• Are you struggling to cope with your personal finances?
  • Is there a possibility that you have piled on the debts and are looking to come out of the problem?
  • Have you spent beyond your means and your expenditures have overshot your income?
  • Do you know how to save money and create a safety fund for your future?

If you have been asking yourself any of the above questions, then you have landed on the right article. Pennon Partners, a leading financial and wealth solutions company offers expert advice on how to manage your personal finance in a better way.

With rising incomes and expenditures, many individuals and families are struggling financially. In other words, there are many cases where the expenditures are overshooting the income. In other cases, families are falling into a vicious cycle of debt and are unable to come out of it.

In this article, Pennon Partners talks about some of the pressing problems that are being faced by the general population. They discuss about debt cycles, overspending, payday loans and other economic and financial domains.

Top 5 ways to manage your Personal Finance: The List

  1. Plan your Expenditure in a Structured manner-

According to Pennon Partners, a majority of American families plan their expenditures in a haphazard manner. It is important to sit at the beginning of the month and chalk out a financial plan for the month.

This exercise needs to be done every month. Families and individuals should list out all the expenditures, which they expect to incur. Overheads, like birthdays, anniversaries and school trips should also be considered.

  • Avoid Payday Loans at all costs-

The lure of Payday loans is such that this industry has seen the biggest increase in recent years. However, almost all these loans are exploitative in nature. Astronomical rates of interest, coupled with frequent harassment complaints have become the norm.

Payday Loans also perpetuate a vicious debt cycle. People are never unable to clear the first loan, and the interest keeps piling. Just to give you an example, an average person who takes a payday loan pays ten times more interest annually, than a credit card.

  • Repay your Debts with help from a Financial Solutions company-

It is important to process your debt with help from experts. Some of the leading wealth and financial solutions company offer a fixed monthly payment scheme at very low interest rates. This can help you clear your major debts like credit cards, payday loans, auto loans and so on.

The biggest advantage of this is the fact that you are becoming part of a structured institution. There are rules, regulations and discipline. These elements are very important when it comes to managing your personal finance in a better way.

  • Ask your Friends and Family Members for help-

Pennon Partners state that acknowledging that someone has a debt problem is the first step to recovery. It is important to confide in your near and dear ones and seek help from them. This help can be both, psychological comfort, as well as financial help.

By clearing your debts with help from a family member, you will save heavily on interest payments. They can also understand and sympathise with you if you borrowed heavily to treat an illness or send your kid to college.

  • Invest a small fraction of your income every month-

They say that money saved is money earned. Pennon Partners point out that saving even meagre amounts brings in financial discipline in a major way. They also state that savings go a long way in helping families in case of an unforeseen emergency or major expenditures.

No matter how little you earn, saving 5% of it should be your goal. This would act as a psychological source of contentment, relief and safety net.


With every passing year, more and more people in USA and elsewhere are coming under debt. While there are multiple reasons for the same, a constructive solution is nowhere in sight.

Through this article, Pennon Partners hopes to educate people about the need to think about their personal finances. Coming out of debt, avoiding payday loans and small savings are going to go a long way to help families and individuals financially and psychologically. If you know anyone who is going through a similar problem, please do your bit and share the article with the person.

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