We all love to be fashionable and glamorous. We all love to be popular and satisfied. These all attract us towards the Fashion Industry. However, the original face behind this Glamorous world is completely different, A well-managed Financed System. How well you can manage your finance indicates how far you can proceed on your fashion career. How well a fashion-organization can manage their finance denotes how far the company will grow in Fashion segment. Here, I am sharing some of the thought, which help any individual to reach a better financial stage in future:
- Track your Balance sheet: Balance sheet is the place where your Income and expenses will be recorded. Each day note down your earning and expense. Then accumulate all days of a month to get the final figure of monthly-earning and monthly-expense. You must know what is your expense to survive at the worse situation. Remember, What can be measured, can be modified.
- Invest before Spending: Once you earn and started creating the Balance sheet, next thing is to do the Investment. From each earning, a certain percentage should be kept for Savings and that saving needs to be well invested. Then the remaining amount can be utilized as expenses.
- Create Emergency Fund: From the saving, we must create an emergency fund, which can’t be accessed for daily expenses or family occasion. It will be helpful to survive for 6 month, in case any unpleasant situation arrives.
- Improve the Balance sheet: Each month or each year, Balance sheet must be improved, i.e. more money should be Invested. Create a budget for expense and follow the same strictly while spending. Live on the bare-minimum cost at-least for couple of initial years to create a better financial stage for yourself.
- Now enjoy the Spending: Once you have healthy Balance sheet after couple of years discipline, now you can afford your wishes, desire and luxury expenses from the appreciation of your Investment. But careful, you are not allowed to break the principal amount of your Investment.
If anyone wants to know more about any stage, let us know, we will get back to you.
