Is greed killing your finances? image "Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants." Benjamin Franklin Here are 5 steps to become a patient saver 1. Out of sight out of mind. If you’re struggling with overspending, consider an automatic regular withdrawal from your checking account. Talk to your bank and ask them to deposit a certain amount of money into your savings account, and have restrictions put on it so it is easier to resist the temptation to pull the money back out. This is a great first step to slowly build financial reserves God’s way. 2. Where are you wasting money? Every one of us has one category, or a few, where we know we overspend on regular basis. In order to find your personal waste areas, track your spending for 30 days. It will be very telling! After evaluating your spending habits I’m sure you’ll find extra an $25-$50 each month that could be reassigned from waste to savings. Many of our Mvelopes budgeting software users recover up to 10% of their income just by finding waste areas. 3. What can you pay less for? All of us use services on a daily basis. Whether it’s a cell phone, cable, car insurance, home insurance, life insurance, etc. Get in a habit of reviewing your services every 6 months. There is so much competition in the market that just by reevaluating your range of services on a regular basis you’re bound to find $25-$50 monthly in savings if not more! Use those extra funds to increase your savings amount. 4. Waiting rule. If habitual overspending is your main issue, institute a 30-day waiting rule on purchases. Any new item will go on a 30-day waiting list. This will help you develop patience, will give you the time to consider “Do I really need it?” and will give you room to compare prices and look for bargains or sales. Impulse buying is one of the main causes of debt, so break free from it once and for all! 5. Stop using debt as an excuse not to save. Unless you start building savings reserves, you will have a very hard time breaking your debt cycle. Saving a certain amount of money (no matter how small it is at the beginning) should be your primary agenda. Spending less than you make and saving the rest will always be a winning financial strategy! Gathering little by little not only develops our character, but it also proves to be a much better long-term strategy for retaining our hard-earned money.
Posted on: Mon, 09 Sep 2013 11:25:14 +0000
Trending Topics
Recently Viewed Topics
© 2015