Are you one of those people who run out of money before you run out of the month?
You’re not alone.
But, if you’re serious about finding a solution
Take a few moments to see where your money is going.
Sometimes, you aren’t making enough money to support your lifestyle, (it’s very easy to live beyond your means.)
But most of the time, people are spending far more unnecessarily than they care to admit!
I have found that with a little research and re-organization, your money will stretch further than you ever thought possible.
Start by becoming a spending detective and find out where your money is going.
First, jot down everything you think you spent money on last month.
Next, locate your most recent bank and credit card statements to see how much you actually spent on rent, car insurance, groceries, small purchases such as coffee or snacks, and fees from your bank or credit card.
Once you have all this information, you’ll probably notice areas where small amounts of money seem to disappear.
It’s time to plug those leaks.
These spending leaks can include anything from expensive coffee drinks, and eating out for lunch daily, to making impulse purchases.
Here’s an example:
“If you buy lunch at a restaurant or cafeteria every day at work, you’ll probably spend $10 each time. This adds up to $50 a week, $200 a month, and $2,400 a year!”
According to a survey from CareerBuilder, almost 8 out of 10 American workers say they live paycheck to paycheck to make ends meet.
Another report said about half of American households have no retirement accounts at all.
No 401(k). No IRAs. Nothing.
And a recent 2018 survey reports that only 39% of Americans have enough savings to cover a $1,000 emergency.
Achieving and maintaining financial wellness isn’t easy.
So to get a handle on your finances, you need a plan.
In addition to plugging those leaks, consider the following:
Curb your spending.
I’m a big fan of using a budget. A budget is just that, a spending plan that helps you tell your money where to go. A budget is not a magic wand that will suddenly make all of your money behave. But it’s a great way to tell your money where to go each month and, if you follow it, will eventually change your life!
Build your emergency fund.
If you lose your job or an emergency strikes, would you be able to cover your expenses for 3-6 months? An emergency fund is a very important plan to put in place, so make room in your monthly budget to set aside money for emergency savings.
Better manage your debt.
Your monthly debt payments are costing you money that you could use elsewhere. Whether you have a mountain of credit card debt or student loans, being shackled to these obligations is frightful. Put a plan together to pay off your debts. Debt is a ball-and-chain that prevents us from living our dream lifestyles.
Being able to manage your day-to-day financial life, absorb a financial shock and be on track to meet your financial goals are worth the effort!!
Until next time…..
I look forward to hearing from you!!!
Althea
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My goal is to connect people, ideas, and resources so that your life is better because I helped you make the right connection!!
