Getting financial security is one of the factors of happy life. Not only financial burdens but also the ignorance of handling money wisely disturb the happiness of family life. By observing financial disciple financial security can be achieved and also it will give you the peace of mind. Let us go through some tips.
Never Spend Money Before You Have It
This proverb has got relevance even today. If you don’t want to spend more than your income first of all you should have a clear understanding about your income. It will help you to spend according to your income. Write down your income and expenditure regularly. For an employee who draws monthly salary his income will be somewhat steady. But expenditure may vary. Therefore writing down the expenditure every day will help to know about the purposes and ways of spending money. Study your expenditure at the end of every month. Check whether you spent money unnecessarily. If yes avoid it in the next month. Most of the people are reluctant to keep the record of their income and expenditure. Once you overcome the laziness for it gradually you will do it regularly.
Minimize The Use of Credit Card And EMI
Nowadays almost every bank promotes sanctioning loans. Similarly we get credit cards, personal loans and EMI easily. Take a loan only after ensuring that you can repay it. Use credit card wisely. Remember that even though credit cards help to purchase things easily once we fail to repay it by the time limit set by the bank things will go out of our control. It is a fact that for an average Keralite, purchasing a vehicle and building a house won’t be possible without EMI. However don’t take EMI which you can’t afford.
Lessen Borrowing And Lending Money
We borrow money from our friends in dire situations. But the enthusiasm for borrowing may not be there for repaying it. It may affect the cordial relationships and also the peace of mind. Try to repay the borrowed money in time. It is rather easy to borrow money. But when you fail to repay it fissures may occur in the friendships.
Keep Away From Luxuries
Most of the people wish to lead a luxurious life like that of his neighbour. For that they blindly imitate their affluent neighbour. As a result they may lose their financial security and ultimately plunge into a debt trap. Plan your expenditure according to your sources of income.
Dress of the new fashion, vehicle, modern house, ornaments etc. are things that allure everybody. But before going after them make sure that you can afford them.
Purchase Only The Essential
Advertisements and offers are attractive. But there are traps underneath them. Don’t purchase things that are not essential for you. Nobody will give you anything free. Remember that there is a selfish motif behind every attractive offer. Don’t spoil your life by running after it.
