Financial Wisdom Living Within Your Means Without Sacrificing Happiness
                     Financial Wisdom: Living Within Your Means 
Without Sacrificing Happiness
Chaitanya Kumari
Writes informational articles on common ethics, 
cultivating wisdom, being sensible, hindhu dharma 
to all along with others on finance, health and 
cultivating wisdom.
Wisdom is when you realize that being greedy is not a good quality you should 
adhere to. Being financially wise will help you become stable in the same aspect of 
your life. Learn to spend only on necessary items and curtail your whims to spend on 
anything you want. Refrain from buying items you find in your neighbor’s or 
friend’s house.
Being envious of others’ achievements or belongings only leads to spending more 
than what you earn. Always remember that you have responsibilities and therefore it 
is not a good idea to spend on unnecessary products.
Avoiding Debt
Getting into debt because you were greedy and wanted something desperately can 
ruin your financial stability. Buying a big car when you already have a small one is 
simply a matter of greed and not a necessity. A small car can also be useful to you 
particularly if you have a small family or you are living alone.
Borrowing money from the bank on a loan or from someone else just because you 
want to fulfill your dream of having a big car is foolishness. It will lead you to a 
monetary burden that will be a big problem ahead, 
How to Do Personal Budgeting?
Take charge of your financial situation. Create a personal budget. It can 
empower you and help you work towards achieving your financial goals. It will 
aid you in keeping track of your income and expenses which must be balanced. 
Besides, it will help you identify the areas where you can save more money to 
become financially stable.
Here are some simple yet effective strategies for budgeting:
 Track your expenses for a short period. Make a chart or write down your 
expenses, whether big or small. You will have a clear picture of how much 
you spend daily. This will help identify areas where money can be saved.
 Recognize the distinction between needs and wants . Needs are essential to 
survive like your expenses for food, shelter, and transport. Wants are your 
desires, like visiting a multiplex every time to watch a movie. Differentiate 
between them and establish priorities so that you can allocate money 
accordingly.
 You can roughly divide your income by allocating 50% to essential 
expenses, 30% to savings, and 20% to wants.
 This is an ideal picture. You can adjust the percentages based on your 
finances, but remember that your savings should exceed the amount you 
spend on wants
 Set up automated savings so that a set amount is automatically deducted 
from your account at the start of each month. Always try to avoid touching 
that account unless it is an emergency.
 Shopping at intervals is imperative, especially if you have a growing kid at 
home or for groceries. Make a proper list while buying groceries; this 
streamlines your expenses and compares prices before buying. This will 
help you get a good deal on various items.
You can be happy with your income if you have the wisdom to control your 
finances.
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