Saturday, July 16, 2016, AM | Leave Comment
Living paycheck to paycheck is far from fun. It seems like you bust your back just to earn a buck, only for it to go to someone else.
We all know that it’s smart to save, but sometimes it seems impossible.
If you’re struggling, these five tips are for you.
Budgeting doesn’t have to be complicated. All you need is a sheet of paper and your monthly bills. Take about thirty minutes with a calculator and figure up how much you spend in bills alone. Then calculate how much you have left from your net pay, or “take home” pay. This number is your discretionary income.
That means you can do whatever you want with it. Just remember that “whatever” should include a few groceries and a little bit for saving, which brings us to the next tip.
Pay Yourself First
You should set an amount to save each time you get paid. Even ten dollars can make a big difference. Remember, this shouldn’t interfere with bills or groceries, because you have already planned for those expenses.
While you can keep this money in your sock drawer, it’s best to put it up in a savings account. It’s much more inconvenient to drive to the bank than it is to rob your sock drawer.
Keep a Specific Goal in Mind
It helps to envision what your savings account will be when it grows up. This shouldn’t be a general statement. Rather than retirement funds, it should be “my bungalow in the Florida Keys”.
Plan for Unknowns
Just when you know that you’ve barely scraped by, your refrigerator will go out, your truck will lay down, and a pipe will burst. You want to plan ahead. You need money stashed back for surprises like medical crises, or legal ones.
Professionals, like a criminal lawyer in Vancouver, knows that even straight-laced, law abiding citizens can get wrapped up in criminal charges.
Remember that ticket you forgot to pay? Perhaps you let your registration on your car or trailer lapse and received a ticket.
You should always have money on hand to fix what’s broken or pay those who have yielded their services to you.
Keep a Change Jar
Aside from the epic savings adventure you’re starting at the bank, you should also keep a jar of change at home. When you break a dollar, empty your pockets into the jar. It adds up quickly.
You can do it. There will be bumps along the road, but keep it up, you deserve a bungalow.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.