What's Your Relationship status With Money?

Are you committed? Oh, this is really a confusing question. Let me make it clear for you. How is your relationship with money? Are you a spendthrift or a skinflint? In this challenging life, you have to take some really smart financial decisions. Life is unpredictable, you never know when the cash flow in your account stops abruptly and you have to search new ideas to earn a simple living. This is the harsh reality of life, you are not aware of the future. So, before you lose everything in an unexpected situation, you must take your relationship with your money more seriously.

You don't have to get scared reading the above statement about life, but it will be good if you plan your life in a more secure manner. Discussions and decisions related to money are not always harsh and bitter. You can have fun, fulfil your dreams, meet your expectations, reach your goals with this money. It is how you maintain a balance in your financial relationship. You must be wondering, what is this relationship all about. It is your ability to handle the drastic phase and enjoy your life without making any financial mistakes.

Making money is easy, but managing it in the right way is really tough. You can work overtime in an office or take a freelance project to earn those extra Pennies, but keeping this money safe for an emergency need and utilizing them at the right place will calculate the success rate of your relationship with money. Do you save or spend extravagantly from your monthly income? A financially secure man will not worry about his account balance, but he will definitely build a safety net with his savings. Saving the income of 3 months is really important to combat any unforeseen situation without affecting your nest egg.

Start your savings with less amount. Don't worry, you don't have to sacrifice your dreams for that. Small contribution can also make a huge difference. You might feel pessimistic about this idea of saving a small amount, but after some years you will be surprised to see the rise in your nest egg with these contributions. It is never late to plan your retirement. Set a goal and start saving today. Having a healthy relationship with your money can benefit you and your family.

Guide Your Family Members In Their Money Problems

Money problems are for everyone, especially those who have not planned wisely or have not followed their plans whole heartedly. Today, everyone is struggling hard to secure a safe position, and have a strong financial base to ensure their stability. So many of you would be facing the issues related to the finances, but most of you have got the taste of the financial downturn, and have figured out the way to tackle such situations. I would like to focus on something here, if your family member is facing difficulty in dealing with these financial problems, then you can act as an angel in their life. You definitely don't have to give your savings, but you can share a piece of advice which can help them sail their sinking ship of finances.

You can make some positive changes in the lives of these troubled people by showing them the right direction towards financial independence. There isn't any problem in suggesting something to a family member who is willing to take an advice, but stay away from the snappy person, who will blame you for the losses.

Always suggest them to cut their extra expenses that are irrelevant and unnecessary. Help them in saving their money rather than spending on movies, shopping and entertainment. They can reduce their outings, and cut their expenditure on lavish restaurants and clubs. This can be managed if you suggest them the less costly outlets for partying and hangouts.

If they are seeking a useful advice from you, then don't hesitate keeping a check on their finances. Don't impose your decisions on them, but stay polite and keep a friendly tone while suggesting something, else the situation can become quite uneasy. Financial matters are quite tricky, they must be handled with care, so are the relationships. You have to choose correct words to make them more comfortable with you in sharing their mistakes. Just encourage them and half the battle is won. They will open up with you on their negative points and you can easily analyze their situation.

Trust me it is an awesome feeling to save someone from their money troubles, and especially if that person is your family member. If you are going to do something like that, then these suggestions can make you a better advisor and educator. All the best with your consultation: - Tony Wiley Chicago