Whether we like it or not, difficult times lie ahead of us. The most natural and sensible reaction to difficult times is for people to spend lesser and save more.
Basically, it is always wise to live within one’s means. The temptation to spend more than one can honestly afford has become stronger even now. The availability of credit cards and easy loans as well as sophisticated approaches advertising and marketing have devised are a very strong temptation for people to spend more than what they can afford. Having debts is always a strain even on family relationships. It is a lot better for people to avoid incurring debts.
Consequently, wage earners have to go out of their way to learn how to budget their incomes. This comes easier to people who have regular earnings. All they have to do is to plan their expenses according to their earnings. This comes easier for people who have access to computers because a good number of computer programs already provide the basic frameworks for this budgeting activity. A little imagination and the willingness to monitor one’s expenses will bring the salary earner a better way of controlling the movement of his money.
Adequate control of one’s money brings about other payoffs like remaining serene even during difficult times and avoiding the unnecessary stress that comes with not having money when one needs it most.
One principle to follow when spending is to clearly distinguish which things are basic necessities and which are extras. Basic necessities cover food, clothing, housing, transportation, electricity, water, medicines, etc. Extras would include those things that we can easily forego for the better times. This would include entertainment, leisure trips, and whatever else that we do not really need for the moment.
Budgeting one’s earnings makes it easier as well as for one to save some of his earnings. Having some money set aside always provides some degree of serenity.
For those who already have savings, it is wiser for them to find ways of making their savings earn better. Instead of keeping one’s money in a savings deposit that earns lesser, it is better for one to put his/her money in time deposits that usually earn more.
Some of those having extra money are tempted into offering personal loans. This is also way of making extra money however, one should consider that it is always immoral for one to take advantage of other people’s financial straits by charging dishonest interests.
We just hope that this downturn in the economy will not last long. Meanwhile, however, we will have to tighten our belts and devise other means to meet the difficult times.
Basically, it is always wise to live within one’s means. The temptation to spend more than one can honestly afford has become stronger even now. The availability of credit cards and easy loans as well as sophisticated approaches advertising and marketing have devised are a very strong temptation for people to spend more than what they can afford. Having debts is always a strain even on family relationships. It is a lot better for people to avoid incurring debts.
Consequently, wage earners have to go out of their way to learn how to budget their incomes. This comes easier to people who have regular earnings. All they have to do is to plan their expenses according to their earnings. This comes easier for people who have access to computers because a good number of computer programs already provide the basic frameworks for this budgeting activity. A little imagination and the willingness to monitor one’s expenses will bring the salary earner a better way of controlling the movement of his money.
Adequate control of one’s money brings about other payoffs like remaining serene even during difficult times and avoiding the unnecessary stress that comes with not having money when one needs it most.
One principle to follow when spending is to clearly distinguish which things are basic necessities and which are extras. Basic necessities cover food, clothing, housing, transportation, electricity, water, medicines, etc. Extras would include those things that we can easily forego for the better times. This would include entertainment, leisure trips, and whatever else that we do not really need for the moment.
Budgeting one’s earnings makes it easier as well as for one to save some of his earnings. Having some money set aside always provides some degree of serenity.
For those who already have savings, it is wiser for them to find ways of making their savings earn better. Instead of keeping one’s money in a savings deposit that earns lesser, it is better for one to put his/her money in time deposits that usually earn more.
Some of those having extra money are tempted into offering personal loans. This is also way of making extra money however, one should consider that it is always immoral for one to take advantage of other people’s financial straits by charging dishonest interests.
We just hope that this downturn in the economy will not last long. Meanwhile, however, we will have to tighten our belts and devise other means to meet the difficult times.
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