5 WAYS TO AVOID BEING BROKE

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Surfing the web and collating contents for my PrestsBlog readers on finance and money savings, I gathered these 5 rules of personal finance from American's top money blog THE SIMPLE DOLLAR; practicing these rules, they have really helped and motivated me. As a blogger whose readers are aspiring to get contents from, I decided to post these five rules of personal finance.

1. MAKE SURE THERE IS AN EMERGENCY FUND SOMEWHERE: The first thing you should bear in mind is that 'CASH IS KING' for solving most problems that life throws at us. So if you don't have an emergency cash fund just in your savings account, piggy bank or somewhere, this should be your top priority.

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2. SPEND LESS THAN YOU EARN: This is one best tip any financial adviser can give to you. You have to spend less than you earn, and put away that difference for the future so that you can still survive and thrive when you're older and don't have the opportunities and energy of today. Your earnings must be greater than your expenses for you to achieve big financial goals without some sort of miracles.

3. KEEP EVERYTHING SIMPLE AS POSSIBLE: In actual sense, the more accounts and investments and bills you have, the more time and energy you have to spend to stay on top of it all, and the more likely it is that you're going to make an error. At least your accounts, investments and bills should be merged based on your earnings.

4. THE FUTURE WILL SURELY TAKE CARE OF ITSELF: Don't ever let your future self take care of your current situation. Don't decide in making a bad spending decisions right now because you may earn more money at the tail end, this may be a right decision if done well, but there are probably going to be other big expenses that you will want to deal with at this time, like changing your car.
5. SET BIG GOALS AND KEEP REMINDING YOURSELF OF THEM: Do you want to secure early retirement? Do you want to travel around the world? What is it that you want for the future? Keep it in mind all the time, fill your life with reminders of your big goal so that you make better choices in line with that goal when it comes to all of those little decisions in your life.