5 rules to money management
How to make money management decisions for a lifetime
Learn money management decisions as early as possible, and you will soon experience self-sufficiency, self-confidence, and high maturity levels.
If you want to make money follow five simple rules:
Rule 1: Put a ceiling on your desires
Restrain from impulse buying. Instead, wait a day or two and consider if you need it. Most often, a mirage allures us. Every time you stop yourself from indulging in spending, write the amount down. You will be surprised at how much you save at the end of each month. By the end of the year, you will have saved enough for rightful spending. People often complain that they do not have enough money to spend on what they would love – it is because they are throwing away their income on what is unimportant.
Rule 2: Try to save for many years
Each time you decide you want to spend, remember that it is your mind enticing you to give yourself temporary pleasure. The permanent pleasure of not spending unnecessarily is far greater. You will feel on top of the world at the end of each year, knowing you have saved. Do not look at how much money you are collecting, just stop yourself from spending – in everything that is not needed. Watch out for your real needs. Give importance to what is essential.
Rule 3: Try to be as self-sufficient as possible
Here is a significant saving. Most often we delegate work to others, spending extra income to support our luxuries. However, if we create a new habit of doing our chores, we would not only be saving a considerable chunk of money, but we will also tend to stay healthier as our life will be full of activity and body fit habits. This new trend, in turn, will keep our minds sharp and our soul cleaner and lighter for new adventures. A key to youth.
Rule 4: Do not get trapped by other people’s demands or desires.
Most people have a hard time saying NO to the people that control them. They are incapable of following their conscience because of fear. This habit is a significant obstacle to their freedom. And, when it comes to money management, they are other people´s puppets– especially if the one that controls them is their spouse. Be strong and do not allow others to rule your money. Be in charge of it as you are in charge of your life.
Rule 5: Keep a piggy box and add cash to it every day if possible
Think of it as another of your daily expenditures, but this one will be of savings – used later as needed. You will be surprised by the considerable amount of savings it will generate.
Money Management is key
Many people say they do not care about money. We all know that is not true. Living, eating, sending children to school, dining out, traveling, …all require money. So how can it not be important? Consciously it might not be, but we are all subconsciously educated to earn money since birth.
Find your money blueprint and make it work for you.
In Search of the Absolute Truth
Bindu Dadlani @bindupowercoach
Bindu Dadlani is a Power Coach with Conscience who unleashes unlimited potential to transform your goals into a unique magical reality. To receive an email when she posts an article, click here.
We will set an inverted pyramid of needs where your most important one will mark your expenditures. These sessions help you break free from addictions that are blocking your way to financial freedom.