How to manage your money smartly

5th Jul 2017
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Money is an interesting paradox. The more you try to get away from it, the more inescapable it becomes. The more you try to control it, the lesser it controls you. To sum it up, money is an efficient servant but a horrible master. Depending on how you look at it, money is also an indicator of position in society. If you have truckloads of money, people respect you and take you seriously. On the other hand, if you have very little or none at all, life becomes fairly difficult to survive. As times have evolved, money has become so powerful that it now goes a lot beyond simply satisfying our basic financial necessities. It affects our very sense of self as we begin to perceive ourselves as others perceive us depending upon our bank balance.

Image : shutterstock

Image : shutterstock

Several experts believe that money is inextricably connected with happiness. Now again, the definition of happiness differs from person to person. While some people find happiness in supporting themselves and their family and in ensuring there is food three times-a-day on the table, others feel the need to be able to buy expensive gadgets and cars to be happy. Basically, it boils down to this—if you can't buy the things that are bound to make you happy, you will never be satisfied with yourself. Contrary to popular belief, money can and does buy happiness.

It is for this reason that if you own a substantial amount of money, you need to invest it properly to gain maximum ROI. Poor money management has been connected with poor self-worth and low self-esteem. When you believe that you're not in control of your money, you are likely to feel like a slave to it. On the other hand, smart money management can have far-reaching positive consequences. Those who take charge of their finances and manage money well are known to be healthier and happier.

When it comes to the workplace, the above-mentioned facts about money remain relevant. When you have poor spending and saving habits, it's impossible to build the sort of healthy lifestyle that allows you to perform at the highest level. If you aren't investing properly, it often translates to living paycheck to paycheck. If you aren't financially secure, you will not only be under a tremendous amount of stress, but will also live in constant fear of a pay cut or getting laid off. This will hamper your career advancement.

The key to developing good financial habits is spending less than you earn. Also, it's important to know where your money is going. Small expenses might not seem like much at the time, but they add up quickly. Budget carefully and stick to your goals.

As you start developing good habits, you'll find stability in your life and you'll see it change for the better. Managing your money well will improve your peace of mind at work as well as at home.

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