1.SAVE MORE , SPEND LESS! Another year has gone by … Are you satisfied with your savings ? Did you meet your goal this year? When you received your paychecks, Did you remember to pay yourself ? Savings should be taken out of your paycheck as a fixed cost just as a 401K. Treat YOURSELF as a priority as you would your utility bills. You PAY for electric , gas, and water involuntarily… Why not involuntarily pay yourself?! Having a problem finding extra money to save? We all find a way to spend money on the things we WANT regardless of how “broke” we claim to be. Try SPENDING a little LESS on self. For example, would one less pair of shoes hurt you? One less outfit? One less outing?
2. Increase Income, Decrease Debt. Invest in bettering your career. Build your resume, acquire a certification or license. Be assertive and determined in the workplace. Do not accept your current position as permanent. Maximize and utilize all skills to derive income; i.e be an Entrepreneur. This is a formula that will lead to an increase in your wages. Complacency will keep your situation looking similar from year to year. Monitor your Debt to Income ratio. Make sure you are paying bills as they come to promote healthy credit. Do not take on debts without increasing income. Debt refers to the number of open accounts you may have. For example, debts that people often take on is store credit cards. Say no to STORE credit cards. Store Credit cards are very one dimensional being that you can only use it in that particular store… which invites overspending.
3. Minimize your fixed costs. Fixed costs are unavoidable costs which are incurred daily. Example, If you travel to work.. Are you minimizing the costs? For example, buy carfare in bulk instead of paying per trip. You could be paying up to 20% more a year in your commuting cost by not buying passes ahead of time. Take lunch to work. Food could be a bullet point all by itself on anyone’s Money resolution list. Eating out for lunch daily is the silent killer of your budget. Take a look, on average a take out lunch w/ beverage costs about $7. Breakfast averages $5.
Lets say you eat out for both meals $7 +$5= $12 twice a week. That’s $24 per week x 4 weeks= $96… That’s money that could pay a utility bill. You want to pay the minimum in every aspect of your life! The goal is to find the best phone plan, the best television alternative, the best internet provider, the best car , the best car insurance , the best home… all at the lowest cost possible.
4. Fees: Contrary to fixed costs, Almost every fee is avoidable by taking preemptive actions. Avoid unnecessary fees at all cost such as ATM fees, Late fees, bill payer fees, Interest, Miscellaneous fees: speeding and parking tickets. Stick to your financial script. Withdraw money from your bank only, pay bills on time and in person to avoid convenience fees, and be proactive ; not reactive with responsibilities. Employ strategies to avoid fees…. for example Comcast offers internet service with a rental fee on the modem equipment. Now you’re paying a fee for the equipment and paying for service when you could just buy your own equipment and pay solely for the service. Be careful with your assets : car, house, appliances, because they are where unaccounted-for fees will originate. Take care of your stuff. There’s nothing worst than having to re-buy something you already had.
5. Avoid Budget Bottom Feeders. This is my favorite bullet point. You have to avoid those people who have no financial regard for themselves. Those people who live in financial anarchy. Simply put… those people who don’t give a d@*n about their own budget so they ask to borrow from you and break your budget. SAY NO. Am I saying be selfish and heartless ? Of course not. There are some family members and friends that really stand in need. Then there are those who make a living off of living on YOUR money and rely on you. They live from their paycheck to YOUR pay check. It is not fair to allow someone that is completely comfortable with being a “vagabond” to continuously set you back! These people often don’t care for your financial goals i.e savings, getting a car, or a home. There’s a fine line between generosity and being taken advantage of.
If you follow all of these guidelines to resolve these prevailing money issues, extra money will begin to show up in your account and saving becomes a lot easier. I guarantee you’ll be able to achieve your financial goal by the end of 2017.
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