Recognize the knowledge you gained in school that wasn’t covered in textbooks. It’s possible that you’ve picked up good morals, politeness, ethics, discipline, and so forth. But how many of you have acquired money management skills? I’m not asking about financial concepts like credit, debit, equity, balance sheet, principal, interest, mutual funds, or other stuff you’ll be asked to write about on the exam, so please pay attention. Do you know how to save your money? What is personal money management, exactly?
I felt the same way after finishing this book: “Why didn’t they teach me this in school?” Because personal money management is crucial for every person to lead a fulfilling life, regardless of their status or financial situation. When you read something educational, you often tell your friends and family about it. That is precisely why this article was created. You don’t have time to read the entire book? Don’t be worried. I’m going to discuss some of this book’s most significant financial advice.

1. Marry the “financially right” person”:
Who is the financially right person? This term is not used to describe wealthy men or financial geniuses. A person who is financially right is one who practices good financial habits. Most couples argue over money. The reason for this is that when you are in love, you are willing to spend a lot of money on expensive dinners, lavish dates, and impressive gifts. You are not acting rich, but you want to make your sweetheart feel special. Your financial habits will start to change once you have left the dating stage and become legally married. As a result of your increased responsibilities, you chose to skip pricey dinners and other items to save money.
Remember If you can’t afford it while dating, chances are you won’t be able to afford it when you’re married. Demonstrate to your partner who you truly are financially, and ensure that he or she demonstrates who he or she was before marriage. When you’re married, don’t surprise your spouse by changing your financial habits. It will then result in serious issues. Before getting married, discuss your financial aspirations, obligations, savings objectives, and spending plans. In the same way, find out about your partner’s spending patterns and personal financial management. Your past, present, and prospective financial circumstances must be fully disclosed to your partner.
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2. Always live below your means:
Living below your means does not mean that you should live badly. It implies that you should prioritize your spending and concentrate on what is most important to you. When we want something, we want it right away. We do not have the patience to wait until we can afford something. We simply take out our credit cards or make an EMI payment. If you continue to do this, your financial situation will worsen. Stop using credit cards and buying in installments. You will always have extra money to save and invest if you live below your means. Your money will grow over time, and you will eventually find yourself with substantial financial resources.

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3. Coupons make sense:
How many of you discard the coupons you receive? I was on the list before I started reading this book. Unbelievably, using coupons is the best way to save money. Before making any plans, spend less than five minutes looking into discounts and coupons on Google. People underestimate themselves when using coupons. But keep in mind that it is your money, and you will lose it even if you have the opportunity to save it. You can always find a coupon that will save you money on a variety of purchases, including groceries, restaurants, oil changes, home services, and more. Do a web search for deals, incentives, and discounts. Keep an eye out for the coupon mailers.
Don’t toss the coupon codes away. Simply keep them all. And you can use it whenever you want. Most importantly, don’t buy something just because it’s on sale. You may think, “Oh, it’s very cheap here. I’ll take advantage of this opportunity.” Buy it only if you really want it; otherwise, you’re not saving money because you actually don’t require the product. Don’t buy it just because it is cheap. If you use coupons wisely, you can save enough money to cover your annual cell phone bill.
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4. Don’t buy it for others:
If your neighbor or friend purchases a BMW, it does not imply that you must purchase something similarly expensive. Never ever compare yourself to anyone else in the world. If you really want a BMW, you should work hard, save money, and then buy one. Don’t buy something just to make others jealous. Don’t buy something just to impress others.
If someone approaches you solely because you own a BMW or something else expensive, it is most likely not a healthy relationship. Don’t waste your money trying to attract people’s attention; otherwise, you’ll end up with toxic relationships and fake people. Your goal is to be financially responsible now so that you can progressively increase your financial standing in the future.
