4 WAYS WE APPLY ACCOUNTING TO OUR DAILY LIVES

Accounting as it may be, is a very important aspect of our lives. Accounting is so essential that our daily life activities greatly depend on it. Interestingly, we often carry out activities in our daily lives related to accounting whether we realize it or not.

Accounting as a discipline, deals with recording of transactions of financial nature summarizing, analyzing and preparing the reports of the same. When we engage in day-to-day financial activities like budgeting, paying bills, saving and so on, we are clearly exercising some of the elements of accounting.

Accounting has been the part and parcel of our lives and has made enormous balance in our lives, especially in aspect of effective and efficient utilization of our time and resources. However, the study of accounting helps us in various aspects of life:

1.   Keeping track of our finances:

Everyone has expenses to incur, whether to spend money at a restaurant or pay for groceries. You cannot keep spending money on everything without even checking on your bank balance. By learning the basic process of recording, you can manage your own finances without any accountant's help.

2. Budgeting:

Budgeting of your monthly needs and wants is very important to run a household. Because, if you overspend, you are left with nothing in your bank account. For a healthy way of budgeting your finances, it is important to leave out some money for contingencies that may or may not arise and have some room for savings.

3.  Saving Money:

Accounting has made it clear the importance of saving money, as well as thrifting. Savings are the result of well-planned budgets and careful tracking of expenditures. It allows you have heads-up for next month against emergencies and unexpected expenses. By being able to save some money, you can be more assured that there is a smaller possibility of you having financial crises.

4. Reconciliation:

Most people like to know how much money they currently have, which means they check it on a regular basis to verify charges. This is to give insight of where their money is going and coming from. The study of accounting has made us understand this skill known as reconciliation.

You could be reconciling by using receipts or bank alerts to make sure that everything that cleared your bank account matches what you have for your spending.

 

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