1) Those who are in middle class and - of course low class experienced insufficient notes every months. I myself unexcused from that due to many commitments I shouldered. I believe that those who are wise in financial planning also sometimes slid to budget deficits.
2) Yes, we should spend our notes as what we have and don't over-spent until we have to lend from others to fulfil our demands. Then, were we satisfied of what we have for all these while in term of demands? We want to experience to go to holiday or shopping but due to insufficient, we sacrificed and take a stand to stay at home at all times. How boring our life are? I noticed, the surrounding supplies are in line with current lifestyles that made us want more and more. I always think that, we can't live under-budget. We must get financial freedom. When we want something, we afford them as well without calculate deficits we have.
3) In term of spending our notes, I don't say that all what we want, we must get them. I mean, the current lifestyle need us to have a car, to go shopping groceries, to eat at the restaurants sometimes and so on. We want to experience all those lifestyle but due to insufficient, we put them aside. I don't think we satisfied of our lives. For my previous post, I once mentioned about wants and needs but sometimes wants also should be brought for consideration. For example, we want to eat at Arabic Restaurant but we don't have cash in hand. How spoil/ruin our intention if that happen.
4) My thought was to have a credit card is good - because I believe discipline make everything goes well. Unfortunately, I failed to manage my expenses then I stuck in debt. I was in budget deficits when my cash flow-in minus with expenses I did every months. What must I do?
5) After I did some reflections evaluate myself; I found that the best ways are to +restructuring my debts, +generate passive incomes, +Discipline in credit card usage. These three saved me from continuously in financial problem.
I) No matter how condition are we in term of financial planning- bad, worse or even the worst. We have to restructure our debts as well.How to do that? Pay off the debts we afford and be clear that every months there must be a certain allocation to pay our monthly commitment. What I want to stress here is, pay off what we afford. For example we have debt in certain amount and we afford to settle it. Just do it! Don't think the money you could clear that debt is turning for shopping or something else. Do what is the priority then followed by other wants. I'm trying to practice this such method but first of all we must have SURPLUS, if deficit; forget it! The money also is for our needs and don't we ever neglect.
II) How to have SURPLUS? Good question. The answer is we must generate income as much as we can. I'm moving to this such method. My choice is to be a tutor. I did before and I think I have to restart because if there's no surplus how are we going to restructure our debts. This is very important and we must act now. We are considered the worst in term of financial if our cash in-hand less than 50% from our actual income. I think many of us gone to the worst financial habit. In coming 2015, we start again and we get more cash as much as possible.
III) Today every young people is unexcused to own credit cards. This habit will slide to budget deficit if we have no discipline on it. We would always over-use the amount contrasting with our actual income received monthly. How terrible are we. That's why, discipline play vey important role in this part. I once gone astray one time before, I have to restart everything new by limiting my monthly budget so that the amount used is affordable to be paid off. The limitation is for the sake of our happy lives.
6) Last but not least, set to our mind; money should be our eternal slave and we don't chase after the money then we'd turn to be the slave of them. The best practice is our discipline on managing all the notes we owned. Happy New Year 2015!!
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