Saving Money Sucks Unless You Know This Important Fact
Lately, with the current economic and debt crisis, we are encouraged more and more to start putting money aside. In spite of the economic booms of recent times, there still exists the possibility of being out of employment for both yourself and your partner. If you wish to ride out such a situation, it is highly recommended that you save 2-3 months worth of salary to cope with such a dire situation.
However, do you ever wonder why, even though you and your partner seem to make good salaries, it is impossible to save any money? You feel that the money quickly disappears just after seeing it arrive. you are really trying to save money but you find pretty much an impossibility.
Being able to save money isn't as impossible as you may think. The first major obstacles that is normally faced by those trying to save money is simply organizing their finances. I can pretty much guarantee that you are actually spending more money than you think and that you are oblivious to most of this spending.
One great way to saving money is by keeping track of what you spend. All you need to have do this is a notebook of some kind and a pen or pencil. You must take this everywhere with you to record all your purchases, to the exact cent. Even if the purchase may still small and meaningless, you must keep track of it.
You should aim to do this exercise for at least a 2-week period. This exercise could be a bit difficult, however, it will see you discover and break bad spending habits. After doing the exercise for 2 weeks, you will have to examine all your spending. You will soon start to realize where all that money is going.
It's perfectly normal to be shocked by how much you may be spending on what are seemingly small items. For example, spending 1 dollar on a newspaper each and every day may seem small, but it amounts to 365 dollars over an entire year.
Once you find out how much money goes towards what seem like insignificant items, 2 things will take place. Firstly, you will not be too happy about your spending habits. It isn't uncommon for people to spend thousands of dollars in a year on objects such as newspapers, coffees and small treats. As a result, people get angry with themselves about this. After getting angry with yourself, you will react by seeing how to reduce your spending. As a result, you will make a decision as to what items are necessary and what aren't.
If you want to start putting money aside, a great money saving tip is to first start tracking your finances. Such an exercise shows you first hand your spending habits and what you can do to fix them.
However, do you ever wonder why, even though you and your partner seem to make good salaries, it is impossible to save any money? You feel that the money quickly disappears just after seeing it arrive. you are really trying to save money but you find pretty much an impossibility.
Being able to save money isn't as impossible as you may think. The first major obstacles that is normally faced by those trying to save money is simply organizing their finances. I can pretty much guarantee that you are actually spending more money than you think and that you are oblivious to most of this spending.
One great way to saving money is by keeping track of what you spend. All you need to have do this is a notebook of some kind and a pen or pencil. You must take this everywhere with you to record all your purchases, to the exact cent. Even if the purchase may still small and meaningless, you must keep track of it.
You should aim to do this exercise for at least a 2-week period. This exercise could be a bit difficult, however, it will see you discover and break bad spending habits. After doing the exercise for 2 weeks, you will have to examine all your spending. You will soon start to realize where all that money is going.
It's perfectly normal to be shocked by how much you may be spending on what are seemingly small items. For example, spending 1 dollar on a newspaper each and every day may seem small, but it amounts to 365 dollars over an entire year.
Once you find out how much money goes towards what seem like insignificant items, 2 things will take place. Firstly, you will not be too happy about your spending habits. It isn't uncommon for people to spend thousands of dollars in a year on objects such as newspapers, coffees and small treats. As a result, people get angry with themselves about this. After getting angry with yourself, you will react by seeing how to reduce your spending. As a result, you will make a decision as to what items are necessary and what aren't.
If you want to start putting money aside, a great money saving tip is to first start tracking your finances. Such an exercise shows you first hand your spending habits and what you can do to fix them.
About the Author:
Jenni Snook is the head columnist of http://www.HealthyWealthySoul.com, a website dedicated to giving individuals recommendations and resources on personal finance planning to have both financial and spiritual bliss in their lives.
posted by Credit Counseling at
4:21 AM
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