How much money do you have in your savings? Okay, don’t answer the question, just think about it. If you had a $500 unexpected expense, do you have it? Does your bank account often overdraft? Do you consider yourself “broke”?
Well, I’m no financial advisor, but what if I told you the key to your wealth is you? Would you believe that if you want to change how your bank account looks, you just need to change a few things about yourself? Yes, it’s true. The reason you can’t save money is because of you. It’s not because you’re not making enough money. It’s not because minimum wage is too low. It’s because you have to develop a new relationship with your money.
Money comes and money goes but it’s important to learn to control where exactly its going. So, before you began to start your savings, take a moment to review your spending. Write out your bills and other expenses. Find out where your money is going. You aren’t going to be able to save without finding out where you’re spending.
From there, there’s a few things you can do to increase your savings.
Sort Out Your Expenses
Decide on what your want and needs are. For instance, having the most expensive cable package is a luxury. You don’t necessarily NEED all of those channels. That bill can be reduced. Do this for all your expenses, be honest and challenge yourself to make changes.
Sacrifice
If you truly want to save some money, make a sacrifice. This can be as simple as not going out every weekend and instead limiting yourself to 1 weekend a month for the sake of your savings. It’s okay to say no, especially when you have a goal in mind.
Add Another Source of Income
If you’ve been maintaining without a second stream of income, find one and save every dime. You clearly can manage without. If necessary, open a separate account specifically for those checks to go in.
Put a Timeline On It
No true goal is a goal without a timeline. Apply some pressure to your savings goal. Stick to the plan.
Change Your Habits
Come on, let’s be honest. Maybe you’re a smoker or a drinker. You must develop the will power to tell yourself no. If you know purchasing your extra-curriculum activity is going to put you in a bad spot. Don’t purchase. Don’t feed your bad habits if it’s effecting your savings. Don’t ever be the person asking friends and family for $10 because you need drugs and alcohol, in fact if you feel that you need it that back, take yourself more serious and get help! Bad habits keep you broke.
Flip Your Funds
Begin to do research and find ways to make more money with your money. Find things for invest in that will make you more money. Sell merchandise and/or services that people need and continue to build it.
Trust me I get it. It sounds so easy but its hard work. And it is! But the work is worth it. You deserve to live better. You deserve to be able to breathe financially. You can save the money you want. Just put your mind to it and do it.
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