"wealth is the root cause of worldly pleasures" is a proverb in sanskrit that says about money. Money was created by man, but now money rules man. Everything we do nowadays is associated with money. If we are going out of the house, we may forget anything, but not money. If three things in your life, saving money is a piece of cake. Health, peace of mind, no personal and professional pressure. Everything is connected when it comes to money, like the decision you took a year back might effect your situation today. The most important thing is do not vouch for your friends or family if you are able to sustain the loss of theirs without taking a burden on your financial matters. Like signing surety papers for friends or family loans or taking loans on your name for them. Say no at the first sign of their asking.
Ever since i got the job, its been a hell of a ride with the financial instability for me, due to the ill effects of my mother. I took plenty of loans to free from the debts i took from others. At one point in my life i had like 14 active loans with a total of 18 lakhs debt. At present i have 13 lakhs with 10 active loans. In two years i had closed 4 accounts worth of 5 lakhs. It would have been 9 or 8 active accounts, but due to some unforeseen expenses it haven't happened. Everytime I'm close to closing an active loan account another loan pops up. It happened last year and its happening now too. With time it gives me laughs. Some of the few fascinating advices on financial discipline i admire are as follows.
Don't lend money to anyone nowadays, all are broke due to covid.
If possible save two months of salary with you all the time in a separate account.
Don't gamble with your money.
Do not purchase unnecessary things if you have a credit card.
Do not addict to something which costs you money.
It's better to say no to a person asking money than begging them to payup after giving.
I had experience with all the above advices doing them the opposite of it. I lend money to friends, i didn't save two months worth of salary, i did gamble, i purchased unnecessary things, i have a addiction and i said ok to the person asking money and regretting it now. These are my real experiences regarding money. So, inturn i would advise you to follow the above advices. If i would have not done the opposite of the above mentioned advices, i would have been on a good financial condition rather than I'm in right now.
Some of your views on financial stability may differ compared to my views on it. It's ok to have different opinions. Based on the situations you faced, the opinion of yours may have formulated and so is mine. Thanks for reading my post. Hope you get an idea about what I'm trying to say here.