Do you go short of money by the middle of the month? Does paying bills become difficult for you? If yes, then this is because you fail at managing your personal finances.

It’s true that many a times, we must have had tough time, in managing our personal finances. The main reason for this is that it has never been the topic of interest in our schools and colleges. So it really becomes hard to tackle things when we enter the real world. Managing our finances is nothing like rocket science, all you need to do is a little reading.

So here, I will discuss eight golden rules, which will help you to keep yourself on track and help you manage your finances.

Take control of yourself

At times, it may happen that there will be people around you, who will be trying to manage your finances. Most of the time, they have malicious intentions behind doing so. So, it would be better that you gain some knowledge on managing personal finances and then take control of yourself.

Attain self control

If you belong to a normal middle class family, it is for sure that, your parents must have tried to imbibe you with the virtue of self control. If you were good at it, then now attaining control on managing your finances can be easy for you. Credit cards can be an addictive thing. It makes us purchase all we want at once. So the best way to avoid that is to decide whether, do we really want to purchase that thing right now or can we wait till we save enough money. Even if you have got the habit to pay by credit card, make sure that you pay the bills completely, by the end of the month.

Learn to live in your budget

Many a times, the problem arises because we spend more than what we make. So, it is better to keep a track of our expenses and know, where the money goes. You can make necessary changes to spend less on the repetitive expenses and thus save money.

Save for the emergency

You never know when you are going to need some money urgently. So, it is better to save some for such situation. The important thing is to make it compulsory to save a part of money and tell yourself that you cannot compromise on that. In the beginning, it may be a tough job, but slowly you will realize that you have saved enough for more than an emergency.

Save for your retirement

You must have heard the saying that ‘little drops make the mighty ocean’. In the same way, start saving for your retirement from now. You can put the money in the savings account or invest it in some retirement plans, so that you have enough for the old age.

Learn to manage your tax

Yes, this is something you need to take care of. Most of the time it happens that, we spend large amount of money in a year on taxes. So, it is better to learn how to manage them. There are people who believe that increase in salary will eventually let them have more money. The truth is that you are left with paying more tax now. Therefore the only option is to work on various ways, to save your hard earned money and pay less tax.

Go for health insurance

Have you ever thought about how medical expenses can affect your monthly expenses? If not, then think about it now. The better idea is to opt for any medical insurance, and be tension free. Apart from that, you can stay healthy by eating good food, exercising daily, avoiding tobacco and alcohol, etc. as this will keep you away from reaching hospitals.

Find the right place to shop

Shopping for things are inevitable. So better start finding the right place, from where you can shop at the best price. Many places give out offers and sales from time to time, for the convenience of people. Then there are websites like Dealslands UK, which gives out discount vouchers, which you can use to get discounted rates on the products.

In today’s world, making money is easier rather than managing and saving them, for your future. So, it becomes necessary to learn the tips, which can help you to achieve that. It may take some efforts to do so, but trust me, you will be happy by the end result.


Author Bio:

Lowe Freya is working as a Community Manager at In her leisure time, she really likes to share her views and her trips to various places.