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5. Drop “unhealthy” spending habits:
How many days a week did you order food? How often do you eat out? I understand how difficult it is to break these bad habits. You can, however, make it smaller. Reduce your weekly food order from four to two days. Discover your costly unhealthy habits. If eating junk food is your favorite pastime, set a condition. Only eat junk food if you’ve accomplished anything today. Appreciate yourself for your efforts. If your day was normal, you didn’t do anything to improve yourself, or you didn’t accomplish anything, then stop treating yourself with junk food. Similarly, discover your bad spending habits. It could be a cigarette, a drink, or anything else that harms your health.
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6. Stay away from “great deals” that really aren’t:
In today’s world, a scam can be found almost anywhere. To save money, you must be proactive and cautious. Here are some common scams that most people fall for.
- Free: Why in the world do they offer something for free? Learn what the term “free” means. What advantage does their business gain from giving away products? Remember, this is a trap.
- Job opportunities: “You will get this job if you pay this amount.” There are times when you are depressed since you are unable to find employment and you come across these types of scams. They will take your money but never hire you. Many “work at home” opportunities are scams that steal your money as well as your identity.
- Miracle products: For example, pills that guarantee you will lose fifteen pounds in two weeks, spray that will fill your bald head with hair, and so on. They will make you fantasize, tempt you, and pressure you to buy it. Keep an eye out.
Keep in mind that no one will give you something for nothing.
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7. Spend now to save later:
There are times when you buy something for a low price and are pleased because you genuinely think you saved a few pennies. But in reality, it will break down quickly and you will have to buy it again. Finally, instead of saving money, we are wasting it on cheap products. Let me provide an example:
Gym equipment: When purchasing gym equipment, priority should be given to quality over price. Because you require it in the long run, your grandchildren may benefit from it. Unfortunately, there is a lot of low-cost equipment available. It frequently fails and is costly to repair. High-quality equipment (which will cost more) should last for years.
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8. Negotiate everything:
Negotiation is unpleasant. It causes anxiety and stress. It makes you appear cheap. It makes you feel impolite. However, it saves you hundreds of thousands of dollars. Remember that if you never ask for anything, you will never receive anything. Here are some points to consider before making a purchase.
- Have enough facts about the product.
- Willing to compromise the product if it is not worth the price.
- Postpone your purchase until the price and terms are satisfactory.
- Use the internet to find discounts.
- Make it clear to the salesperson that you have several alternatives.
- Finally, pay cash rather than leasing. Purchase only what you can afford.
Remember, at the end of the day, it’s your money. Don’t compromise it. A salesperson’s responsibility is to make you buy the product or service. But it is your responsibility to avoid spending more on a product that is not worth the extra money.
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9. Learn how to fix things:
Don’t ever think: I’m not good at “fixing” things. I am unable to fix vehicles, bicycles, mechanical devices, or anything related to my house. Don’t take your mobile and call for maintenance. Watch some videos instead, then attempt to solve it yourself. If someone else can do it, you can too. Seek your relatives and friends for assistance. Learn about basic plumbing and home repairs online. You can save a lot of money this way. Never attempt to repair something that you are unable to do so.
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10. Get your books at the library:
- When it comes to novels, borrowing books from the library can be beneficial. In my case, I will not read a novel or story more than once. If you’re like me, then consider borrowing a book from the library or borrowing one from a friend rather than buying one.
- Don’t buy a book just to finish a project. You are aware that you will not be using the book after the project is over.
Which books should you purchase:
- Self-help books that you will frequently need.
- Your favorite book, one you plan to read repeatedly.
- If you plan to use a book only once, consider your options before purchasing it.
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You must understand that you are solely responsible for your financial success or failure. Don’t place blame on others or situations. Don’t say things like “I’m not sure” or “they cheated me.” It is your responsibility to look after your money. It is your responsibility to avoid falling victim to scams. You will succeed if you recognize the need to actively save your money and accept responsibility for your financial decisions. The key is to manage it actively. Understand your financial situation. Consider the long term. It may seem insignificant, but it will cost you a lot of money. So stay alert. If you found this article useful, please share it with your friends and family.