You must save more and spend less for a stable and secure financial future for both you and your loved ones” Few of us may not have heard of this well meaning advice given to us by our elders. Yet hardly anyone tends to follow these ancient words of wisdom. Of course, we do tend to give casual lip service to it every now and than, but following this advice is not an easy task per se. That is not to say we don’t ‘try’ to do so every time we are in a jam.
The following few pointers may help launch you on the part to financial solvency.
· If you must use credit cards use the least expensive ones
When procuring a credit card for yourself, shop around first and see which one has the least interest rate. Always remember, that some cards may be more expensive than others since some banks may prove costlier than others depending on the basket of services they provide. Don’t ‘buy’ into the advertising hype but check tariff rates first before acquiring and using a credit card.
· Use credit cards to ‘save’ money
You may also check out the discounts available with your preferred choice of credit card and use the ones that offer you the most discounts. If you use the discounts available with your card to shop at your favourite outlets and pay within the month, you may actually save money even as you are spending it.
· Live a balanced life
Balance is crucial for just about any type of reasonably good lifestyle. From eating to sleeping to working, every thing you do must be in harmony with your inner self and be in balance,. The same holds true for your finances as well. It is always important to save at least some of your earnings every month for the proverbial ‘rainy day.’ The amount may not be very large to begin with, but you have to make sure that your savings are as consistent as they can be and the amount saved is done so month after month. Year after year. Over the years you would have a sizable nest egg that you may be able to invest and so be able to earn from your hard earned savings.
· Debs should be paid of with your earnings
It is always better to buy from your own earnings rather than though credit, but if you have done so, try and tighten your belt and restrict your monthly expenses and pay from your running cash rather than dipping into your savings. This way your ‘nest egg’ remains secure and you would be able to live a relatively stress free life since you would always have more money in your account while remaining debt free.