I guess every individual in today’s competitive world knows the importance of saving money, especially with the economy sliding. However, you would find a lot of people in your day to day lives showing scant respect to money and simply go on spending money lavishly. Even if they don’t have a lot of money, they would take loans and buy things without sparing any thought for some of the emergency situations for which you may need money.
In order to make sure you spend less and save more money, you need to have a strong awareness of what is coming in and how much is going out. One thing that is pegging a lot of people back is credit card debt. That is one thing people need to control. People with strong urge to collect things by spending money as part of hobby find it difficult to curb their urge.