One of the main reasons that people become bankrupt is that they cannot control their spending habits. Many of them spend far more then they have. Credit car after credit card is maxed out and their salary is spent the minute it comes in. Bills are paid only sporadically and not entirely.

Going bankrupt is bad for your reputation. You credit report is no longer clean, and this makes it very difficult to get a loan or any kind of job. It can cause you to become stressed out and eventually depressed.

spendThe best way of managing your finances is, save more and don’t spend too much. If this is difficult for you, the tips below could be helpful to you:

Automated payments.

You could enroll as many due accounts as you can to your savings account or your current one. When they’re due to be paid, the amount will be automatically taken off your accounts. All you have to do is make sure you leave enough money on your bank.

Less leisure.

Most of the things you spend money on are not really essentials. Instead of eating at a restaurant and spending a lot of money, you could cook a meal at your own home for much less. Instead of going to the movie theater you could wait until they come out on DVD, that way you can even keep the movies. Schedule as many errands as you can on one trip, this saves you money on gas or other forms of transport.

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Save your pennies.

Instead of throwing your pennies away or just leaving them somewhere you can save them up in a jar, drawer or even get a piggy bank. You might be surprised how quickly those pennies add up.

Teach Your Household To Be Saving.

You shouldn’t be the only one saving. You should teach your family and friends to be saving too. Children shouldn’t ask for large amounts of money for trivial things and partners can cut down on drinks with friends.

Change Your Thought Patterns.

Maybe you think you shouldn’t be tied to material things, so you waste them. Well you don’t have to be thinking about money or things all the time, but you should be thinking about the future and saving for harder times ahead.

Affirmations and subliminal messages are a good way to change your thought patterns. Whenever you feel like spending lot of money of something you don’t really need, you should repeat these lines:-

  • I must save for my future.
  • My future is up to me.
  • Money is important, I should take care of it.