Take the Control of You Series: 7 : Take responsibility of your financial situation ..

I often listen that money is not everything that you need in your life. But I am sure money is not everything but it can pay your bills and dues and keep your life going. You can have all the philosophical principles of life but they can’t guarantee to pay your bill of electricity or top up your mobile to talk except on emergency number .I just want to ask simple question for you.

  • Do you control your Income or someone else control your income ?
  • Do you have ever established an emergency fund or alternate source of income ?
  • What happen if you have personal limitations or circumstances made you to earn less ?
  • Do you have a plan I place to build financial freedom in next 5 to 10 years ?
  • Have you taken steps toward starting that business you’ve always dreamed of owning?
  • What are you assets and liabilities? How they will grow in next 3 or 5 or in 10 years ?

First step you have to make is to make a small evaluation on two heads .Listed out all of the income sources and all of the possible expenses on current date.

Evaluate Your Income & Calculate Your Expenses

There are two methodologies either you can curtail the expenses and spend less on the thing hat you already spending or Expand your earnings by expanding your comfort zone and sailing in he zone of uncertainty and risk .Most of the cases grass on the other side is always growing .

All you need a common working sense which you already knows and you are practicing that over the years. Believe me you don’t require any expert consultant for this .You are the best who knows about your drain points and saving pots .You need to blend the best of above two approaches

Make sure you should pay Yourself and enjoy the money .The money you earn has no meaning if you dies tomorrow. You never Know whether you going to wake up in the next morning or not .

A few of the suggestions are

  • Best option is investing in yourself, train yourself to explore your horizon.
  • Don’t pay your bills late it will save unnecessary late fees or penalty charges by paying your bills on time.
  • Make of list of expenses that you made over a period of six months .Group them in routine and regular and fluctuating heads.
  • Try to pay your debts as quickly as possible and save money in interest over the long term.
  • Saving is important start with saving small and learns from internet how to do stat smart small investments.
  • Your must diversify your investments by reducing costs.
  • In case you need small fund ask from your friends and relatives it is kind of interest free ,But make sure you pay them before time and thank them it add to your personal credits and relations .
  • Create your emergency savings fund to ensure you have enough money in the event of a crisis or to help someone .You will get the help only of you help others.
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