• Tuesday, 19 September 2017


    How often do you feel you don’t have enough money to spend?
    How often do you buy items you can’t really afford?
    How often do you buy something you don’t need just because it’s on sale?

    Does it seem that you never have quite enough money to spend? If you could get your hands on more money, you could buy that car you want. If your wages were higher, you could buy those shoes you "need".

    Rather than fret about the money you don’t have, why not learn to manage the money that does pass through your hands? You could wait until you leave home to learn how to manage money. But think, would you walk without learning how to crawl? True, a person might be able to figure it all out while hurtling to the earth. How much better, though, if he learned how to crawl before walking.

    Similarly, the best time for you to learn to manage money is while you are at home, before the harsh financial realities of life confronts you. "Money is for protection". But money will protect you only if you learn how to control your spending.
    Doing so will boost your confidence and will increase respect for you.


    Have you ever asked your parents explain what’s involved in maintaining your household? For instance, do you know how much it cost to provide light, heat, and water each month or how much it cost to run a car, buy food, or pay the rent? Remember, you help incur those bills--and if you leave home you will be the one who has to pay those bills. So you might as well know how big your bills are likely to be. Ask your parents if you can see some of the household bills, and listen closely as they explain how they budget for them.


    Admittedly, controlling your spending is easier in theory than in practice, especially if you live at home and receive an allowance or earn from a job. Why? Because your parents are likely paying most of the bills. So a large percent of your money will be available for you to spend at will. Wow spending money is such a fun.

    A problem may arise, though, if your peers pressure you into spending beyond reasonable limits.
    It’s natural for you to want to fit in with your friends. But ask yourself, 'Am I spending money with my friends because I can afford to or because I feel I have to?' Many people spend money in an attempt to boost their reputation with friends and associates. They try to impress other with what they have and not who they are. This tendency can cause real financial problems for you, especially if you own a credit card.
    How can you prevent this?


    Instead of maxing out your credit card or spending on your whole paycheck on one night out, why not try to plan ahead and calculate a limit of your spending. Take out only the amount which you need for the outing. And always go to shopping with those friends who are careful with their money and who always encourage you to shop around and not buy the first thing you see.
    Maybe you think you already have your money under control. But
    ask yourself: 'How much money did i spend during the past month? What did I spend it on?' Not sure?
    Here's how to take control of your spending before your spending takes control of you.

    1.   Keep record: For at least one month, record the amount of money you receive and the date you receive it. Describe each item you buy at the amount it costs. At the end of the month, add up the amount received and the amount spent.                                                                        
      2.   Make a budget: List how you plan to spend your money, create a chart for that according to the relative importance, use the entries in your record as a guide, spend only on each of the planned expenses. Also, record all unplanned spending.
                                                                   3.   Adjust your habits: If you're spending more than you anticipated on some items and are accumulating debt, adjust your spending habits. Stay in control

    Try keeping a balanced attitude. Money must never be put ahead of your studies, family, work and children, it can also be a useful servant if it’s used well.