As a matter of personal rule, I shun money borrowing. I work hard, and I do not want any debt to put unnecessary emotional and financial burden on me. Yeah. You read it right. Debt is not only an annoying financial burden to bear, but an emotional one. You do not want to work harder just to pay-off your debts, don’t you? But I know a lot of young professionals who burn themselves, having two jobs at the same time, in order to pay for their debts. That is difficult. I do not want my pursuit of excellence in job to be motivated by that. You can avoid that predicament. How?
Simple. Here’s my practical approach to financial ‘wellness’ (allow me to use that term): First, live a simple lifestyle. I know that urban or city living can sometimes exert undue pressure to cope up with the Smiths’ and Joneses’ –don’t! Second, live within your income. Easy said, than done huh. Try harder. Third, save for future unforeseen expenses or emergencies. Lastly, if you cannot really avoid borrowing, then get ONLY a short-term payday loan that you deemed you could easily pay soonest with your next two paychecks. Low interest rates, fast, and convenient. But, this kind of borrowing should be done sparingly, ONLY WHEN YOU NEED IT it, NOT WANT it. Get the first three simple advises right, then you do not have to go through the last advise. Here’s to your financial ‘wellness’.
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Money Management 101
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