If it seems you’ve never been able to make ends meet, it might be time to take a different approach to your management of money. In order to be successful and have a nest egg tucked away for a rainy day, you’ll need to learn how to spend and save money.
Establish a Budget
I’m sure you’ve heard it before and maybe tried it too and were unsuccessful, but a budget really works. In order for you to gain the benefits one, you’ll have to learn discipline. A budget will only work if you live by it. First take out all your bills and list them, along with your other known expenses. Then list all of your sources of income. If you deduct the income from your monthly expenses and you have money left over, you’re on the road to a speedy recovery. If, however, you find that your expenses are more than you bring in you’ll have to make a few changes in order to cover your bills and live. If the difference is within a hundred or so, you can make that up with a few less frivolous purchases like your morning coffee on the road or a dinner out. If the difference is substantial you have two options. One, you can take on a second job until it levels out. Or, two, you can take on a fast installment loan, like Maxlend, to cover your expenses this month and maybe pay down some debt to get you on track going forward. Maxlend Loans provides personal cash loans and installment loans in amounts up to $1250 as an alternative option to payday lending. Key benefits include minimal eligibility requirements, fast-funding and flexible repayment. Qualified applicants must have a social security number, an active checking account, and a verifiable source of income.
There’s a big difference between being cheap and being frugal. Cheap is a shortcut that usually comes back at you with regrets. Frugal, on the other hand, is a smart shopper and dollar wise saver in all areas. There are many ways to save money on items you purchase without sacrificing on quality. If there’s something you need like a car, a piece of furniture, a bed or other large ticket item, shop around. Stores and dealerships run many promotions throughout the year during their slow months to get their numbers up. Take advantage of this and make sure you’re getting the best price. In addition to the larger necessities, daily living like food, laundry and drug store items don’t have to break the bank. If you live in a metropolitan area, take advantage of the fact that you have competition all around you. Get the flyers out or go online to their websites and compare prices. Then, set aside one day a week or every other week and make every purchase count.
Life happens, so it’s not a question of if, it’s a question of when you’ll need additional funds available for an unexpected expense. If it seems like these repairs or sicknesses come at the worst possible time, it’s only because you’re not prepared. Make it a must that from this week forward you pull a small percentage of your weekly or bi-weekly check and place it in a savings account before you pay your bills. While this may seem like it’s impossible, once you do it just a few times you’ll wonder why you didn’t do it earlier.
Pay Yourself First
While the last thing you may think of on a tight budget is giving yourself an allowance, it’s necessary. It’s not a large amount, but rather a small amount of money held by you for your purchases. You can spend it one week or hold onto to it until it accumulates and then you can get something you want. The best part is you didn’t dip into your bill money to acquire it.
Take advantage of today’s technology. There are many companies that have apps dedicated to financial services to help you manage your money. You can enjoy a stress-free life if you establish a budget and savings and stick to it. You’ll find that within just a short period of time you have money and you’ll wonder why you didn’t do it sooner.