All right, so you’ve got a truckload of bills you need to pay monthly, and you’re desperately searching for a way to save up for emergencies, not to mention a Rogaine prescription because you’re losing hair trying to save that money. In other words, where can you find that extra cash to put away for later?
First of all, when configuring your budget, plan for your savings first. You all know savings is like being your own boss – you pay yourself, and yes, this could help you add to that nest egg. Before paying any bills, decide on a set amount that you will pay yourself first – maybe five or ten percent – or whatever you decide – of your paycheck. Then, deposit the amount into a savings account before paying any bills.
By doing this at the start of the month, you won’t feel like a one-day millionaire anymore as you will actually be saving. Chances are you would not have a penny left to save if you wait until the month is over. Paying yourself first will give you a systematic way to make your money grow. Of course, you will need to stick to such a strategy once you have already started.
Another technique you may try for saving money is to empty your extra change into a coffee can or a jar each day. You can roll the coins by month’s end and add up the total amount into your kitty. You may be able to save 30 or 40 dollars each month just with your spare change.
Money management doesn’t require that your name be Alan Greenspan nor does it require your having been a straight-A student in Math back in the day. What it does require is an understanding of how life can change without a moment’s notice, and so may your finances. Your money management plan is always subject to change if your life situation changes. There is no such thing as a “best” budget plan, and no “right or wrong” answers, just the eventual objective of meeting your goals or coming as close to them as possible.
Don’t give up the ghost if your budget isn’t exactly looking perfect right off the bat. Again, tailor-fitting is key, so keep on ironing things out until everything looks copacetic. Always be sure to review your budget regardless, because you want to be saving up on every dollar, right down to the last penny! Because we know how helpful those spare pennies can be!
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