For all your online business building info! , 2018-07-22 14:57:46
Make a Budget and Start Saving Today
Do you have enough savings in your bank account to cover any type of unforeseen event? If not, what are you going to do if you get laid off and can’t find work or are out of work for an extended time due to illness or injury? The chances are you won’t be able to pay your bills or pay you rent.
You need to start putting some money aside today!
Start putting some money aside each week, even if it is just a little bit. Over time it will build up and it could help you if you get into a jam. Here are some things you can do to reduce expenses and put a few extra bucks in the bank.
Set A Household Budget
You must set a household budget and stick with it! Go through your chequebook or bank statement and look at all your monthly bills. Add up all the bills that are a necessity (gas, water, food, electric, etc.) After you have done this, add some amount for spending. The amount that is left over, you should put in a savings account. The best thing is to transfer this money automatically each month into your savings account. Over time you won’t even notice that your budget is less than before. When you where adding up the monthly bills, I bet you have found something’s you don’t use anymore, but are still paying for each month. (Like gym membership, mobile phone insurance (you have a new one), etc, etc.) Get rid off those bills and add that amount to you savings.
Head to your local office supplies store for some planning workbooks or budget sheets. These will help you plan your budget and can help you to keep on track. You should review your budget each month.
Don’t forget about yearly bills
Once you have all your monthly bills and expenses budgeted out, don’t forget about those little expenses that sneak in once or twice a year (birthdays, sewer bills, etc.) You should break those down into 12 equal payments and put the some money aside for them. That way when that bill come you’ll already have the money in the bank and won’t have to scramble to pay it.
Have an Emergency Stash
Make sure to plan for emergencies and the unexpected (like appliances break down, car trouble, etc.) Even if you can only set aside $50 or so each month. Then when things go wrong, and they will – nothing’s perfect – you’ll be better prepared.
Conserve and you will save money
Try to conserve energy. For instance you should use a fan instead of an air conditioner. An air conditioner is a major contributor to your utility bill. Try using energy saving light bulb’s instead of normal once. Try to save on food. I don’t mean on eating, I mean while buying. Most people buy too much food, food that will thrown out later. When you shop, you should think in meals (I need x ingredients for y meals.) Think before you buy and you will notice your household expense will start to decline.
So start saving today and you will have the peace of mind to know that you are covered in case of a financial emergency.
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