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How to be a financial genius?

 

By GINA DE VENECIA

 

DEAR Manay Gina,

I and my husband are always short of cash and do not have any savings.

We are now past 30-years-old, and Ifeel embarrassed when Iam consistently short of cash. Idon’t think we spend our money foolishly because the majority of it goes to bills. In addition, our debts are also accumulating.

What troubles me the most is that we have a growing child. Iresent these people for having these children without being able to give them everything they will need. But now, I find myself in a similar situation. What should Ido?

Lorelie

 

Dear Lorelie,

It is tough for kids to grow up in a household where the parents are stressed. What you should do is continue looking for resources that might be helpful.

One common sense approach to reduce debt is to make a list of all debts and pay off the smallest amount of debt first. Having an early modest victory can inspire you to build on their success.

Now, to save money, you need to make a record of your expenses to know how much you are spending. Once you begin to plan your spending, you will gain control over it. Then, decide on your priorities, and make a budget. Lastly, hard as it is, try to set aside a certain amount of money each month for your savings.

Most of us are not financial geniuses, so soliciting the help of an expert may help. I strongly suggest consulting an accountant, or financial counselor, about spending and saving within your income. Even the assistant manager at your local bank can help or can point you in the right direction.

Worrying does not bring results. You have to do what it takes to change things. Going to an expert who can advise you accordingly will take a big load off your mind. Follow his or her advice and you’ll be on your way to greater financial stability.

With affection,

Manay Gina

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“Money should be mastered, not served.” – Syrus, Maxims

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