10 Personal Financial Rules To Counter Your Lean Times

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10 Personal Financial Rules To Counter Your Lean Times
14 Feb 2023
5 min read

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Financial well-being, in addition to mental and bodily health, is now widely recognized as essential to a secure future. It's simple to get pulled into the flash and glamour of the world and spend money whenever you want.

All of this is perfectly fine, but in circumstances like this, saving and investing can sometimes get neglected. We frequently establish specific personal finance rules to make a budget, keep track of our income and expenses, and manage our money more effectively in order to maintain good financial health.

In this blog, we will explore 10 Personal Financial Rules To Counter Your Lean Times,

We constantly hear financial gurus, parents, and other senior citizens tell kids and us to start saving and creating budgets early. One of the most important abilities you may have is the ability to manage your money well. Since it is essential for one's physical, mental, and financial well-being, it should be ingrained in a person from an early age as both an art and a skill.

But in the event of a truly unprecedented crisis, we might be forced to deviate from our financial strategy. Knowing which rules of personal finance we can break at this point is crucial.  To receive returns on our investments and help us through difficult times, we adhere to personal financial standards all our lives.

Budgeting, money management, insurance, investments, and emergency funds are just a few examples of rules. In our difficult times, there are a few rules that we adhere to fervently that can be broken.

What are difficult times?

There may be hard times for you personally as well as for the entire world. Situations that only affect you directly include the untimely death of a family member who was an active wage earner or an unexpected job loss There have been instances where everyone experienced a financial crisis at the same time, such as the covid epidemic and an economic downturn or recession.

The following 10 personal finance rules are permissible exceptions:

10 Personal Financial Rules To Counter Your Lean Times

1. Emergency funds

You should have enough funds set up for emergencies to cover your costs for at least six months. Since emergency reserves are only created to maintain financial stability when you are unable to keep them, the rule of maintaining them does not apply when you are experiencing financial downturns.

2-Timely payment of bills

Generally speaking, you should pay your bills on schedule to preserve your credit rating and credibility. However, during a financial crisis, you may not be able to pay your payments for your wishes since you will have to put necessities before all else. Therefore, when your finances are uncertain, the rules for keeping track of on-time bill payments can be broken.

3. Payment using credit card

Credit should never be left unpaid, but if you find yourself in a tight financial situation, you can leave amounts on your cards and only make minimal payments. After paying for the necessities for you and your family, you simply need to pay as much as you can.

4. Saving ten percent of your income

You should set aside at least 10% of your gross income as part of your ideal personal financial strategy. However, if the nation's financial circumstances or your own are getting worse, it is acceptable to forgo saving money because you are already using investments or savings to get through a terrible period.

5. Taking money out of investments

Withdrawal should continue to be invested up until your financial objective is not achieved. It aids in preparing you for a specific dream. However, you are completely permitted to break your investment if you do not have any other options to satisfy your need.

Also Read: Best Strategies For Gold Investment In India For 2023

6. borrowing to cover personal expense

If you are in a tight financial situation and need the funds to survive, it is OK to borrow money. When unexpected layoffs occur and there is high inflation in the country, it is not uncommon for people to run out of money and struggle to survive.

7. Grabbing opportunities in low-trend markets

Value stocks are now more affordable than they were when the market was at its peak, making the current stock market dip an excellent time to invest in them. However, it is acceptable to pass up some market chances if you are having serious financial problems and are unable to pay your normal expenditures.

Prioritizing your needs and those of your family during difficult times is the key to managing your personal finances. Financial independence and peace will go hand in hand once you accomplish that. If your necessities are compromised, it is possible to break any personal financial rule that is primarily related to investing and saving.

8. purchasing risky assets like stocks, cryptocurrencies, etc.

Several factors have an impact on investment decisions. There is no one solution that works for everyone when it comes to investing. Therefore, before investing in assets during a crisis, such as stocks and cryptocurrencies, sit down and evaluate your overall financial status. It's essential to maintain a watch on the market for chances to purchase high-caliber assets for lower costs.

9. Verify Your Insurance Protection

Verify Your Insurance Protection e advised looking around for cheaper insurance premiums. These are obvious improvements you may do to minimize your monthly payments if you have too much insurance or could acquire the same coverage from another carrier for less money.

Having said that, having good insurance can keep crises from building upon one another. Additionally, it is important to ensure that you have adequate coverage, not just the bare minimum. This is true for both existing insurance plans and potential future purchases of insurance. If you suffer a serious sickness or injury that keeps you from working, a disability insurance policy may be essential, and an umbrella policy may fill any gaps in your other plans' coverage.

10. Ensure Regular Maintenance

Maintaining the components of your home, car, and physical well-being can enable you to spot issues early and prevent the need for costly repairs and subsequent medical expenses. Filling a cavity is less expensive than receiving a root canal, replacing a few pieces of wood is simpler than having your home tented for termites, and choosing a healthy diet and engaging in regular exercise is preferable to eventually needing to undergo pricey medical procedures for diabetes or heart disease. Although you might feel you don't have the time or resources to deal with these issues on a regular basis, if you ignore them, the effects on your time and budget could be considerably worse.


Even though life is unpredictable, you can avoid calamity by being cautious and well-prepared. With the correct planning, a possible financial catastrophe can be reduced to a brief setback.

Having a backup plan is always beneficial because a crisis can interrupt our plans and throw our lives off balance. If you find yourself in an unforeseen financial bind, the aforementioned advice can help you get through the trying period.

Disclaimer: This blog is solely for educational purposes. The suggestions/Financial Rules quoted here are just suggestions. It is important to consider factors before choosing a specific type of Financial Rule,

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