The Key Lies in Managing Your Money Wisely

As we keep on sinking more and more into our debts and monetary concerns, even the debt relief companies with their various debt consolidation, debt settlement and debt management options are falling short of debt remedies. It is like getting locked in a room which has caught fire and having difficulty in locating the right key out of a bunch of dozens, to open the door. Well, imagining the situation may help in focusing on the most apt and handy option wherein the key to all cash crunches lies. The art of wisely managing our money does actually solve numerous financial downturns in our life. First of all, set an amount aside in order to pay yourself first which should be deposited in your personal savings account, which can be considered as the first healthy step towards managing your money. The task then starts from setting wise and realistic short and long term financial goals for now and your later life. These generally provide enough motivation and encouragement for achieving financial strength and success. Next it is most significant to understand the difference between needs and wants, followed by prioritizing each requirement according to its importance in life and survival.

This is a vital step that determines the person’s sensibility and maturity in managing one’s money, desires and debts. Needs regarding housing, mortgage, rent, food, clothing, transportation and medical aid should be of top priority. Next, one should have an honest knowledge about what and how much amount to spend to acquire the things of significance apart from having a clear knowledge about how much amount is being paid for vital needs and utilities in each month. Make sure to have information about the total household income and the total household expense along with the difference between the two amounts. Make an estimation of amount spent for clothing, furnishing and other aspects and list all payments and contributions you make each month, as well as keep a track of what you spend on food, recreation and other items for a week. Create a budget and a spending plan and remember to use credit facility only for your financial advantage. It is advisable to make down payments in credit or to pay back as soon as possible. Lastly, don’t forget to keep the financial records which acts as a storekeeper of all your financial data and facts with proper evidences and information.

Cut Your Expenses On Hobbies!

Hobbies have always played a wonderful and sometimes strange role in our life. Since childhood till today we spend a lot of time, energy and money to find pleasure from our leisure time. It is something that defines a strong part of our character and attitude towards life and its aspects. The possibilities to fill out the free time is endless, one just has to make a beneficial choice out of it. When we have nothing else to do, our hobby keep us from sinking into boredom, but the trouble starts when these hobbies take the shape of addictive obsessions and drowns us in unnecessary monetary crunches. As the saying goes that “too much of anything is harmful”, so is our unnatural drive and craving to chase our pleasurable pastime on the expense of our or our parents’ hard earned money.

It is fine when you find someone with a healthy hobby of reading books, or writing blogs or listening to music or playing video games, until you come to know that these hobbies make a person shell out an unnecessary amount of money to persist them. Funnier would be those people, who do not mind spending a fortune for regular expensive hobbies like scuba diving, recreational flying, mountaineering, yachting, expensive shopping spree, trying out top-class restaurants or clubbing. 

It looks pretty insensible to spend money just to pursue a flashy yet hollow set of hobbies, that too in the current phase of economic slowdown. Hobbies or any other recreational activities are considerably helpful in building creativity and productivity in a person, but one should not take this for granted to a limit of extravagance which fulfills no real purpose of character building.

Few Irresistible Money Saving Tips

Holding on money is becoming as tough as holding on a grip of sand in your palm. The difficulty one faces to save money by overlooking all temptations is quite understandable. Saving some bucks for your precious future is always a welcoming idea to avoid the pangs of debts in present financial hard times, however farfetched it may sound to today’s youth. Thus after a lot of observation, experiences and experiments, I am disclosing few undeniable money saving tips, that will not only make you financially more disciplined but would also teach you to curb your greedy materialist cravings.


     Check your extravagant attitude and eliminate your bad spending habits along with the tendency to compare, contrast and exhibit your material possessions with your fake friends. If possible stay alone or with few good friends, to avoid crowd around you that expect your financial support in lieu of their hollow expressions.

     Get rid of your impulsive buying nature. Ward off your fancies and addiction towards expensive branded outfits and accessories; instead go for street-shops that give away the same stuffs in lesser price. After all you do not show off the price tags while using them.

     Resist your unnecessary cravings to dine or eat in expensive restaurants, rather enjoy the process of experimental cooking and eating together with your loved ones, in the close comfort of your home. This does not only save your hard earned penny but also your health and hygiene.

     Stop buying books, CDs and DVDs. Cultivate the habit of taking help of your nearby local library which is always a cheaper means to indulge yourself, without hampering the quality of knowledge or entertainment.

And if everything that is written above fails, then be a monk , sell your belongings to enjoy a peaceful and meditated life , as this can be the most desirable outcome after being hit by debt.