Tag Archives: Frugal Living

When Your Budget Goes Awry

Budgeting, Income Creation, Spending, , , , , , , ,

Caroline looked at the Excel spreadsheet on her computer with increasing dismay. “Just three months ago I was able to balance my budget, but now I’m short again by over J$15,000,” she grumbled to herself. “No matter how hard I try, I just can’t seem to keep up with my expenses.”

She reflected on all the developments that had occurred in her life in the preceding months. Her grandmother, with whom she was raised, had fallen seriously ill. As her only relative, Caroline had taken on the task of caring for her, which had thrown her once tightly controlled budget into disorder.

Having another person in the house meant increased utility costs, and she needed to hire a housekeeper to help with the extra cleaning needs. In addition, she had to buy her grandmother’s costly medicines and pay for her doctors’ appointments without the benefit of health insurance coverage.

Initially, Caroline used her credit card to cover some of the pharmacy bills, but after two months she realised that she was having challenges clearing the card balance. After consolidating several loans over a year ago, she was now desperately worried that she was headed back into debt problems. Continue reading When Your Budget Goes Awry →

Money Lessons From Mom

Money Reflections, , , , , , ,

On Sunday May 11, millions of people around the world celebrate Mother’s Day, when they pay homage to their maternal parents. The memories of a great mother can last beyond her lifetime; and if you are lucky enough to still have your mom around, ensure that you treat her extra special on this day.

I have been blessed with the inspiring presence of my mother for over 40 years, and she has been very influential in my personal and professional development to this day. As a woman who achieved many accolades in her chosen field, I have always aspired to emulate her success.

In hindsight, I realise that my mother has always been an excellent financial role model, demonstrating many of the smart money practices that bring financial security. Unfortunately, as a young person, I ignored her examples and advice, which caused me to make many poor choices with money. Continue reading Money Lessons From Mom →

Six Smart Sayings to Help You Manage Debt

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One of the most challenging aspects of managing your personal finances is knowing how to control debt. It’s very tempting to start borrowing – how else can you survive if your salary remains stagnant but the cost of living continues to skyrocket? It’s also hard to maintain a frugal lifestyle when today’s society places a high value on material things.

Many people think that the quickest solution to having insufficient funds to buy what they need or want is to get a loan. While short-term borrowing might temporarily ease the immediate situation, it usually starts a long-term problem that is hard to resolve.

Wouldn’t it be great if there was a simple manual to guide you on the appropriate strategies to manage debt?

This week, I compiled six valuable sayings to help you to remember some important principles about borrowing money. There is a lot of wisdom in these clever adages, and reciting them can be an effective way of memorising the underlying messages about debt. Continue reading Six Smart Sayings to Help You Manage Debt →