bobbydozier / Your personal finance mate.

© alancleaver_2000

The latest survey by Citi Fin-Q points out that, Asian consumers have become smarter in handling their personal finance.
It points out that a staggering 52% believe that they are well informed about personal finance budgeting and money management. There was a significant rise of 13%, since 2007 the last time when this survey was taken.

Most of the respondents believe that online banking has made managing their personal finance a lot easier. Most of them have slowly started using online banking more frequently since the last year. The good news is that more than 60% have shown interest in managing their personal finances through their mobile phones.

Finally it shows that the average Asian person has become more financially aware and his financial well being has also improved over the past couple of years.

If you want to survive the current financial crisis, it's not a bad idea to go back in the past, when our ancestors were experts in surviving with a modicum sum of money. The British from The Times say that we find very good financial advice in the Victorian and Edwardian eras. One of the most rational books is S. Smiles' work. In 1879, it offered practical pieces of advice that seem to defy decades:

© AMagill

- Spend less than you earn;
- Pay with fix money and don't borrow;
- Don't anticipate unsure earnings, spending them before obtaining them;
- Have an inventory of your income.

The economizing principle is that it doesn't take courage, or superior intellect, or other virtues. It is about common sense and the power to resist egoistic pleasures. In 1863, The Englishwoman's Domestic Magazine was warning girls about not falling in the trap of luring ads. Money Maker magazine (1899) was exposing an advisory list for wisely spending money: avoiding waste, paying with fix money and noting down all acquisitions.

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Everybody needs money. Here is a tip on managing your personal finance.

Create personal income statements. This method is usually used on managing a company's finance, but it can also be used on your own finance status. Keep track of expenditures. See how much you are spending and how much you are earning. If you are earning more than you are spending, then you are doing great. If you are earning just enough to spend, then you need to cut down on spending. If you are spending more than you are earning, drop everything you're doing and start a plan.

Perhaps you need to wonder what it is that you're doing wrong. Think about things and see where you can cut back. Maybe you should stop drinking so much beer. Maybe you need to cut down on coffee.