By: Gemma Lagasca
Taking care of your finances by not going overboard with spending will keep you safe from stresses. Financial crisis is evident in the world today. Simple living and proper management are crucial to be financially stable. Beware of the bad habits to protect yourself from one of the major causes of diseases – to be able to nurture your health, sanity and well-being without paying a single penny:
- Sleeplessness due to too much thinking on how to earn more money and how to spend it can drain you out. Not knowing where to get money to meet your monthly dues will not give you peace of mind. Lack of sleep can lead to mood swings, irritability and sickness. You are most likely to experience anxieties, frustrations and depressions if you have lots of debts. Never allow this to happen by not indulging into a luxurious lifestyle at the slightest increase of salary or profit – since the economy is fluctuating.
- Binge-eating, drinking too much alcohol and smoking to make yourself feel good when bothered financially will only make your situation worst. They willnot only gradually tear your life apart but will also make your future miserable.
- Saving on health check-ups is a sign of being desperate with money. Unfortunately,this will even make a small problem becomes bigger. Undetected conditions may lead to serious diseases. You can lose every penny you’ve got and your life if you take your health for granted.
Here’s what you should be doing:
- Live simply. Set your mind to live within your limit. Living this way doesn’t have to be sad and dull. If you are always considering your financial capacity, you can think of some simple things that will make you and your family happy without splurging money you don’t have. Appreciating the small things in life is the key to a stress-free life.
- Create a monthly budget diary. It is important to have a record of your fix monthly needs to do the actual budgeting. List down all your basic necessities and do your own math. This way, you can easily determine where the money goes.
- Save first before spending. Once you have received your pay check, go directly to your bank and save at least a portion of it. Deposit 10% of your earnings every month into your savings account and at least 1% for emergency fund. This method is very effective in securing your future and in protecting yourself in times of emergency. What’s left with money on hand will go to the expenses for your daily living like basic necessities, allowances and bills.
- Save for your retirement plan. A good retirement plan will make you live comfortably during your golden years. The earlier you save, the better. The advantage of getting interests from your accumulated savings annually is the possibility of creating wealth in the future. When you retire, your needs will be supported by your own investments.
- Avoid debts. Having debts is a clear indication that you are not living within your financial capacity. Use cash every time you purchase to alarm you of your limits. Keep track of your cash-flow status by not using credit cards.
The ailing economy is enough reason for us to be conscious of our financial situation. There’s really no need to spend for extravagant recreations to be relaxed. You can actually afford to have a worry-free life by being wise with money. Save, be aware of the things around you and cherish your relationships.
Image Source: Money