The main rule about manage is never spend more then we earn, otherwise we will get into troubles very fast, credit its something easy to get and use, the problem is to repay and cover it, several people has a problem handling those.
I too truelly beieve in that. Always spend less than the amount we do earn and save the rest for the rainy days, don't try to spend more than what you earn because if you do so then I am wondering where you could get to cover for the extra you've spent. Then it obviously will lead to getting loans. Loans and its interests will spoil our savings and our happily life too.
This is the ideal situation. But sometimes earnings are not enough for all the needs. Especially if they are unplanned. Then you have to look for additional sources of income
My way to manage money is i always put the needs of my family into priority in spending my money and the rest of money left is i save it in times of emergency or shortage of budget. I must make sure to it that there is a money saved so that i can avoid loans because it makes us out of savings if we are having debts and that time could result to financial crisis. We must invest our savings for new business which fits to the technology nowadays and think of new business ideas which generates good profit in order to have better future of your family.
Well definitely this should be the right way to manage your money. Though some people put the savings first then fit the rest of the money to their needs. Because for them, giving priority to savings will make you spend your money wisely since there will be a limited budget for the daily needs of the family and with the limited budget, you are able to put the money to the most important stuff rather than spending it to less important things.
