Seven sure ways to manage money wisely

Honestly, things are tough thisdays.The sudden loss of employment or the lack of adequate fund for the basic needs of one’s family can lead to deep worry, anxiety and even feelings of frustration and hopelessness.

In difficult situations like this, you need not just more money but the wisdom to manage the little that you have. The book of Ecc.7:12 read “Wisdom is a shelter as money is a shelter, but the advantage of knowledge is this; that wisdom preserves the life of its possessor. Yes money can provide some protection but only godly wisdom can offer genuine security at all times.

How then can you cope with the harsh economic realities of this present moment? As you study and apply these seven sure principles, you will certain have a tremendous improvement in your finance.

1. Be Diligent

Develop the reputation of being an honest hardworker.Cut off every occasion for laziness and idleness. Set measurable and achievable goals for yourself. Each time you accomplish one, congratulate yourself and move ahead. Even if you are working for someone or an organization, put in your best effort.Infact see it as your personal business and be well committed to it.

2. Avoid the loss of money unnecessarily

I have noticed that so many people fail to collect their little balance after making some purchase. This is because they regard those tiny monies as being insignificant. For instance some after buying some litres of fuel will not ask for the five naira or ten naira balance. This is wrong. Most often those people you live these little amounts in their hands don’t even show appreciation. Someone suggested that if you take care of your penny your dollar will take care of itself. That five naira you ignored can save a life when you invest it in sachet water especially on a very sunny day.

3. Do not waste money on bad habits.

Your habits determine the outcome of your life. In other word your habits make or mar your personality. Such practices as gambling, womanizing, smoking drug and alcohol should be avoided at all cost. Before you know it any one of these harmful practices or those not mentioned here will drain your purse faster than you can imagine. Worst still you will lose your reputation and self esteem and eventually be reduced to nothing.

4. Check your use of cell phones and paid TV services

Examine the calls you make daily. Are they really important as you think? Why not use short message service (sms) where necessary and reduce your call rate. I suggest you talk less. Keep records of your weekly expenses on all calls. Again find alternative to your service provider if it will save you some money. If you subscribe to a pay TV service ,you can cut cost by switching to fewer channel s package.Honestly,you don’t even have enough time to watch all those hundred and something channels they are offering to you at such an exorbitant amount. You may have subscribed in the first instance to nurse your ego.

5. Pay attention to your bills

Pay your bills; be it water, electricity consumption or any other bill on time to avoid extra charges. Most often if you are disconnected for lack of payment it will attract huge amount of money for re-connection and after that you will still pay your outstanding bills. Turn off lights and appliances when they are not in use. If possible use low energy consumption devices and appliances in your home.

6. Identify what you need before buying

You will save yourself from unnecessary regrets and disappointments if you will always identify exactly what you need in any item before making a purchase. For instance when I bought my first digital camera I picked various models of digital cameras within the same range and studied their features, the advantages each had over the other. Why am I buying the particular model that I eventually selected? If you fail to carry out this kind of research, it won’t be long you will hate what you have spent your hard earned money on and you will be eventually looking for another one.

7. Learn contentment

The desire to have more has always been the major problems in the lives of so many people. Often it is difficult to distinguish between greed and normal desires as regard to what is essential in one’s life. In learning to be content first you learn to enjoy and appreciate the things you already have, making maximum use of them. One who lacks contentment will always be looking out for what is new and may likely be angry if a another person bought such item before him. Thus those who are content with what they have may be able to avoid becoming overly anxious, especially when the economy takes a downturn. So learn to live contentedly within your means.

Enjoy your success.