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Do you feel like money takes forever to come in and a micro-second to go out of your pocket? Well, money is not to be blamed here, but you are. Managing money effectively can be a daunting task but not impossible. Careful spending, saving, and investment planning can help you achieve to stay on the track, but the question is, how? We come across many people who are struggling with following a good financial track. Trust us when we say it’s not as difficult as it seems. A little bit of planning and will-power can get you there. Credit score comparison is considered as another helpful tool. If you are one of those who want to follow a good financial track, then this article is for you.

  1. Define your track and final goal

The problem of how to follow a good financial track raises a question that have you defined a right track for yourself? Do you have a goal in mind? Do you have a percentage in mind that you would like to save every month?

Start off with a basic. Define clear targets for yourself. Set long-term goals and make every possible effort to achieve them. If you dream of owning a new car by the end of this year or wishing to build your house in 10 years down the lane, it will be easier to set a plan for yourself.

  1. Evaluate the current scenario

Once you know your plan, whether short term or long term, you can easily evaluate your current standing. Calculate your debt whether in terms of bank loans, loans from friend or family or credit card payment etc. to know the exact amount of debt you have to re-pay.

Secondly, evaluate the savings in terms of cash, stocks, bonds or other investment plans and compare them to your debt.

  1. Devise a debt-repayment loan

With debts on hand, you cannot make an effective spending plan. Make a detailed sheet in which each loan with all its details such as amount, interest (if any), repayment date etc. are mentioned to enable you to consider the portion of your income that will go in debts re-payment. We do not recommend grabbing every opportunity you are offered. Explore all the possible options before opting for a debt. If, taking a loan is inevitable, choose for fixed-rate options which have no or minimum interest rate to make re-payment easier for you.

  1. Define a Budget

The biggest favor you could do to yourself if you want to stay on a good financial track is to make a budget at the beginning of each month. Write down all the debts, including credit card payments, utilities, fees, grocery, shopping, miscellaneous, savings and contingency plan.

Once you have listed down all the expenses, transfer some percentage of the remaining amount to your saving account (more is always better). Make it your habit and do it every month, no matter how much but do not spend a month without saving some amount.

Credit card, if not used wisely, can be your worst enemy. Sometimes, we end up accumulating a large amount of debt by only paying the minimum due amount. Avoid that at any cost. If at any point, you cannot pay the full amount, at least pay as much as you can to take off the burden from next month. Use your credit card only when it’s unavoidable. Do not use your credit card on things you don’t need rather save up the money and make the purchases.

  1. Evaluate your spending

Once you have set a budget for yourself, follow it religiously. Keep track of all your spending and make the best effort to stay within the defined budget under each category. A piece of good advice would be to transfer some money to your savings account first and then start spending money for the rest of the month. If at any point you need more money than available out of your income, use your savings first and then use your credit card to avoid the service charges and interest rate. Identify the areas which are consuming most of your income and reevaluate your choices. For e.g., if you are eating out often, it could cost you a lot. Set a budget first and then decide a number of days and places you can take your family for dinners etc. If you are buying too many clothes or accessories, it’s time to make smart choices. Clean up your closet, get creative and pair up the things tactfully with each other, so you don’t spend a major portion of your income on unnecessary items. You will observe in a few months your savings will go up much higher if you make small changes in your spending pattern.

Identify ways to increase your income

If you are spending wisely, still you have debts to pay, and savings are almost next to nothing, then you might consider taking up an additional job. There are many freelance options which you can use to make some extra bucks to make your ends meet and maybe save a little extra for unforeseen events. Meanwhile, keep looking for better opportunities and improve your skills or get some certifications to get your hands on a better paying job.


You don’t have to spend those extra bucks you made this month on unnecessary things rather save them. Look for some suitable saving plans available in your area and start saving your money. Set a goal and achieve it. There are many retirement saving plans, house saving schemes, Higher education saving plans for your children. Priorities your goals and get a saving plan for your long-term needs.

In your daily life, you can also save by comparing prices of different items offered by various stores and making smart decisions. If you have an event coming up later, look for some discounts being offered and grab the opportunities to save some money.

Don’t give up

Piles of debts, insufficient funds and never-ending expenses can be very frustrating, but you are not allowed to give up. You must do your best in getting rid of the debts, spending wisely, investing in long term goals and savings for bigger purchases rather than using your credit card to stay on the right financial track.


If you still feel that you are unable to manage your finances, then seek professional help from They will help you in setting up a budget, track your spending, cutting down on unnecessary purchases, identifying the potential saving and investing options and make it easier for you to achieve your long term goals.




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