10 Commandments for Personal Financing

The handling of ones money is not a very easy task; that is why, rich people hire others to “worry” about it. But for those of us that are not like Warren Buffett—yet—here are the personal financing commandments you should follow, religiously:


1. Plan ‘fore acting or thou shalt be punished

Here is the thing: if do not not plan what you are going to do with your money, you will be in the where-did-my-money-go situation. By then, it would be too late.

I have been there myself, I won’t lie and I have learnt my lesson countless times.

You must have goals and a budget in place.


TIP 1:

Write down what you need and what you want and give priority to the most important ones: rent, tuition, groceries, personal hygiene, etc. That Louis Vuitton is not a priority and you can it when it is on sale!

TIP 2:

Thanks to modern technology, there are countless applications that you can download on your smart device to aid you in keeping your finances in check.

2. Save! Or thou shall be without savings

I cannot stress the importance of savings enough. It is not just for a rainy day but also, future plans. God forbid an emergency comes up.

And when it comes to investing, there are different types. You don’t have to be a millionaire to become an investor. You can start with just a $100!

3. Thou shall not overspend

I have overspent, a lot. So I won’t but, if you too have overspent in the past, then you know what happens afterwards: you struggle to stay on or create a budget in order to manage the rest of your money. That isn’t fun!

I know that sticking to a budget can be very difficult so have some cash—not much—for some wiggling room.

4. Pay the bills…..on time!

Do not—under any circumstance—become delinquent. Delinquency is faltering on paying your bills.

5. No to debt

It is easy to incur debt: you never see it coming. So, please, please, please, stay within your budget.


Go on a credit card fast for a month and notice that you will spend less money.

6. Teach the young ones about money

If you child knows the value of money, then he/she is less likely to be reckless with it and will also under when you say “I don’t have money”.

7. Get insurance

From health to life insurance and everything else in between, insurance is super important.

8. Retirement plan is a must

Waiting till you are 50 to think of your retirement savings is a fantastically bad idea. Plan for the future now.

9. Create a Will

The existence of a will will prevent your family fighting over money and property.

10. Charity

For a lot of people, this is their number one commandment; it is an important one. Charity comes in different ways. You can donate books to your local school; donate money to the soup kitchen; provide provisions for an orphanage, etc. Whatever you can handle.


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