By Chinkee Tan
One of the major causes of stress is money. If we do not manage it well, it will lead into a life of stress and despair.
How would you know if you need help in managing your finances?
1. You constantly worry about your depleting bank balance
Does your bank account balance or savings grow over time? Or do you find it depleting or erratic?
If growing your money becomes challenging, you could be doing something wrong in the process or you might need to identify practices leading to this behavior of your money.
2. You worry your card will be declined almost all the time
When you don’t have the confidence that your credit card purchase will get through, chances are, you are mismanaging the use of your credit card.
You are supposed to be aware of your expense limit and if getting your card declined starts to worry you, this means that it isn’t managed well.
3. You are not saving
Having no savings is a sure sign that you need help in managing your finances.
It could be that you are mismanaging your money, thus, you do not have any left to save or the idea and importance of saving isn’t that clear to you, which is a confirmation that you need assistance in managing your finances.
4. Saving is your last priority. You only save what’s left
If this is your practice, then clearly you do not appreciate the importance of savings and managing your finances in general.
Saving needs to be a part of your budget, not an option that you can either take or leave.
5. You use your savings for your everyday purchases.
The ultimate reason why you save is for you to enjoy it in the future. When you use your savings for daily expenses, you are defeating its purpose.
6. You do not pay your credit card due in full.
Paying only the minimum payment required on your credit card bills? Uh-oh, this means disaster on your finances.
Imagine the interest fees and late fees when you do. This is surely a sign that you need financial management intervention.
7. You avail personal loans just to make purchases
Availing personal loans means additional payables. And if you use this loan for unnecessary purchases, your expenses with spike up which will leave you with more payables to catch up.
8. You spend more because you earn more
A person who truly understands the value of money does not increase his lifestyle and standards of spending when his earning increases.
Instead, he practices the principle of “living below your means” to give way to saving and achieving financial goals.
9. You don’t understand the investments you made
It is important that you understand where your money is so that you will know what to expect out of it. This is important especially when you have your financial roadmap set in place.
10. Your debt is stressing you out
Yet another clear indication that you need help in managing your finances is when you are stressed out by your debt.
Consider planning a strategy to pay off all your debts so you can start saving and budgeting your finances correctly.
If you can relate to the scenarios above, and you can’t seem to make everything about managing your finances work, it’s time to consider help in managing your finances.
Do you want and need help in managing your finances? Do you want to receive 10 books from me for FREE?
Check www.chinkeetan.com/moneykit.
