You may heard the word "saving" about and sometime your mom always freaking out if we touch the money in that saving fund or else. I loathe much if my mom start to yelled "Son, u know that saving account are totally hard-earned money from me, don't simply push it to the corner @ otherwise next month, NO ALLOWANCE" I bet in that time i could have such angelic mind ( last time,i was!!) NOT to break off the promise BUT i know i have no choice instead accepting it.It's not easy!! You need $$$ to live. If you don't, abnormal human you are!! Struggling under debt or want to save up for "waiting list of favourite items". Yeah, both of it represent dilemmas surrounded around us, (including me!!) but how to solve it?? Either you borrow money from friends or shark-loan (isn't it obvious options!! ) or money management, waiting for some period to fatten the piggy bank. So,The choices are yours.
The economic slowdown, credit crisis related and prices up everywhere always remind us that we must save up your $$$ but how?? The worst case scenario, either you might been trapped into the hole of debt untill you crazy enough or maybe you will start to think "yeah, it's time to take a new leap". Again, i stated the choices are yours. Sound easy to us but hard to practice it. WHAT'S NEXT?? Here are some remedies to assist you on how to cope on spending your precious $$$
HOW TO DELAY DEBT??
The $100/24 hour rule is great way to ward off temptation. If you are tempted to buy something costs more than $100, waiting 24 hours before buying it and raise up questions to be weigh up
DO YOU REALLY NEED IT?
DO YOU HAVE THE CASH ON HAND??
WILL YOU NEED TO BORROW FROM YOUR BUDGET???
WILL YOU HAVE TO GO INTO DEBT INTO BUY IT???? (CREDIT CARD)
CAN YOU RAISE THE MONEY TO BUY IT????? (WORK OVERTIME)
Most of the time, you will change your mind when you realise how much the desired items will cost you to buy on credit. Simply exercise to be practice for us.
HOW TO AVOID LEND MONEY TO YOUR FRIENDS?
Lend "money" to "friend" and your are liable to loose both. tough to say no when someone very close to you up for loan. The best prescribe is to remember "If you can't afford to give the money away, you can't afford to give it". Next, get in writing. It means jote down every repayment schedule to legitimise the loan especially big amount. Next, should you charge interest, it depends but make sure it has tax implications. Finally, don't avoid the topic " Pay back what you can, even if it's just a bit. If you can't pay it back, be up-front. Don't just ignore it".
HOW TO PROTECT YOURSELF??
The best way is to reduce the debt while the interest rates are likely rise. Take advantages from rising interest rates, wise enough to consider have savings in-case of emergencies. Hold to your job and your earnings rise with inflation.
MY COMMENT: The remedies are some ways to assist us out of the slowdown economic as well as reminder to us. It's not easy for me and others but it's wise to see in different angles. I hope this can be KICK-START for me and for all bloggers. It's time to raise $$ NOT spend $$ :)