Find out where your paycheck is going
Hey you all, A lot of us, get paid twice a month, once a month and some of us even every week. And guess what, by the end of the pay day, we have no money left!
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Trust me it happened to me too. I had so many bills coming out from my paycheck that the money was gone before I know it!
What helped me out was this budget planner. I finally sucked it up and took some time to sort out what was really going on with my money.
I couldn’t believe what I found out. There were all sort of subscription fees coming out from my account. Fees that I thoughts were cancelled were still being applied. I was shocked.
So I urge everyone to look into account to see exactly where their paycheck is going.
Take your emergency fund seriously
Raise your hand if you go on a spending spree right after you get paid or have a list of bills to pay?
I know that I’m guilty! Or I used to be. What about our emergency Fund? Ask yourself – it there gonna be anything left over to build up our emergency fund.
Do yourself a favor, set a reminder to contribute a certain amount in your emergency fund until you have achieved your desired goal.
Better yet, automate it and you will be surprised as to how far you will get.
Keeping up with the Jones, will only put you in Red
We live in a society where everyone wants to either have the best or wants what others have or try to keep up with others.
What we don’t realize is that, we have no idea what is really going on with the Jones, how they were able to get their stuff and how high their debt load is because of the stuff.
My advice to you today is Do not, and I repeat Do not let the Jones fool you into the red. Do not get yourself into debt because we are trying to have the same things that people around you have.
Take the time to evaluate what you can and cannot afford. One book that I read and really helped me in getting out of this mindset is this one.
Money does not bring happiness but it does make life easier.
Yes we have all the saying that money does not bring happiness, but guess what we can’t do without it.
We live in a era where barter no longer exist and so we NEED money for survival.
Without it some of us would not be able to put food on the table, get medical care, have a roof over our head, provide for our kids.
So Let’s get on it. Read my article on making passive income or living within your means to save money.
Pull out your budget binder and work out a plan to start saving.
Should you pay off your debt or save for emergencies?
Wow..That’s a tough question.
The short answer to this question is that it depends entirely on your individual circumstances and financial situation.
Paying off your debts first will free up some cash to save for emergencies and to avoid paying on interest.
However, having an emergency fund is needed in case of any unexpected circumstance and especially right now in this pandemic times.
Here are a few books which will help you make the right decisions.
Have fun reading and making an educated decision!