ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to spend your money wisely and live simply

Updated on October 9, 2013
How much money would you need to be able to sweetly smile like this?
How much money would you need to be able to sweetly smile like this? | Source

Be your own money manager . . . way to go now!

"It all comes down to this: if your subconscious 'financial blueprint' is not “set’ for success, nothing you learn, nothing you know, and nothing you do will make much of a difference."-T. Harv Eker

In today's world, rising prices of goods and services is a natural phenomenon. And the trend is for prices to go higher every year. Yet, this is also the best time to be your own money manager.

Such economic reality of rising prices is definitely not easy on the pocket but it should not also be taken very lightly nor the situation be perceived as very depressing. Individuals, households and entities geared to face the challenges head on and are able to deal with them smartly will definitely find themselves in a more advantageous position.Managing your own money or your family's finances is a serious business. Thus, you have to do it now because if you don't, you may suffer the possible grave consequences later. Your future and the well being of your family may be put at risk by stalling. The good news is you don't need to hire any external money manager to manage your personal finance because with some genuine interest to study and practice you can do it better on your own.

Given a level of income that does not go beyond (or at least match) the increase in prices, becoming a money manager can become real tough to anyone. But, yes, this situation should make us strive even better to be our own money manager. Therefore, money management is a must; that is, if we intend to attain and live a lifestyle of peace, freedom, wellness and abundance, if not now, at least, sooner.

credit to owner
credit to owner

Timely reminders

"Never spend your money before you have it."-Thomas Jefferson

To be a money manager does not need to be that complicated . It just needs sincere and simple intentions, the right knowledge and sheer determination. As a starter, here are some easy and practical pointers to help you manage you money:

· Make a budget and plan well in advance.

Try to budget your money in advance. A money manager makes a plan first before spending . There are instances when you spend your money without even thinking whether or not that it is the right time to have it. It also advisable to buy items at the end of the season, prices at this time of the year are low and cheap.

· Prioritize

Have you heard of the 10-10-10-70 percent rule? Well, this is only a suggestion and if you have another formula that may work better for you, then adopt it. What is important is that you apply a specific and quantifiable formula.

Only for those who believe in tithing, this is the best time to practice and put into action your faith. Set aside the first ten percent of your income and give it to your church or from whoever you get your spiritual nourishment. Remember that this is done in thanksgiving, acknowledging that every penny and all blessings came from a power higher than us and whose generosity we cannot outdo. For those who will generously give, more will be given.

Then, set aside another ten percent for yourself or for your family's emergency needs. Another ten percent is advised to be put into wise investment, that is, into something that will earn the best return for your money in the long term, such as, mutual funds or stock investments, etc.. But you have to study thoroughly well and be careful in making your investments. This is going to be your retirement fund. Handle it with care and love.

Determine the things that are important to you. Identify the items that you need and the items that you want to have. Always remember that you should only buy things that are important and needed in your lifestyle.

· Make a list and stick to it

Make a list of the things that you want to buy and be sure that the items that you are buying are good enough to sustain your basic needs. You have to be satisfied with the things that you have now, and for as long as you find it still useful and can suit your needs.

· Live simply and spend wisely

Be smart by being generous while staying on course. Make sure that you spend your money only on basic needs like food, transportation, shelter, and clothing. These basic needs are worth spending for because these are important for your health and security. They are the things that you cannot live without and should be allotted in your budget.


· Avoid wastes

You may avoid unwanted purchases by trying the item first before buying it. This is to make sure that the item is worthy enough to acquire. There are instances when you tend to buy things without even figuring out fully well their effectiveness and quality. You have to keep in mind that you always need to spend your money wisely on items that have quality and are according to your budget.

· Steer clear of impulse buying but be alert for good bargain sales

You may compare items on their prices. Do not limit your options to just one store only. You may find the best item that can be useful and affordable to you by window-shopping first rather than buying by impulse. Many stores out there carry the same items and can offer lower prices.

· Conserve electricity

You can save more money in your household by conserving electricity. Be sure to turn off appliances that are not in use. You may monitor and compare your monthly electric bills regularly to check if you are maintaining your desired bill.

· Plan your travels

You can save on your transportation by traveling wisely. It is suggested that you organize well your itinerary to help you remember your destinations to maximize your travel time and to minimize costs. Being organized will help you tremendously to become the money saving expert that you want to be.

· Enjoy a smart saving lifestyle

Psychologists say that any habit is usually acquired successfully by doing it consistently and continuously for at least 21 days. Three weeks of constant and conscious practice seem short a time to get the hang of it and to become a truly money saving expert. And what seems to be more challenging is sustaining such good practice for the long haul and to enjoy the reward big time.

Surely, just like in any ordinary endeavors in life, expect various ordeals to come along the way. Yet, the key to success is to make smart saving your lifestyle and learning to overcome hurdles. And once it becomes a second nature to you, people will surely notice the joy and peace that will emanate from your simple lifestyle. Then, with much confidence, you can share with them your newly acquired money saving expert knowledge and genuine prosperity tips.

And if you have some outstanding debts, make room to pay them, too.

Feel free to add your own tips on how to become an effective money manager to the above list.

“If you would be wealthy, think of saving as well as getting.”

- Benjamin Franklin

"We should regularly review our family income, savings, and spending plan in family council meetings. This will teach our children to recognize the difference between wants and needs and to plan ahead for meaningful use of family resources." - Robert D. Hales

Share what you think.

Which of the following money management strategies would you like to know more and should be discussed more lengthily?

See results

Here's an interesting video on the 'Moneyless Man'. His is possibly the simplest life ever, proving it's possible.


    0 of 8192 characters used
    Post Comment

    • LoryRich profile imageAUTHOR

      Lory Rich 

      7 years ago from Philippines

      Thanks a lot Hello, hello. A very nice comment from a favorite hubber is indeed encouraging.

    • Hello, hello, profile image

      Hello, hello, 

      7 years ago from London, UK

      A verywell worked-through hub.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)