Don't-just-follow-set-money-rules-on your-own

I have to write an article on evergreen money rules. But, right now I am clueless and empty headed.

Well, can you tell me who sets the money rules? From where you get those money rules? Forget it. Tell me, who worries about your financial life? The answer is “no one”. There is no one to help you even in your financial hardship. So, who cares the rules if they are set out there? The answer should be “no one”.

See, money is a personal topic.

You are earning; only you have the right to deal with it. Hence, you the only who can set your money rules.

In this piece, I am featuring some practical money management thoughts anyone can follow to get financial success in life.

1. Don't just save money, make more money

Only saving money is not enough. Finding opportunities for earning more is important. Ask yourself what amount did you make in the last quarter? Or, did you upgrade your financial skills for making more money? If no, then you'll be unable to save money in the future.

Price hiking is alarming. If you don't increase your income, you won't be able to save money in the long run.

So, find out some ways to make more money instead of saving every penny and living in misery.

2. Make thoughtful spending

You have to make expenses for living, but be thoughtful whenever spending money.

For example:

A) Buying a car: I think buying a used car is a wise decision instead of buying an expensive brand new one. Why? The answer is that a brand new car is not a worthy purchase. It loses the value within the first 2 years of buying. So, let others buy that expensive car and wait for the money depreciation. Don't worry about the longevity of the car; today's new technology cars can be reused for a longer time if rightly maintained.

B) Obtaining a huge car loan: This is certainly a wrong money decision. Why? The answer is same; wasting money for an asset that loses its value shortly is simply a mistake. If you have no option than taking out a loan for buying a car, then limit the loan life (usually 4 years). Make a big down payment (20%) and cap your monthly payment at 10% of your monthly income. Thus, you'll save on interest and build equity faster.

3. Young adults: Don't spend on drink for random ones

Asking for buying a drink has now become a statement introduction among young adults. Wrong! Wrong! Millennials are certainly not aware of the fact that having fun doesn't always cost a bang. You can have fun with a simple chat, while cycling with your buddies, and so on.

You can even date a person without blowing your saving on weekends. Find out ways on your own!

4. Save money wisely

Saving is tricky. Some people save a chunk of money in a month. But in the very next month, they spend that money on buying an item. Dear, you're not saving, you're making yourself a fool.

If you want to save, then be consistent on it. How?

Save a certain amount of money every week and invest it in a retirement account to earn interest. Keep saving for 30 years for a good result. If possible, continue doing years after years to save a lot of money.

5. Don't just live today, secure your future

You're earning a good amount, dating every weekend, buying expensive drinks for partners - everything is granted. But, what about your future? Did you think about marriage and parenting? Well. Let's ditch marriage and parenting. Did you think about the retirement days? If no, no one will help you if you’re in financial trouble, and you’d have to continue working until your death.

Why should you save for retirement?

You should have a source of income to pay for life when you're not working.

Retirement saving gives financial freedom.

You don't have to live with other's support just because you're unable to afford the cost of living. Retirement savings is necessary for maintaining the same lifestyle.
The cost of living is rising fast, so, you have to be prepared to afford the living cost to live a well-off life when you're not working.

Why should you save for your child's college?

If you remain unmarried, then fine. But if you get married mistakenly or have children, then you must think about the future college cost soon after the birth of the child. Student loan debts compel many retired parents to live a stressful life at their golden age. Many parents have even died with debts. Reasons are obvious; maybe they didn't save enough for their child's education or failed to manage the debts.

However, to balance both the retirement saving and child's education costs, you have to get in the habit of saving at least $25 or open a 529 savings plan for your child's higher education, besides considering 401 (k), Roth IRA and other savings.

Thus, you will never go broke at the age of 70.

6. Carrying a balance on credit cards means playing with fire

Don't mess with credit cards. Don't follow it, just mean it. Credit cards are enticing but a dangerous tool to destroy your financial life. If you don't manage it in a right way, it will cost you dearly.

Well, managing credit cards properly help you in many ways as well.

Just follow some clear rules

  • If you carry a balance, obtain a low-rate card to pay off the outstanding balance
  • Don't miss even a single payment
  • Check your credit report on a regular basis; if you find any mistake, take proper steps to get rid of them
  • Control your cards, don't let credit cards control you
  • If you always pay the outstanding balance in full, then take advantage of reward points to get its value

7. Negotiate, negotiate and negotiate

Negotiation is an art to get monetary benefits. At first, you have to learn how to negotiate properly and then apply the strategies everywhere.


  • Negotiate with the interviewer for a better salary.
  • If you think you're doing great at the job, then negotiate for a raise
  • Negotiate with the utility companies to lower the rates
  • Negotiate with the creditors and lenders for the better rate; build a good credit record to get the success
  • Negotiate with your partner to consider you with your debts
  • Negotiate with your spouse to divide the household costs

There are countless areas where you can negotiate to get benefits. However, you have to do it in a right way and master the skill after giving it numerous chances.

Finally, I would like to say, do whatever you want with your hard-earned money, but do it only after giving a second thought. Judge, calculate, decide and go ahead.

After all, it's your money!

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