Friday, March 15, 2013, AM | Leave Comment
The following are 5 important ways to take control of your Saving and Spending. If you are like most people who get a weekly paycheck, you must take control of how much you spend and how much you save.
Even if you are living from paycheck-to-paycheck, you still must try to save at least $5 a week. Over the year, that would accumulate to more than $250.
The following are essential ways to save money that you should follow:
Give savings extreme importance
Run your household as if you are running a small business. Just like you must always be thinking about making profit in your business. For your household, it’s the saving part of your income.
Give yourself a paycheck first from paycheck of your employer
The inability to pay yourself every week is a red flag that there is something wrong with running your financial household. Take better care of yourself and your family. It will give you the shot in the arm you need to make you a stronger head of the household.
Live and die by a real budget plan
If you ever had a budget plan, it’s probably sitting in your desk drawer collecting dust. Make a new one and start living by it. Clear up the muddy math and expose the spending leaks.
You are not in the business of paying retailers
So stop doing that. Stop filling the retailers’ treasure chest. Stop making your financial coffin. Managing your household’s outgoing and incoming cash flow is daily hand-to-hand combat. Every day is a fight to cover cost and spending. So why not use every weapon in your arsenal to reduce the cost and spending and increase saving?
When filing for bankruptcy is your best option, do it early – as soon as you possibly can!
Be warned. You must have the stomach for it. It’s the toughest decision you will ever have to make as the head of the household. But if it’s a choice between the perceived shame and giving your household a fighting chance, suck it up and do it, sooner rather than later. It’s a fabulous financial and legal maneuver that will free you of 90 percent of debt, as well as any other contractual commitments.
In a Nutshell
Making a real budget plan for saving and spending takes unwavering dedication to your household. It all boils down to how hard and how smart you work at it in good times and in bad.