Easy Steps to Help you Manage Your Personal Finances More Efficiently

Debit alerts are the most depressing things ever! It takes a truckload of discipline to live a financially responsible life. This entails living within your means and not spending more money than you make.For most people, it’s a lot easier said than done. Using loans schemes and credit facilities allows you buy more than your income will allow. This kind of lifestyle isn't sustainable and at some point, your debt will become too large to pay.When that happens, you’ll be forced to make some very hard financial decisions.Here are some ways to help you live within your financial means:1. Don’t mince words about how much you make. If you want to live within your means, you have to know what “means” you are living within exactly.2. Spend less money than you make. Once you know how much you make, you can then focus on reducing your spend to fit your income.3. Don’t try to keep up with other people’s lives. Resist the societal pressure to have the same material things as the people around you.4. Save up for purchases. If you calculate the interest rates on some of these items in the long run, most times you will see that you are paying almost twice the amount you would pay if you were paying for it instantly. Instead of paying for these purchases on credit, put aside some money each month until you’ve saved up enough to buy it outright.5. Separate your wants and needs. When it comes to shopping, knowing the difference between a want and a need will help keep you out of debt.6. Keep an emergency fund. If you don’t have three to six months of expenses saved up, start saving now. When something goes wrong, and it will, you won’t have to reach to borrow from friends or family (who may not have to spare) or take out a loan to pay for it.7. Don’t deprive yourself. Living within your means is not deprivation! Having dinner at home with friends instead of paying N5, 000 each at a restaurant does not negatively impact your life. You can live within your means and still enjoy life. You just have to think about what you really enjoy and then find a way to get it for less.It all starts with making one responsible financial decision each day. Baby steps JIt’s never too late to make that decision concerning your financial future.Don’t just spend it, invest it!