Transition of Thoughts

Weaving thoughts into words

Tag: Budgets

Why do we never have enough money?

Money

“I really need to start saving. By the middle of every month, my bank balance goes to zero” 

“My credit card always seems to be in negative balance. It’s a struggle to save any money in this city.” 

“Wow! I have sent so much in just a few days. The salary day is still more than 20 days away. I wonder how we will survive until then.” 

I am sure you all may have heard or exclaimed any of the above and more at different times of your life anywhere across the world. The cost of living in most of the big cities is definitely rising as the years pass by. Due to the economic slowdown in many parts of the planet, the salaries and the availability of jobs is surely not rising as fast. But is it still so difficult to save a ‘decent’ amount per month?

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Guest Post: 7 Debt Management Rules for Young Professionals

Debt-Management
Source: http://moneysavingplans.net/wp-content/uploads/2013/10/Debt-Management.jpg

For young professionals, debt is inescapable. That is, if you’re not careful with how you spend your money. Maybe you think, because you’re young, you have all the time in the world to save for the future. But the future isn’t often safe and convenient. There are always a lot of emergencies. Unexpected things often happen. Your sister or dog gets sick and you end up with hospital bills or pet clinic fees.

There are many things you can do to make sure this doesn’t happen to you. Here are seven of the most basic debt management rules you can follow to make sure you survive your twenties—debt-free:

1. Live within your means: This is perhaps the most obvious rule that many young professionals definitely consider easier said than done—especially if there’s a shoe sale coming up or another hot new gadget to be released in the next few months. If you’re serious about being debt-free, there is no going around it—either you spend less than what you earn or find yourself in debt for much of your life.

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