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?.
For whatever you want to spend as an individual be it on monthly basis or on a weekly basis, it important that everything should be budgeted for, having a breakdown of the things you need will properly guide your spending limits.
The ability to stay through and stick to the rules of not going beyond your budget is one principal that shouldn't be taken for granted in personal financial accountability, because situations will always come where you will feel the pressure to spend beyond your budget and you will see yourself losing out on your solid financial decision you've taken earlier, however keeping to some of these rules too can be very strenuous in a situation whereby your expenses is higher than your income, so if you earn good wage you can balance your
Financial accountability properly too.