requires practice and contemplation. It's hard to discern wishes from needs. Once you have it, it's like a financial compass in the economic desert

Investment is more than merely stashing wealth or jumping into the next big thing. Patience and foresight are key in this prepared chess play.

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

I think, when growing up, everyone must be responsible for their own personal finances. It comes from many reasons, circumstances, and age that it becomes more important such as: managing spending, building Stable life, have a budget to reserve for risks of life events, and future orientation. When you have a family and children, this issue becomes even more important. I have a family, 2 sons and everything for me needs to be managed, mixed with my finances.

Financial accountability like op has made it look, he is talking about an individual being responsible in his spending , to be sure that they are spending money rightfully and not extravagantly.

Yes it is enough to say someone is financially responsible and accountable to himself if he has mapped out from his income how much to be used in spending for different expenses like feeding, shelter, clothing, fun etc. If you are not financially accountable, you won't be able to put in shape the percentages of how much you want to spend for a certain period including making budget for it.

I'm not going to dispute the fact that financial accountability is very important but one thing believe so much is that time controls everything we do in life.

Even with your financial accountability it doesn't matter, if you're not keeping to time, it is the most important of all. if only you can adhere to time then you will be making better decisions on financial management, like you know this time is not for buying but accumulating more money it will perhaps be the best decision than follow all the financial accountability rule yet fail.

It seems that the op is suggesting financial self-accountability because a person is making an assessment of oneself here. But when I google financial accountability, it is, of course, about being accountable to others when performing financial tasks.
The op mentions potential benefits and a few tips, but no details on how it could look like. Is being aware of how much you earn, how much you spend, and what were your biggest purchases on a monthly basis enough to say that a person is financially accountable? Does financial accountability require setting and achieving goals, or can it be just about analysing spendings?

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living.
Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.

2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.

3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.

4. It builds financial confidence in hustling continuously.

How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.

2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.

Thanks for reading through, and what are your opinions regarding personal financial accountability?.