If you do not have any financial studies, but you want to learn how to balance your money, The Richest Man in Babylon is the perfect book for you.
Although I am not fond of books of personal development, I have to say the stories written by George Samuel Clason had made me want to manage my expenses better. One week after I receive my paycheck, I am somehow struggling with my bills, rent, fuel, food, money etc. so I decided to take matters in my own hand and start studying more about the management of money.
This was the first book that was recommended to me due to my lack of knowledge in the economics field, the second one was Rich Dad, Poor Dad (review will follow soon). At first, I was surprised by the title, could a city that vanished give me bits of advice about anything related to management? But I was surprised after the first few pages.
The stories are more like pamphlets that take us back to ancient Babylon where people were struggling to have enough food to survive. All, but Arkad, who seemed to have all the luck in the world and is the richest man in the city. He is asked to teach those less fortunate how to make money so that the city could flourish once again. Along with his stories, you will find the seven cures for a lean purse and the five laws of gold, told in the simplest way possible, even for a child to understand.
In approximately 145 pages you will find exactly what is it you are failing to do and ways you can improve. As a spoiler alert (for those of you how are not yet convinced you should read the book) the salary should be divided into 3 parts, first (10%) should represent the savings, second (20%) should represent the debts and the remaining part (70%) to be spent on the current month. You should not try to save more, because you will lower your living standards and become frustrated, but you should never use more than 90% of your paycheck (for the fortunate that do not have debts).
The question you probably have, same that the people of Babylon had: how could I save 10% when I am struggling already. Well, the answer lays in our own past, how much money did you need 5 years ago? or when you were in college? or even when you got your first job? Most likely less than you have right now.
I cannot say if I am now more mature when it comes to savings, but I am definitely more aware of the excess that I am making and also had a very nice time reading the short stories. I really hope you will too. 🙂