5 EFFECTIVE WAYS OF CONTROLLING MONEY

Managing money is a problem to you? You wish to know how you can stay in control of your money so that you can accumulate enough to do more productive activities. This post will take your through five (5) best ways of controlling yourself so that you control money.

Don’t buy it unless it is necessary to do so: 

Even if you think you have lots of money to throw away, you have to remember your needs and wants are unlimited.

Therefore, use your money wisely only on things that are necessary to buy.

Keep your money if something is not necessary, don’t buy it. Your needs will continue to come so you will use your money to pay for the coming future needs.

Necessity of something is a relative term, what is necessary to you may not be necessary to someone else. All in all, you must remember to measure the necessity of something based on the benefits it brings to you not only in the short run but also in the long run.

This point doesn’t exclude spending on entertainment, because having fun is also  necessary, however, if  having fun cause problems like financial difficulties and health problems, may be that isn't necessary.

Stop tying your money, let money flow: Buying things that you don’t need as well as keeping things that you don’t really need may be a bad behaviour. You should instead invest your money.

For example, check the clothes, shoes, home utensils, other fixed assets that you don’t really need, they may be a source of income for you!

Many people have old stuff that they no longer use such as books or equipment, instead of having such stuff hang around at home with no real money benefits, you may turn them into money.

Think production, not consumption: 
Allow yourself to be a production minded person, not consumption minded person. 
Whenever you have your incomes think first of productive uses your money could perform- the uses that could bring revenue to you. 
Even if you think your income is small to invest, save that  small amount so that it becomes large enough to help you invest.

Do window shopping:   

It is a wise behaviour to compare different suppliers before you purchase an item. 
You can also read product reviews which provide you with experience other people have felt with the item you want to buy. 
Some customers are also using social networks such as Facebook to ask for recommendations from friends. The aim of doing the window shopping is to ensure yourself that you buy something that has value for your money.

Stop playing a hero:  

Yes, helping other people financially is a good thing, but you shouldn’t do it recklessly to put yourself into financial problem because it doesn’t make sense to do so. 

Think this way, you are helping someone because that person is in financial problem, so you know to be in a financial problem is a bad thing, it hurts, but why you play a hero to put yourself into the same problem?

Another good way of not playing a hero is to help people help themselves instead of you being there for them every time they need something. 

If possible think of something that you can do to support someone so that he or she can continue to make his or her own money, even if the result may not be seen in the short run, you know that in the long run the person will be able to support him or herself.

Photo in this post is from: ipadwallpaper.net