The US Financial crisis experienced in 2008/09 had far reaching consequences. One of it's ripple effects was exposing European countries such as Greece with unsustainable fiscal policies to a debt crisis. Termed the most serious financial crisis in over 82 years, the European debt crisis itself has the European union and entire world worried. Luckily the IMF and European Central Bank have stepped in to tame it, but amidst all that bailout talk and bond buy out plans, what personal finance lessons can we pick from the crisis? Here are a couple.

Tame your  Overspending
One of Europe's troubled economies, Greece, has had to implement Austerity measures to nip years of uncontrolled spending by both government and Ordinary citizens. Well, the problems in Greece might be far from over but overspending is not entirely unique to them. Individuals fall in this deadly trap quite often as well.

In case you find yourself  in one, I suggest a few 'personal Austerity measures' that begin with the crafting of a spending plan. Start by calculating  your monthly earnings then measuring them against your expenses. What remains could be used to establish a cushion in case of unexpected expenses and the rest investing in yourself to boost your financial position. The advantage of a spending plan is that it helps you know when you exceed your spending limits.

Avoid/Manage your debt
To feed it's overspending, Greece resorted to debt thence driving it's gross National debt to over 115% of the GDP with deficits of 13.5% of the GDP all exposed at the onset of the financial Crisis. This level of debt was so serious that it called for austerity measures together with Several bailouts that have been seen through to help manage, if not clear, the Greece mess.

As an Individual, it is important to note, your 'bailout' is mainly pegged on how well you manage debt and finally find your way out of it. It is always important to avoid unnecessary debt. Since living beyond one's means is normally the beginning of a debt cycle, effecting lifestyle changes should always be the first step in getting in control of more debt. The next is operating with a spending plan, and making paying off  the debts a priority thereby finding your way out.

Financial planning  for couples

The economic strength that comes with a union cannot be undermined. However, any form of union is only strong/stable as the strength of the individual parties involved; even the smallest. For instance, the most troubled euro-zone countries like Greece, Ireland, Italy and Spain pose a great threat to the economic stability of other euro-zone countries. Something economists would attribute to the 'contagion effect.' This seems to be quite analogous to marriages. Simply put, in any union your partner's financial problems are your financial problems. You can't ignore it, since It will affect you in one way or another.

For a while, common practice amongst married couples, especially in this part of the world, has been to hide their finances from each other. This gives rise to financially discordant couples and heavily strained relationships. The sole reason I advocate for inclusive financial planning in marriage is because of the soberness it injects when parties sit down to make financial decisions.T he advantage is that it encourages prudence in spending decisions, since two parties are involved, thus guaranteeing some health in your finances.

Always seek professional help when stuck
For most people following the Euro Crisis closely the name Mario Draghi is not new. Also Known as 'Super Mario'- a moniker adopted from the Italian press who refer to him as such. He is the new president of European Central Bank and is charged with managing the Euro crisis. As Economic analysts analysts wait to see whether his bond buying plan would end the crisis, it simply can't escape us that for this precarious situation Europe went for an experienced professional who they believed would deliver them, so should you.

Most times we find ourselves in daunting financial problems that are hard to navigate yet rarely do we seek professional help for the same, when the direction of a financial adviser would provide a lasting solution. Some financial problems are beyond us and would normally require an experienced professional to provide guidance. After all, we also don't treat ourselves when sick, do we? Okay, maybe we do, but that's not right either.

As the world watches as the events in Europe unfold, you might want to consider this advise to avoid a financial crisis of your own.