How do you manage the money of your pocket?!

How do you manage the money of your pocket?!


Barno Yusupi

BSc in Banking and Finance

Management Development Institute of Singapore in Tashkent


“Are we considerate enough in spending the money we earn? Is it essential to think the priority of money is to be spent only? Why do we fail in dealings with money?” are the questions that every individual should take into account which are the questions of my following article.

       Every individual acts in a way how they have seen at their homes. They are almost identical copies of their parents that can be observed in their behavior, ideology and outlook. The businessman and bestseller writer of “ Secrets of the millionaire mind” T Harv Eker states : “  Rich people believe "I create my life." Poor people believe "Life happens to me." The other idea of his words is: “If you want to change the fruits, you will first have to change the roots. If you want to change the visible, you must first change the invisible.” 
Some of the most asked questions should be given the right responses. How do you deal the money that you get for daily allowances? Do you spend them all ? or Do you think of investing them for the future? Imagine you earned 400$ in a month, how would you spend them? (write down your options). One day every individual will earn as much as they want. The most importantly, it is spending them intelligently. 

I did not begin with upbringing of the human beings in vain. This need to be presumed thoroughly indeed. If your mother is used to spending exactly the same amount that she earns. Then you likely to behave like this. Or vice versa if your mother is used to spending the half of the amount and save the half for future allowances, then you would likely to do the same, and eventually your children would do the same too. The notion is the understandable as this is how we programmed and how your parents were programmed by your grandparents. 

And thus we may ask how to alter this perception. That is what can be done, if you are truly ready to change your financial situation and live fully financially independent when you turn to 35 or 40. This is the exactly the period then most people would like to explore the world with their beloved ones. If you are not ready them you would spend the entire of your life as most of the world population by going to work , working 6 or 8 hours, coming back, watching TV, only celebrating in some important occasions. But still, some make New Year resolutions every year even if they forget about it in the middle of the year. These all written for you to understand how we are programmed, and still we are living in the same way.

How can you alter it?

There are following steps that need to be taken:

  1. Understand how you deal the money you earn and why you need to save your money. The clear view of the future saving and objection would make everyone motivated. You should get to love the idea of delegating your earning for future purposes.
  2. Make a diary of your dreams. Write the exact amount that should be essential for making them true. I would write as a sample: I would do the bungy jumping from The AJ Hackett Macau Tower which is 233m / 764ft high in Hong Kong. Plus, you should then print out the picture.
  3. Let us deal with the money how much you need to make your dream to make true in my case $3988 despite the ticket to the Hong Kong.

Now we made the most important steps. Each and every individual should write down their own dreams. May it be visiting Disney Land in the US, Formula1, shopping in busy centers of Vietnam. To accomplish your dreams and make them true you will be saving 40% of any your extra earning (the money you will receive from sudden dealings). Exactly 40%! If you got 100$ , then 40$ should be put aside.

  1. Fourth step is opening an account on the bank in which you would put that money. Besides, you must not spend this put money until you have saved enough for investment. This will be for your long-term asset.

Here is the little story why you should save your money for the future. There has been a man whose hen once made gold eggs, then he went and sold them a great deal of money. Afterwards, he made feast for all his relatives and friends. For the next day, it made the same gold eggs and he again bought necessary things as he thought. His hen continued making gold eggs. One day, his greed and passion was not enough to stop him. And eventually, he killed his hen. It, consequently, has been gone. And it would not make the same gold eggs again.

Your account begins flourishing and making money when you save a large amount of money to invest and buy shares. This point should be thought thoroughly by each and every person by themselves. You should open these sort of opportunities by yourself.

  1. It is time to control your expenses. All of us need some amount of money for daily needs. Whenever you want to purchase something you think you may need. Ask yourself first “Do I really need it?”. Go through the same question “Do I really need it?”. And lastly:  “ Do I really need it?”. If your answer changed, so you know what to do. “DON’T BUY IT”. My Congratulations you saved your money that might have been wasted in vain.

Let us make all the facts clear from the beginning. “As the first element of change is awareness. You can’t change something unless you know it exists.” 
― T. Harv EkerSecrets of the Millionaire Mind: Mastering the Inner Game of Wealth.

To sum them all up, you should make money and save some for the investment. Never ever forget that everything is possible if this thing is approached thoroughly. Some individuals are always on the way of looking opportunities for growth and these people are our future. The money is not an important thing you may say. But it is. They at least are the factors that help us in our development and exploration of the world.