C
Christopher W.
Can anyone share the secret because I clearly do not have any idea
Money 101
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Can anyone share the secret because I clearly do not have any idea
Create a budget and stick to it! When you put money towards various important categories, you cannot go wrong with overspending. Spend on necessities and not so much on wants! It’s ok to spoil yourself every now and again, but make sure to fit that into your budget as well! Write down all of your expenses in the household and prioritize. What I have found helpful is putting the right amount of money into envelopes with labeled categories. It won’t hurt to try!
You have to train yourself in the mindset of "no." No, I can't afford it. No, I can make do without that. Then write a budget based on your income and continue to practice the mindset of no to stick to it.
I think it helps to look at the long term picture and have a reason for saving. Play with this calculator and realize the power of compound interest. A small amount regularly invested really adds up over the years. https://www.calculator.net/interest-calculator.html
Yes set a budget and stick to it no matter what. Cut out the silly little things you don't need like your daily stop for coffee , pack your own lunch instead of going to lunch at work. Etc.
For me the secret was actually keeping track of expenses. I keep all bills in a spreadsheet and update it every two weeks as that I when I get paid. Once I was able to see my expenses I found it easy to cut non-essential and wasteful spending out. It took almost 2 years but I became credit card debt free! I now have savings and do not feel the daily stress of financial issues.
Budgeting and saving go together hand in hand. Its best to do them together to get maximum results.
Thank you for your advice. I'm going to implecate these ideas into my life