Financial Advice

5 Tips of Money Saving


Image Credit: Business Pundit, Savings Accounts

Hi All! This is the first post on financial management advice.

I will discuss the 5 best ways to get richer through efficient spending. While I know many of you seeing this are young and hungry for instant gratification, many of you may be working and in short of money, or only now realizing the need to save up for the your own future, and eventually the next generation. Some of you may not have enough money to spend on your passions. This post will teach you the basics of saving your money:

  1. Budget! A major reason why many of us end up becoming financially broke are because we overspend our income. It is important to budget overspending so as we get older and have more responsibilities, it is best to have money stored away. One need not quit socializing but only invest money wisely for future security and potential. Set aside a budget of how much you think you will spend going out with friends, for education, for food, for transportation, etc. Education and food are vital and should not need to be reduced, unless the food is unhealthy processed fast-food and not healthy homemade dishes. Any budget cuts need to be made from spending aside from those. When you effectively budget the average of your monthly expenses, you spend less time wasting money for alternatives, and you realize the freedom of what it feels like to have more money to invest in anything.
  2. Go to free events! While there is nothing wrong with spending money for a night out with friends at the movies or dining out, it wouldn’t hurt trying something free! In fact going free is not cheap, rather going free can be fun and memorable too if you put meaning into the meeting of friends. Free events take away any later financial worry of having spent too much. Friendship is supposed to be free of charge and thus going to free events will allow you to relax and be able to better connect and appreciate friendships without being clouded with the thought of money/bills after your interaction. There are lots of fun events to do around town, all you need to do is look up free events in Vancouver or wherever you live in order to get results. Some examples of free or very cheap activities are: hiking in the woods, going on nature walks, visiting parks, or playing sports there can make one young again, childlike and innocent, (pre social media and pre electronics) of outdoor imaginative meaningful fun.
  3. Leave your credit card at home! When going out many of us including myself are tempted to pull out our flashy credit card and spend it on something be it a food or a cool item that catches our eyes. While harmless if done once in a while if done repeatedly it can take a toll on one’s wallet distracting them from fun with friends in the long run. So a simple remedy is to leave you credit card at home with only a small emergency fund. While this may sound cheap or boring, this option of leaving your credit card at home can help you become more financially smart as you are aware of your financial limits when limited to a small sum of paper money cut off from your financially convenient but detrimental credit card. This will allow you to be financially better off without worry of going into debt or overspending. The risk of losing your credit card, a dangerous thing, is significantly reduced also when going out.
  4. Don’t spend your money on friends! Love is free. Friendship is free. Nothing is expected of you. Let’s face it, once in a while there is no problem treating a friend out to McDonald’s to show you care but you are a friend not a Sugar Daddy! This means it is in our best interest to limit spending on friends’ expenses not out of selfishness but rather to remind them that you’re their friend out of unconditional love, not material beneficiaries. Not spending money on friends will encourage your friend/s to be financially independent and work to earn and rely on their own money thus growing and prospering financially as individuals.
  5. Refrain from loans: While we all want to get into college/university straight out of high school for that degree or get that dream house for your family, let’s face it sometimes we can’t afford such stuff just yet. It is important to be patient for maximum freedom than being held down from flying by chains of debt. Most college students are heavily in debt after college with their degree’s purpose for social mobility unachieved. The answer is student loans. Many people with nice homes bought too early and are in heavy debt regarding their mortgage payments, highly limiting what they can do in the world. Your degree should allow you to achieve your potential of social mobility and your house should belong to your family, not the bank. It would greatly help in the long run if you take a backseat and build up your finances for ambitious investments like these to be able to make more ambitious investments in life. It will make you hungry, goal driven, determined and thus financially creative allowing you to create multiple avenues of revenue to achieve your dreams. Slow and steady patience but dedication will win the race and will grant you victory in all aspects including finances. Don’t let debt, that turns into desperation, ruin your future as the even the sky isn’t the limit for you anymore.Be sure to follow/like my blog at nuwansfinancialadvice for future helpful posts. I would appreciate your kind constructive feedback so I can answer your questions from a success-oriented business-centered perspective. Remember you live in the free world meaning you deserve to be free in every way including financially. So take your birthright! Replicate the above tips in your life to be build up to being financially free and limitless! 🙂







Debt And How To Escape!




Image Credit: Pixabay 


This evening as I was reading through my Facebook News Feed, I came across an article from Vancity Buzz titled “Nearly half of Canadians are $200 or less away from financial insolvency.” After reading the short article I was left feeling shocked and deeply distressed.

While I was aware that many people in our society are in debt, I never expected to hear that close to half of Canada’s population is so indebted that they are unable to pay their bills and debt obligations. This sobering revelation of extreme debt being almost normal in Canada has left me deeply shocked at the sorry state of close to half of Canada’s population.

I was saddened at the fact that people among them my peers, friends or loved ones are caught in such self-destructive financial trap of spending into debt. Most tragically of all the fact that 40% of Canadians are unaware of the difference between insolvency and bankruptcy not only reveals the shocking fact of widespread financial illiteracy in one of the World’s most developed nations but also gives a bad impression of Canadians/North American citizens financially!

I have therefore taken it upon myself not merely to share with you the rampant poor financial state and spending habits of Canadian but to provide advice to help my fellow Canadian citizens get back on their feet financially to reclaim their independence.

Below are five tips I hope can help you and prove as a step to remedying the volatile financial state of Canadian and Citizens of North America Proper!


 1. Budget Yourself

To avoid overspending yourself and ending up in debt it is important to create a budget. Budgeting your money into saved and spent categories along with dividing the spent category into specifics of what you plan to spend your money on will give you a map of your current financial course allowing you to predict in advance your financial outcome!

2. Save 10% From Each Paycheque And Put It Into The Bank

Instead of spending the whole of your paycheque on expenses that won’t generate financial return, why don’t you put aside only 10% of your monthly/yearly earnings for saving in your bank account instead! Make sure this money isn’t used except during a financial emergency/s. This way you’ll have an emergency fund and financial lifeline to prevent the adversity of bankruptcy!

 3. Learn To Say No!

Sometimes learn to say no when it involves money! While there is nothing wrong with spending to have fun with friends sometimes set boundaries and tell your friends no when it comes to squandering finances or better yet propose a free alternative! This way not only will you curtail your personal financial spending or save up otherwise wasted money but you will also help your friends/loved ones do the same lowering debt/bankruptcy for you both!

4. Do Not Spend More Than You Make

One surefire way to get into debt and bankruptcy is by spending more than you earn. The outcome of this habit is self explanatory and extremely detrimental for you! So to prevent unnecessary debt, financial squandering and live a more financially comfortable/free life, be sure to spend well (i.e. You earn $5000 a month and spend only $1000) below your means!

5. Consider Less Expensive Options When Possible

Instead of blowing much of your money on extravagant ventures with little to no financial return consider less expensive more financial options when possible. Less expensive financial options are relatively (i.e. cooking some nice homemade pasta with friends instead of an expensive dine out at a pasta bar) easy to find and come up with. What’s more is that less expensive financial options allow you to achieve the same intended task for less the cost without having to worry or feel guilty about excess spending!