0 Save to spend

What do you think is the tougher of the two - earning money or spending money? If you are spending somebody else's money then I guess there is nothing like spending. But think about the money that you earned after toiling for a month or so??? Spending doesn't seem much fun now, does it? It is time you followed money management techniques then.

Actually I won't know because I haven't started earning solely for my family. All the same I guess I would be cautious about spending. Anyways we will discuss about the basic money management techniques that are suggested by experts out there. The first thing is to know your worth in total. How much do you earn in all??? You start your financial planning by finding the answer to that question. There are individuals out there who forget about how much they hold in their hand. That is when you slip and fall in a financial war. Try and accept the fact that you can afford only a 19 inch TV when a 40 inch flat screen is what you would like to have in your drawing room. Similarly you should be aware of what you can buy with the limited amount of cash in your hand. When you become a family man, a lot of thinking has to go into your budget. You not just have to spend the money correctly but also decide on places where you can avoid spending.

Money management is not about providing a solution for your present financial situation alone but also a chance to gear up for your future ventures. Savings are an essential part of life. The word savings says it all as it will be the only thing that can save you lest you have to face an emergency situation in the days to come. Some people take up insurance policies. They can act as the safety switch during the hard times. Insurance for property, health, life and many more are available nowadays. If you can't save enough money to take a policy then better put them in a bank account. There are loans available as well to get through those hard times. Be prepared for such times as well because availing a loan would require you to have a good credit score and decent bank balance.

To be aware of what the financial world is changing into is another important part of money management. We will have to adjust our financial plans with the changing times and trends. You don't have to go so hard on yourself when it comes to spending. Be sensible in your choices because as humans we are bound to have desires. But not all of them can be satisfied. You can prioritise them and get them one by one. Sometimes you go and spend big on something after saving money for a long time and next thing you know is that an emergency just knocked at your door, like a health problem or something. That is fate. You can't do anything about it. Accept them as they come and be brave enough to make decisions because only you know what is right for you.