How Well Do You Control Money and Saving on a Budget?
If You Earn Less Than $1,000.00 a Week Try This Money Tip.
If you earn less than one thousand dollars a week, you're in desperate need of sticking to a strict budget to manage your finances in order to plan the life of your money. This is so you'll acquire an adequate lifestyle during your retirement years. It'll take discipline on your part in living a frugal lifestyle for years, in order to watch your nest egg grow with compound interest. You should ultimately strive to double your principal every six years or so. The earlier you diligently start saving and remain glued to a strict budget guideline the better your results will be.
When you manage your money, saving becomes easier as you stick to a budget plan. Every week, you should know exactly how much money you're allocating for your basic living expenses.
Create a short-term savings plan and a long-term savings plan to substantially fund and allocate to pay down your debt. Strive to get out of debt as fast as you can, so you can save more money in the long-term. When you are drowning in debt, it's more difficult to save money. Since, paying a high interest on a loan and personal credit card strips and inhibits your saving plans.
The decision never to get back into debt once you get out of debt is taxing! With debt out-of-the-way, you'll feel more at ease, and be able to manage your money effectively. Etch in your mind to achieve debt elimination on a limited income of fifty-two thousand dollars a year.
Honestly, it is not how much money you make, but how much of your money you're able to keep at the end of the month. There are people who make more than a hundred fifty thousand dollars a year who don't have an ounce of savings, since they have a high standard of living. This need not be you!
Adjust Your Lifestyle to Fit Your Pocket
Take control of your money by the bull horn. Begin, by making, saving a part of your income a top priority, then cut back on wasteful spending. You probably spend a lot of money on little things you don’t need anyway!
Make your clothes last longer by taking extra loving care of them. Bag your lunch to work, instead of spending money on snacks, soda, coffee and restaurants. You'll be amazed at how much money you'll be saving every week. This should bring a smile to your face. All this money can initially go to pay all or part of your credit card debt. Then you can save the extra money in an interest bearing savings account for your future needs, and retirement.
Only you have the power to secure your retirement years! No, social entity can do this for you right! As you know, Social Security funds have been dwindling dramatically and probably will last for a little while longer. It is up to you to take the initiative to save more of your income by sticking to a severe budget to enjoy a better future.
There will be times when you'll feel the need to go off of your budget and want to buy something outside of your monetary goals. Resist, the urge to do this! Think long and hard before you buy something you cannot afford, or pay for with cash. Talk yourself out of this self-destructive behavior, because an urge to waste money or go on a spending spree will highly put you back in debt and a money bind again.
Find other ways to reward you that don't involve spending extra money, such as listening to soothing music, exercising, reading a terrific book, relaxing in a park or fiddling with your hair. If you stay away from the shopping mall, you'll not have a strong temptation to buy new things for your home or yourself. Isn't this great!
Are You Able to Live Comfortably Within Your Budget Goal?
How to Save Extra Money?
Save more money by borrowing movies and books from your local library. Cook your evening meals, instead of eating out at a fast-food place, or restaurant. Your cooked meals will always be a lot healthier too, since, you can add your favorite ingredients to your dinner and prepare your meal the way you like it.
If the soles of your shoes become worn out, get them fixed at a shoemaker. Tapper your clothes, if they get too large for you, if you happen to lose extra pounds from your healthy home-cooked meals and bagged home lunches.
You can shop in Thrift Stores for extra savings on household items, pocketbooks, paintings and more.
Some Frugal Budget Guidelines to Follow...
- Spend no more than 30% of your net income on housing. This includes your mortgage or rent payment, insurance, taxes, utilities and property care.
- Spend no more than 20% of your net income on transportation. This includes car payments, auto insurance, and auto maintenance, fuel, parking and road tolls.
- Spend no more than 20% of your net income on food, child care, clothing, entertainment, medical expenses and goodwill.
- Spend no more that 15% of your net income on education loans, installment contracts, personal loans, medical debts, tax debts and credit cards.
- Save at least 15% of your income thought out your working life.
With inflation eating away at the value of your money, it's a swell idea to be darn thrifty to get out of debt, all together. Remember to save 25% of your income, though out your working life. This will guarantee your money lasting as long as you need it, with extra money for your loved ones and adequate money for your retirement years.
No one can do this for you! It is up to you make your money last as long as you live, and not to have more dangling bills at the end of the month that you can't pay, because of lack of funds.
You have to make a strong initiative to get out of debt by managing your money wisely. The optimal way to save the money you need for your retirement is to live within a strict budget that's results oriented and succumb not with wasteful spending that is hazardous driven.
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© 2011 Sheila Craan