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The health of your finances?

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Maybe a weird question - but I think it fits under the lifestyle category!

Do you think your current financial situation is healthy? My partner and I just did a big overhaul of our budget, to see where we can cut costs and save more money.

We seem to just spend a lot on things like clothes that never get worn or might get worn once - and that really adds up.

Have you ever sat down and developed a budget for spending?

 

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My straight answer is NO! My financial health is not very good. My entire monthly income eats up my monthly expenses. I am hardly able to save money. Every month, I try to cut up my expenses,however, this is not helping me. When I cut expenses on a certain thing, something comes up and I have to spend money on other thing. I have stopped using cosmetic when I am home. I grow vegetables in my veranda, I have not bought any clothes since couple of months, however, these things are not helping me. Perhaps, that's because I have a low income.

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My financial health has been dismal for the past couple of years but it has slowly been improving and now I can really feel myself moving towards financial freedom  and gaining speed every day. My life now gets better and better financially ever since I learned how to handle my debt and save and invest money. 

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On ‎4‎/‎08‎/‎2016 at 10:58 AM, NormaD said:

My financial health has been dismal for the past couple of years but it has slowly been improving and now I can really feel myself moving towards financial freedom  and gaining speed every day. My life now gets better and better financially ever since I learned how to handle my debt and save and invest money. 

Awesome to hear that things are moving up! I definitely think that once the momentum starts with savings and financial breathing room, it's much easier to continue with it!

You're right -  once you get debts under control it makes everything else so much easier.

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I've been in a similar dilemma a year ago. I admit, its really hard to control your finances especially if you have to pay for a lot of things and want to buy a lot of things.  Due to this, I decided to buy a book about financial freedom and it really saved my finances. I tried following his advice and tried some of the exercises. I was asked to write down all of my expenses for a week. When I say all I really mean ALL including buying candies and stuff.  After a week, I was amazed on how much I was spending on unnecessary things and leisure.  The next step is to determine your NEEDS and WANTS, things you can  live without and things that you cannot live without. It makes budgeting a whole lot easier since your priorities are now determined. Just wondering if you would like to try it out too.

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Our financial health isn't that healthy I must say due to the fact that we are almost tight in budget. Yes there are plenty of times that I just sit down and plan on how to budget and save. It's really hard to budget money especially if you have many things in mind that you wanted to buy. What I do is I list what is just needed on my grocery list so that I don't buy things that aren't necessary. But I see to it that I save before we spend to avoid overspending :)

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