There are only two simple secrets of keeping your financial house in order: (i) spend money wisely; and (ii) increase your source of income.

Spend money wisely

- Money is a precious commodity, handle it carefully. Don’t gamble with your hard earned money and don’t waste it.

- Buy for need, don’t buy for fun. Don’t buy the things you can never use.

- Plan your personal budget in the light of your financial obligations, assets and needs.

- When going out for shopping keep a list of items which you “really” need to buy and stick to your list.

- Plan your vacations months ahead and do some research work to get the best deals. Write down every detail of expected expenditure. Set aside a budget for this purpose and remain within the stipulated limits. Don’t over spend.

- The excessive use of credit cards is the main reason of economic disaster and bankruptcy. Do not unnecessarily use the plastic money, instead pay cash.

Increase your sources of income

- Educate yourself on investment matters as far as possible. Attend investment seminars/meetings, read books/magazines on money matters and get necessary advice from the professionals.

- Don’t depend on only one source of income. It’s not enough to let you enjoy the life style of an affluent person.

- Engage yourself in some part time business activity to generate more income.

- Don’t keep your spare money lying idle in the bank. Let it work for you to generate more money and keep on building a small money empire.

- It is better to jump start your investment plan with whatever money you have rather than waiting for a time till you have a lot of money to invest.

- Invest your money in some business venture, stocks, bonds, or buy an apartment and rent it out for residual income.

- Plan your investment strategy wisely and carefully in line with your own financial resources and specific needs.