Managing our finances is a critical skill. Many times we come up against the old saying "Too much month at the end of the money". It's rarely the other way around!
Many people get to this point and aren't sure about what to do about it or how to cope with it. Obviously, not having enough money leads to so many problems. It's stressful and can cause a domino effect on other parts and people in our lives.
I know what this situation is like. I've been there. We all have had financial targets that couldn't have been met if we didn't manage our money at the time.
Yet, many people still end up in this position. I've even met millionaires who have this problem, believe it or not! I know people who you might consider to be living on the breadline, but have a good quality of life. The majority of time, I think it's not the amount of money you have but rather it's the approach you take to money.
So what do we do in this situation? How do we avoid going in to debt.
One thing you could do is consider the money you are spending on food and drink. How many of us truly know how much we spend on a daily basis on just food and drink? Is it more than you think? Think about how you can get the same quality of food, but at a lower price. Consider shopping in other places. It's very simple. The quality can be identical if not better. We've all seen these taste tests on the TV where the budget brand comes out on top, or a close second to more expensive brands. Have a shopping budget.
In fact, have a budget for everything to really take control of your money. When you have a budget, it tells you if you can afford that holiday, that item of clothing. A budget doesn't mean that you can't buy thing you like, it just tells you whether you can afford it or not. A budget allows you to take control of how much comes in and how much goes out. You can use an app on your phone to record your outgoings, especially. It's so important to be on top of this stuff.
Another thing you should do is check the prices of things. If you're looking for something, do your research. Compare the prices in store and online. Try not to buy on a whim. Ask yourself, "Do you NEED it?" Price checking like this can save you hundreds, even thousands over the years.
This next one can be difficult to do. It requires a lot of self-discipline but it's the ultimate way to track your spending. Record EVERYTHING! Everything! Make a note every time you spend money. It's hard but it's good. It's the only way to truly appreciate just how much you're spending. A coffee here, and a sandwich there adds up and it's often it's these small purchases that we don't really pay attention too.
If you're in a situation like this, you really need to adjust your lifestyle so that you're more aware of how you're spending your money. This is really important.
If you have any tips or advice, apps or tools that you use when budgeting, please share them below in the comments.
- It's easy to get in to financial difficulties if we don't track our spending.
- We must learn to budget.
- Keep a track of what money comes in and what money goes out. It's simple but takes self-discipline.
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