Mad Mad
Money
The ideal situation however would be for us to have control over our money. Learning to manage money so that we do not fall under its control becomes highly important. Let us look at some ways we can do this.
BEING CLEAR ABOUT THE INCOME
The first and foremost requisite to have your money under your control is to clearly understand your income. You may be depending upon a single income or multiple income streams on a periodical basis. A clear understanding about the quantum of your income, its source and its availability time period will bring the due seriousness in you. The resultant attitude will be to exercise control over your expenses.
BUDGETING HELPS A LOT
Preparing a budget month on month can be the next logical step towards bringing your money under your control. Particularly after you have listed out your income, listing out your expenses is essential. For all you know, you may not get a hold of the expenses right on the first month. Many a times, a comparative look at the various expense heads tends to give a clearer picture. Make it a habit to maintain the expenses list which will automatically help you to ascertain the areas which drag your money away from you unnecessarily. The end of the comparative analyses acts as the beginning of the healthy budgeting process
APPLY PRUDENCE IN AVAILING CREDIT FACILITIES
Remember, while debit cards help us use our own money, Credit Cards make us spend someone else’ s money. If this understanding is deep rooted in the mind, we will start using our Credit Cards sparingly and more so in a wise manner. Credit Cards help us buy whatever we want without hesitation. However, it is we who have to pay for the same when the payment is due. It is unwise to use the credit limit just because it has not been exhausted. Think if what you are purchasing through your credit card is a necessity or luxury which will delay your decision by a few minutes, distracting you from the final purchase decision.
PLANNING FOR THE NON- MONTHLY COMMITMENTS
One of the aspects that make many of us fall apart from our regular life is the unanticipated expenses that are irregular in nature. It is always easy to plan the monthly expenses since they are recurring in nature. Non-recurring expenses like travel due to emergency situations or Medical emergencies play a major havoc on our control over our finance. These are just a couple of situations that brings us under the control of money and there may be more. We can take control of our money if we plan for such contingencies in a well thought about manner. Living a hand to mouth existence is typically something that none of us want to experience. However, this is the manner in which most of us live simply due to lack of planning. If we live a life depending on the pay check every month, it means money is managing us from all possible directions. A little bit of planning and budgeting will change your life in a dramatic manner. Learn to manage your money or your money will manage you.
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