MANAGING MY FINANCES (LOH134)

1️⃣ Some individuals are excellent planners when it comes to money matters. Others are not. If you are financially secure, how and when did you become so? If not, how do you plan to become secure in your finances?

The importance of money can never be overemphasized as money is required for day-to-day activities and when you don’t have enough money it can stress your whole life and you may feel ashamed or embarrassed that you can’t afford things that other people are able to buy easily.

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Most people believe money is not everything, I partly believe this as there are few things that even the wealthiest can't buy but it still doesn't mean we shouldn't be able to afford basic needs because I believe when you can afford that plus little savings for emergencies then you are financially secured to a certain degree.

Some people are indeed excellent planners even when they earn meagre salaries/wages, I think the key is all about planning, that means not buying on impulse. Then again,some people don't take things on credit because they want to but because they have to. Some stay in debt for their children or loved ones. The fact that some people even earn less than the minimum wage makes it much worse.

Some people have a Support system, others do not. Some people have families relying on that salary they get. In situations like that, I wouldn't say such persons would be financial secured. While for some, they only have one person to care for and that is "theirselves", people that falls in the latter category might be a bit secured finacially if they spend within the limit of their income.

I wouldn't say I am financially secured as I only earn enough to get by till the following month. I do however ensure that I stay out of debt, I hate owing money, so before the next payday, I would get a pen and paper and list out my expenses for the next month and in the end, I do have little or no money for emergencies. Hence, the reason why I said I am not financially secured. I am praying and working towards getting a better job that will increase my income so I could have money saved (either for emergencies or not). I am already used to not spending extravagantly, so even when I earn more than I used to, I would still plan on it.

All in all, I think people should spend within the range of their income,if you can't afford to get luxurious things at the moment,make do with the ones your money can afford so as not to be in debt.

Thank you all for reading.

This is my response to the question posed on LOH by @justclickindiva



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Bang, I did it again... I just rehived your post!
Week 156 of my contest just started...you can now check the winners of the previous week!
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I have exhausted my Emergency savings last year. It was a sizable expense but did not cover all the cost of fixing my home, but it spared me a lot of Interest expense and kept the size of the debt to a more manageable one. I still kept another smaller reserve of $2k CAD only for Medical emergencies. I have to start over but more important is that I am not over burdened.
❤️

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Well, it did work out in fixing some things and that is the most important part of it. We all have start over some things at some time.

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Hello @rukkie. I feel you are on the right track to becoming financially secure. Spending within your means is crucial when you do not earn over and above what you require. You advice is solid:

"All in all, I think people should spend within the range of their income,if you can't afford to get luxurious things at the moment, make do with the ones your money can afford so as not to be in debt."

Thanks so much for sharing your thoughts on being financially secure. Have a wonderful weekend.

!ALIVE

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Thank you for the wonderful topics and I am glad you liked my input.

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There was something I learned about money that still is difficult to accept. I learned that money doesn't exist! Can you believe that? Neither can I but apparently that is the secret that the wealthy have that we average people don't. Spending money is part of nature as we do need to live and eat. Hahaha. Well, keep doing what you're doing and in no timee, we may have some saved and maybe even invested!

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Neither can I but apparently that is the secret that the wealthy have that we average people don't. Spending money is part of nature as we do need to live and eat.

This is true though, spending is indeed part of nature because money begets money, there's no way to survive other than spending money too.

Thanks for visiting.

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