9 ways to use credit card properly!

New Delhi: Raise your hands if you have watched F.R.I.E.N.D.S so many times that you have actually forgotten the count. Now take a sip of any drink if you were watching F.R.I.E.N.D.S just before reading this article. Gotcha!

Well, it might have come 25 years back, but still, this show is as important for us as dinosaurs are to Ross and pizzas are to Joey.

Ever wondered how Chandler and Monica could afford their dream wedding or how Rachel transformed from being daddy’s little girl to an independent woman? Not a tricky one to answer, Of course, they made some good financial choices.

Obviously having good friends makes you feel the happiest but when you maintain financial discipline, you are prepared for the worst in life.

Let’s see what lessons our favourite sitcom has to give on better personal finance so that you are not always stuck in second gear…

Know your paycheque

Remember how Rachel was astonished when she got her first paycheque. In sheer shock, she exclaimed, “Why does FICA get all my money?” (FICA is U.S. Federal payroll tax). To avoid this Rachel moment and a sudden gush of amusement and stress, knowing our salary beforehand is better. There is a difference between your CTC and take-home salary. Your take-home salary is mostly less than your actual CTC. Be aware of all the deductions and plan your finances accordingly.

Do not go overboard to keep up with your friends financially

We all have our bad days when we might not be earning as much as our friends. Remember when Joey, Phoebe and Rachel were not able to keep up financially with their friends? They couldn’t afford to go to fancy places and pay huge bills. Lately, they decided to make a confession to Ross, Chandler and Monica. They made this decision only they couldn’t take it anymore. You shouldn’t think twice before making such a confession. Spend only if you can afford otherwise month-end financial crisis will regularly visit you.

Estimate your financial stability correctly

Dr Drake Ramoray overestimated his finances. Although Joey was doing great with his new gig as soon as he shifted to a new place alone, he lost his job and had to come to Chandler’s. Why? Because Joey had no emergency fund or maybe he took this decision too early. Dr Ramoray did fell off from the lift, but, he surely taught us a lesson that life never remains perfect. Therefore, keeping some money aside for an emergency is never a bad idea.

Pay only for your needs

When Chandler went to cancel his gym membership considering he doesn’t go to the gym, he came back with his friend Ross also signing a new gym subscription. The episode ‘The One With The Ballroom Dancing’ taught us ‘learn to say no’ and ‘don’t be a mindless spender’. If Ross and Chandler could have said no, the would not have to bear the extra cost.

Share household expenses

Chandler kept on spending his money on Joey because Joey wasn’t financially stable. Therefore, you must always share the household expenses with your roommate or partner because money shouldn’t come in between your friendship. If Chandler would not have lent the money to Joey, maybe the show would not have been this great. But in real life, you should know that sharing household expenses is always a great idea to avoid any future fights.