Many of us seems to work very hard to make ends meet but no matter how hard we work, we always find ourselves in debt. This is because the society where we live in is consumption driven which will always encourage you to spend as much as you can till you drop – often spending money you do not have.
Live within your means. Living within your means is making sure your expenses do not exceed your income and that you are able to service the little debts and other financial obligations that you. Do not try to get rich overnight because you are likely to fail and you will become frustrated with life. Try to establish realistic financial goals. For example, if you are starting it in marriage, you and your partner should first discuss and set workable financial goals before marriage, otherwise you are likely not to make it through honeymoon before financial problems begin. Setting definite stated goals should be the basis on which you invest and use your money.
Without setting goals, you will be spending your money on impulse and you will miss out on the best opportunities to build wealth at the right time. Without goals, even anticipated expenses such as renewal of your car insurance, electricity and water bills, fee for college, maternity bill, etc., can become extreme problems such that you will need to ask your bank for an emergency loan. These emergency loans are not bad because if your wife has to go to maternity and you do not have the insurance or money for that, you have no other option for that other than to ask for that loan. But one should learn and practice good money management so that you do not find yourself in such a situation again.
Avoid Debt - Living within Your Means
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