Learning the art of handling personal finances can really help you out in planning a budget so you would know that from where all your money is coming in and going out; this way you will spend a lot more wisely. Also, handling personal finances in a good manner allows you to save some money time to time that might come really handy in emergency cases such as an accident, medical cases, children's fee, credit card debt, etc. Many times a scenario comes in to play that there are guests at your place when you are least expecting them and you are currently not having enough money to bring in dinner or snacks for everyone. What will you do now? You could have saved for reputation and respect only if you followed the basics of handling personal finances.
People ignore the fact that an emergency can occur any time, anywhere, and in any form. They prefer to live up life at the present moment and blow off their personal finances enjoying and getting luxuries. People having fixed salaries often get a hard time managing their personal budget but it is not impossible. You can always cut down on a few things to save some cash like quit or reduce smoking and drinking if you do, do not go to the movies or out to eat too often, quit ordering food from outside, etc.
Everyone goes through a hard time sometime in life, and looking at life today I would say that you need money more then anything to take care of problems. You should list down all your assets in order to liquidate. Then comes a list of luxuries that are necessary and you cannot really survive without them; write them all down. Now list down all the resources you can possibly use when an emergency comes up and then think about things you can do that can generate an extra income.
Making these lists would clear up things on how much you are spending and how much can you actually afford to spend. You will get an idea of what your savings are that I am sure would not be that good so you would automatically start working on them. Handling personal finances cannot be done alone, so involve your family members in the mix as well.