Wednesday, February 22, 2012

Handling Financial Problems: Oh No! Where Did ALL My Money Go?

B-Boy stress

Oh no! Where did all my money go?

If you're saying this to yourself, that only means one thing: The way you handle funds have gone way out of control.

Amusing as that remark may be, I believe that it's not something that you would like to happen over and over in your life.

Why did this find its way in my trail of thoughts?

Well, I was chatting with a close friend of mine earlier. While our conversation started off with nostalgic anecdotal musings of Do-you-remember-that-time moments, our short talk soon focused heavily on handling  one's budget and the woes of trying to find ways to increase it.

She was in a financial bind. And my heart pinched in worry for her.

I could relate to her situation in a way - having been in a similar dilemma a few years back when I was renting a house at a provincial area.

It was the worst experience ever, but the hard lessons it carried were worth every painful step out of the problem.

I guess most lessons usually hit you hard in your face because that's the only way you're ever going to learn. And that's the only way you're going to grow - mentally and psychologically.

The Lessons?

Live Way Below Your Means
It's easy to spend. It's harder to save. And, for most people, it's totally harder to invest. But, let's focus on how you use your money to get by.

Sure, there's this great sale of the products you like to have. Do you go for that in a rush or do you curb the growing urge to make an impulsive purchase? If you chose the latter, congratulations! This means you have the discipline to curb your spending habits. I'm not saying you totally deprive yourself. I'm just saying that you must learn when and what to spend your money on. I learned this the hard way.

Find Other Sources of Income
Having one source of income is all right if you're merely living for yourself and don't have too many obligations or responsibilities to think of. However, no matter what your age is, it may be wiser to seek other forms of earning more as long as you're not stepping on someone's toes, shortchanging others, lying just to get what you want, or engaging in other devious ways.

Set Aside Funds
Save for a rainy day. So true! You may not know when you'll need that extra cash. So stash away some of your earnings. And keep 'em there. It may help if you segregate some funds for spending, saving, investing, and for emergencies. In that way, you won't bleed all your funds dry.

Handling financial problems takes time to learn. I know because I've gone through learning, implementing, failing to implement what I've learned, and starting all over again. The important thing is that you start again when you fall or make mistakes in adapting these preventive measures so you won't have to ask yourself the dreaded question regarding where all your funds went.

I'll see you next post! ;-)

~ ♥ ~

You may also want to read 
Money and Writing: Are You Struggling with Your Finances
Help, Finance Doctor! I'm ALMOST Broke!

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The Musings of a Hopeful Pecunious Wordsmith by SittieCates is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.