Keeping a stricter discipline in relation to monthly expenses is one of the most important practices that one should adopt to stay out of debt and achieve some really interesting consumer dreams — such as a car or the long-awaited home, for example. If you’ve had debt problems or have trouble controlling your financial life, check out our post right now and try to change the story of your pocket, starting today! So let’s go?
Write down all your monthly expenses
Just as important as knowing how much income you have per month is distinguishing where each of your monthly expenses is going. To do this, record all expenses, even those considered, at first, as negligible. That way you’ll have great control over your spending, as well as find out if you can change certain habits or cut some less necessary expenses to save a little more.
Never spend more than you get
This seems like an obvious tip, but a lot of people forget to follow it! The logic is more than simple: when you spend more than the resources you have at your disposal, the chances of indebtedness become infinitely greater. And to have a good control of this flow of money, it is necessary to write everything down, as stated in the previous tip.
Reduce or cut superfluous expenses
The easiest measure to eliminate unnecessary — or less interesting — expenses is to analyze everything you buy simply to have a momentary satisfaction, without bringing something truly consistent into your life. Of course, every now and then you need to enjoy silly pleasures, like ice cream at the mall or a new shirt, but if there are bigger purchase goals ahead, it’s important to keep in mind that some small expenses can, yes, make the difference in the future. Disciplining yourself also means breaking bad habits and acquiring new, more favorable routines. So the more you avoid spending money on silly things, the more you’ll learn to keep practicing.
Have a financial reserve
Always remember that no one is free from unforeseen events and unpleasant surprises in life — such as an unexpected illness that makes you spend a lot on medicine and treatments or being fired from your job, for example. Also to guarantee yourself in these moments, try to save a certain amount for some time, in order to be able to support yourself if necessary. How about consulting an expert on the subject and looking for a form of investment to facilitate this endeavor?
Make good use of payment options
Instead of making purchases in installments, committing many future budgets, prefer to pay in cash, especially if there are good discounts. Pool resources over weeks or months and pay for everything in one go. Understand: you don’t have to give up credit cards, but try to use them wisely. And, if that’s the case, don’t forget to write down the installments that are due in the next few months, as they will impact your budget going forward.
Do price surveys
Would you be very surprised to discover that merchants sometimes charge prices that are more than double that of a competitor? For this is the purest—and saddest! – truth. And that’s why researching prices can provide not only the discovery of sudden promotions and discounts, but huge savings on a day to day basis.
Now comment here and tell us how you’ve been controlling your financial life! Have you already applied any of these tips successfully? What else do you think is important to do so that the money is left over at the end of the month? Share your experiences with us and join the conversation!
Our Consulting: John Labunski Dallas