OFFM responsibilities include implementing the financial management improvement priorities of the President, establishing government-wide financial management policies of executive agencies, and carrying out the financial management functions of the CFO Act. Decision makers and the public must have confidence in financial management in order to make informed decisions about managing government programs and implementing policy.Ĭreated in 1990, the Office of Federal Financial Management (OFFM) is responsible for the financial management policy of the Federal Government. We must be responsible with money that comes in to the government, money that is spent, and money that is used in running the government itself. Learn how to use it properly and responsibly and you can enjoy your money for the longest time.The Federal Government has a fundamental responsibility to be effective stewards of the taxpayers' money. And when we live a simple life, we will have more time and more money.īe a good steward of money. Time and money are the two most important resources in our lives. Ask yourself, do you need luxury items? Is it worth it? No matter how wealthy you are, learn to live a simple life. Many have fallen into a trap where one earns a lot, and the spending increases, but the saving does not. ![]() Money is just a tool and how we spend it defines the goodness in all of us.Įven when you are earning a lot, don’t get tempted to increase your spending. You can ask your creditor also for discounts and special payment plan.Īfter you have set aside for your immediate and future needs, give to the poor, the needy, the sick. Remember that the longer you pay your debts, the more interest will accumulate. Aside from cutting costs, look for an extra income. If you are already in debt, it’s time to pay them one by one now. This will just tempt you to buy unnecessary things. Do not get swayed on promos, rebates, and freebies. Pay your credit cards on time so that you won’t be charged with interest and other penalties. Always go back to your budget list so that you would know when to cut back. It is a very freeing feeling if no collecting agency is behind your back and always disturbing your peace. ![]() Establish a starter fund and stick to a realistic budget. Stop getting into debt just to fund your lifestyle. Make a conscious effort to get out of debt. By avoiding alcohol, smoking and eating unhealthy foods, you not only save but also become healthier. You can start by creating a savings account or investing your money through investment trust funds.Īlso, consider living a healthier lifestyle. Don’t take for granted any amount of money you have.īe aggressive and disciplined when it comes to saving. Even the coins you pick up on the streets, go ahead and save it. Decide on your priorities and keep a track of your short and long-term goals. This tool could warn you on overspending and can take you to the next step, saving your money. Also, this will outline if your expenses are measuring up to your total income. Always make a list of your income and deduct your total expenses.This will make you aware of how you handle your money. Consider going through bank statements, receipts, credit card statements. On the other column, write down all expenses, every penny that you spend on. Write down on one column all income in every source. That said, we should be establishing a method on how we use money wisely and responsibly so that we can be good stewards as we should be.įold a sheet of paper into two columns.
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