The current financial buzzword especially in the western world is austerity – a romantised and more accepted word for the difficult act of cutting basic spending costs, now widely sued by governments and economies in Europe in financial trouble.

In simple words austerity means denying yourself worldly pleasures. The west has brought us materialism, the culture of making money and spending it as a way of making life worthwhile, but now, that materialisms looks like it is crashing.

It boils down to the basic tenet of financial discipline. Do not spend because you can afford, but spend if you must – on needs first. If you are the type that has had your own flush of materialism driving yourself into a cycle of being broke, it might be the time to draw your own austerity lines. Learn to keep away from that alluring pizza, the canned soda or the unnecessary cup of expensive coffee because you can get cheaper healthier alternatives like a home packed vegetable sandwich, a fruit, a glass of homemade natural juice or a simple cup of homemade coffee.

If your financial situation is as dire as Greece or Ireland’s, do not wait for riot of your debtors or the crashing of your monthly budget. Act swiftly, deeply and sensibly, or risk going bankrupt. Scale back on financial projects if your outlay is overburdening your bottom line. Reassess your priorities and learn to tighten your purse strings.

The austerity plan will be tough. It might change your social calendar but it will help you to have a better financial future – to dig you out of the hole of potential financial collapse.

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