Make your relation with money simple

We all hate being called materialistic, isn’t it? Well the reality is that everyone is materialistic, we love our money and we always want more and more of it. We feel better when we see a good bank balance, it relaxes us and we would never like to see the slightest dip in it. We all want a good financial condition by which we can enjoy our present, have a great future and also fall back for the rainy days.
It’s very necessary to know whether your relationship with money is healthy or not. When we have money we should make sure that we handle it pretty well because if we do not we will end up troubling ourselves in our lives at a later stage. Having such tempting things to spent on it surely becomes difficult to save money but keeping the below points in mind can help you manage your financial health in a better way.
Think before you spend
Luxuries are a great way of pampering yourself but before you get that luxury always ask yourself a question, can you afford it? If you introduce this luxury or indulge into an expensive shopping spree or get yourself that latest gadget wouldn’t it shake off the balance of your finances? If the answer is no make sure that you close that door.
Budget everything
Budgeting is the best practice to get awareness about your expenses and be alert when you cross the safety line and splurge onto that big expense. Making lists of your basic and mandatory monthly expenses like rent, travel, groceries, bills, EMI’s would give you a clarity of how much you are left with to spend.
Stay away from spending those savings
Savings are for the rainy days or for the next big thing in your list, do not keep your eye on it for fancy daily expenses. While you eye on your savings you put your financial strategy in danger. Make sure you put your savings in some good investment sectors like fixed deposits, share markets, start with SIP’s or mutual funds that will help you in achieving that big goal in life.
Start Planning
When you are young, you have more time to let your money grow. You will be having many responsibilities like buying your own house, taking care of your family, putting money into education of children and also keep a share of your earnings for your retirement. You might feel too young to think, plan and chalk out everything but it is very essential to understand your goals and invest in proper places as per them. Like for short term goals you might invest in the stock market whereas for goals like retirement planning you can add small chunks of your earnings in consistent mutual funds.
Let your money make you feel powerful
Once you are all sorted with proper budgeting, planning of ways to get returns for your timely goals in life, you are sure to have a good financial balance which shall keep you happy and relaxed as money will then always have your back.