Bangalore: Parents are your first teacher. They taught you about religion, health and politics and many more but when it comes to personal finance, many parents do not show interest in educating their kids about it. They feel the right time has not come yet. Are you one of them? Unfortunately many of us belong to this category and didn’t get the financial education during the budding ages of ours. Here are few such lessons reported by GoBankingrates.com.

1. Pay Yourself First

When you receive your paycheck, you usually pay your bills, do some shopping, and go out for the weekend and later realize there’s not enough money left to put in your savings account. To solve this issue you must practice the habit of ‘paying yourself first’. So just treat yourself as a creditor and put down your money in your savings accounts before you start spending it over anything else.  It will help you to reach your savings goals faster while you simultaneous meet your other financial obligations too.

2. Spend Less Than You Earn

While every other man is busy finding out ways of saving money, you are busy spending it.

You could be an impulsive buyer and often you shop around using your credit cards. You should remember this mantra of ‘spending less than what you earn’ so that you will refrain from making credit purchase. This will help you to save your money and safeguard you from getting into debt traps.

Also Read: 10 Ways to Reduce Car Insurance Premiums