The truth hurts, but the reality is that responsibly managing your personal finance is and can be a very difficult (if not the most challenging) thing you can ever hope to achieve, and it is little wonder then that so many people end up struggling and throwing in the towel. However, all it requires is patience and self-control. Once you manage to learn the basics and stick to them rigidly, you will be able to avoid any major issues that may arise.
What exactly do we mean when we say “managing personal finances?” First and foremost, you need to learn the skill of keeping your expenses to a minimum, and not squandering your precious income on counter-productive things such as credit card bills. Credit cards can often be more trouble than they are worth and so they should be considered with a considerable degree of caution. Whilst they provide short term benefits and freedom, they can be very damaging in the long term.
The next issue to try and be aware of is the value of actually saving a percentage of your money at the end of every month. This means that you will be less likely to spend that cash which is stored in your savings account and it also means that you have a financial safety net to cushion you if things get a little tough.
Having a good job with decent pay is another important factor as it means that you have a steady income and stability. By having a routine and structure, you will be able to control your spending even further, as you will be less inclined to spend money you do not have. By delaying purchases until payday, you will be able to reduce the temptation to fritter money on silly purchases.
By implementing and mastering the issues raised thus far, you will be on the way to having total control of your personal finance as well as your life.