Why is it so hard to manage money? Where did all that money you had in your wallet just a day ago go now? Why is the first week of a month a breeze and the last week a sneeze? (silly, but it still rhymes) ... Do all these questions trouble you often? Wish you had a magic money management method? Welcome aboard!
I came across this idea which would change my life forever. It could help you too. In fact it could help you in various aspects of your life other than money management. It is relatively an uncommon trait that goes with a common name, 'common sense'. That's right! I know, we realize this every month as soon as we know we are broke and forget it as soon as our wallets get replenished.
Since my present financial state is close to that of a child ( not that of any child prodigy. I refer to the kids in the streets) it is high time I put some tips to practice. I have made note of them and I thought it might be useful to you too.
My Tips:
1) Learn to say NO
We've heard this too many times. But still it isn't easy. I don't mean saying No to friends. That's easy when you are broke. A solid No comes right out of your mouth even before your friend asks for anything. Say No to yourself when your crazy friend comes up with an awesome business plan that could make you a millionaire in a month. If it sounds too good to be true, IT IS NOT !
2) Be smart, but not a smart ass!
Counting chickens before they hatch might have worked for that Bentley driving, crazy glasses wearing Arindam Chaudry. But trust me, being a little skeptic never hurts. You might not make it big being skeptic, but you'd still have money to pay your rent. Experiment only on the money you afford to blow up.
3) Prioritize, prioritize, prioritize!
Wish I could stress this point even further. Making a budget is a logical thing that most adults do, but they tend to whine over things that have already happened. Make a list of things that you need to pay up ever month/ year (bills and stuff). Consider this sum of money is not yours. You have no right to spend it on yourself or others.
4) Lend only to the considerate friend
Friends can be of great help at hard times. But they can be such a pain in the pajamas too! Rank your friends on the basis of trustworthiness (Not on facebook!). Not every friend you lend money to would pay you back in time. Never lend money to your 'new' friend. If you knew your friend too well, you'd know if he/she is really in need of money.
To be on the safer side, lend only to friends smaller than your size. It is a lot easier to reason with them when you need your money back.
5) Reward yourself
Practice rewarding yourself for little things you have achieved. This practice can curb 'impulse buying'. Next time you are tempted to get that classy watch promise yourself that you'd get it if you really deserve it. (Conditions apply. Watch may not be beyond the monthly budget and it shall never belong to someone else!). And if you have fulfilled your requirement to buy it, do buy it. Make sure you don't find excuses for why you can avoid it now ( This keeps the economy going).
6) Get some exercise
This might sound off topic, but it really isn't. Now I don't mean getting enrolled with the most expensive gym with promises of losing 10 kilos in a month. Learn some stuff about keeping fit. A little exercise keeps your mind fresh and your diet becomes alot cheaper too.
Imagine all the money you can save if you just said No to junk food! Junk food is really not worth the money put in. It is like pornography. It makes you feel great for now. Then you keep cursing yourself at the mirror. In fact they both go hand in hand. Healthier mind needs a healthier body which needs healthier food. Now think about this for yourself.
A healthier you or a frustrated you? The choice is yours.
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