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More Money , More Dept .. What can I do By Dayo

Money is something that affects all age groups from teenagers to adults.


Most times we are of the opinion that we are old enough now to make and manage our 'own money'. The so called money for most of us is our income, hard earned money!


Managing money means, stretching yourself which is the challenge. Most of us just wish we could keep spending and the supply never runs dry. To remain afloat especially in times like this a good understanding of yourself- emotions and tendencies which form your spending pattern is a tool you must master.

Below are few tips that have worked for me when it comes to managing my money, a few people have tried it and it worked for them too:

1.       Determine what is important to you:

           Over time I've come to know that when I have money in my pocket everything available is affordable, for instance all the        money that I have over the weekend always finishes and so many times I can't even remember what I bought.

 

2.       Draw up a plan/budget:

         This is something most of us don't like doing. We work for organizations that measure us against preset budget/targets. All we need to do is apply same into our personal lives. When I start a month without a money plan, the money finishes even before I'm ready to start spending!

 

3.       Don't have idle cash with you:

        This is quite straight forward, like the proverb ' The idle mind is the devil's workshop '  so is money,  ' idle money is' ..... You can fill in the gaps

 

4.       Put in place boundaries that help control your emotions:

          When we are emotionally down, some of us tend to ' treat'     ourselves better which is good, the only issue is the treat isn't  cheap! and most times it's not in our budget , fill in this need with other activities like reading, meeting people or something really productive.

 

5.       Investments:

       This is an area we are quite skeptical about because of the global meltdown. My advice is, avoid speculative markets! Your needs are directly proportional to your earnings. Needs measure up to your income, so make sure investments are instruments you use to fill the gap and not more expensive shirts, movies or holidays etc.


Remember having your own money is a GREAT thing, but it also means you have to make choices about how to use it.

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