Money vs. Emotions – Beginning of Financial Mess
October 1st, 2010 by Poonam KhatriIt’s often seen and observed that some of us base our financial decisions on emotions rather than facts, resulting the beginning of financial mess.
Money & financial decisions should be based on facts and should only have one aim, Financial well being. Hence, it is important that we must first start talking money and realize the required actions, which must be taken to avoid unreasonable spending.
Mentioned below are few steps you might take to avoid being in financial mess and can also help even if you are under debts and want to take financially correct information.
The first and most important step is to decide a budget and rigorously follow the same throughout the month. This will help you to prune any unreasonable spending. It is also equally important to start discussing money with your partner and help each other to figure out the spending, like weekly beauty treatments, night outs, and dinner in restaurant, membership in country clubs, which can be cut down or eradicated.
Financial compatibility between you and your partner is extremely important and vital ingredient for a safe and healthy relation and future.
One more step that needs to be taken is to start contributing towards your saving account monthly. In the times of increasing needs, savings is taking a back seat resulting in a pitfall the moment you loose your job, face an accident or can’t work for health issues, as you have nothing in your savings to supplement your income.
Financial mess can also occur by unrealistic approach towards money. Often individual help their parents / sibling even though they are themselves struggling to make ends meet. Please understand that, at times, it is important to say NO. Don’t base your decisions on your emotions as you are not only hurting yourselves financially but also hurting your loved ones, as you make them financial handicapped.
Other steps that can prove useful are to club or get insurance for life, illness, house, mortgage and other important things, club memberships for the complete family for discounts, use public transport and other things to cut down your spending.
It is vital to understand that your loans / credit cards are
services provided to you, which turn into debts because of bad
management and mixing money matters with emotions.
Contact us on 0800 135 7143, for a free assessment of your income and
expenditure. Our Advisors will be more than happy to provide a free
offer of payment and an array of suggestions best suited for your
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