7 ways to manage your finances

Managing finances can be way more fun if you share this responsibility with a reliable support system in your family- preferably your spouse. Follow these tips to ensure better planning of finances for a happier, stress-free life:

• Keep your spouse as a confidante: The first and most important activity when you start financial planning is to have a healthy discussion with your spouse. Unless you share your thoughts on your financial issues, he/she will not understand your problems, or be able to offer any help.
• Do not jump for loans: Loans are easily available these days, but don’t let that distract you. Small EMIs when clubbed together turn out to be of gargantuan liability. So, do not give in to easy traps by assuming them to be better solutions.
• Do not go overboard to please relatives: Is too much socializing and lavish family get-togethers eating away your savings? Find out workable alternatives by discussing it openly with your spouse.
• Prioritize expenses wisely: Watch out for expenses that need immediate attention than squandering money on luxury that can be taken care of later. Try making urgent payments first before giving into temptations.
• Try giving up on your vices: Believe it or not, a pack of cigarettes costs you more than what most people can afford to spend on a daily meal. And you will surely be saving a lot for the future health-related expenses you might incur as well.
• Sharing is the keyword: Your life partner will be more than happy to share your stress and worries. Give it a try. You may land upon alternative solutions to problems related to financial planning.
• Do not spoil your kids: It is really important to teach kids about spending wisely. You need to check on them and counsel your children to make sure that they do not squander away your money for unnecessary things.

The key phrases to managing finance is ‘talk, share, and save’. You may get a better perspective or change your focus altogether and these may pay off in a big way in the future.