Write a report on how people in your country manage their finances

In Kazakhstan, people manage their finances, probably in the same way as in many other countries. The difference is that Kazakhstanis do not trust their currency – tenge.

Tenge is a weak currency. Against the dollar, its rate is constantly growing. For comparison, if in 2014 the cost of one dollar was 182 tenge, now one dollar is 382 tenge.

Therefore, Kazakhstanis prefer to keep personal finances in dollars. Someone puts money in dollars on Bank deposits, and someone prefers to keep dollars at home.

In Kazakhstan, such an investment as buying real estate, which is then leased, is also popular.

I think those who use the method of managing their finances live well. "50 – 30 – 20»:

- 50% is spent on everything you need (utilities, food, clothing, transport, etc.).

- 30% is allocated for your purchase and enjoyment (movies, books, trips, jewelry, etc.).

- 20% goes to savings, including the repayment of debt.

A common method of financial management is to maintain a financial plan. The first part of such a plan should be aimed at gaining control over its budget. This may require the creation of a separate expense plan. The second part of the plan is necessary in order to pay off the debts. This should reflect concrete actions and a time frame for implementation.

Once these two parts are implemented, it is necessary to decide what to do with the released money to achieve the priority goal. To do this, you should also prepare and read the financial report — this is one of the most important documents that clearly shows all the information about the money. This report consists of four main parts:

- the report on movement of funds

- report on the income and consumption

- cash balance

- equity report

Those who prepare such a report on a monthly basis will have an idea of their budget.

Managing your money is perhaps the most important habit you need to master to become a financially literate person.