If you’re making enough money, in theory, to support yourself and your family, but actually you’re finding it tough to get by, it could be that you are not spending your money as wisely as you should. If that’s the case, here are some simple things you can do to rectify the situation and make financial struggles a thing of the past:
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Track Your Finances
Tracking your finances is an essential first step on the journey to spending more wisely. If you don’t know how much is coming in and how much is going out, not to mention where it is going, it’s going to be impossible to get to grips with the situation. So, before you do anything else, set up a budget and start tracking every cent.
Think Long-Term
If you’re someone who spends a lot of money on expensive stuff, something you may have to get into the habit of doing is putting off purchases and thinking about the long-term effects of making or not making them. For example, if you were to buy that new widescreen TV now would it put you in debt for the next 6 months? Is it built to last? How much value will you get out of it? If there are more negatives than positives, and it’s not essential, move on. Chances are if you give yourself breathing space before buying anything, the shine will wear off and you won’t feel the need to own it anyway.
Know When it Makes Sense to Spend
Sometimes spending money is the best option. For example, if you were to get a 22349a vehicle code, spending some money to fight the ticket so you can keep driving and keep your job would be sensible or spending more on health care so you can cover any doctor’s bills when the time comes or even spending more on that pair of jeans that will last 20 years rather than the cheap pair that will last 6 months are all sensible decisions. Sometimes spending equals saving and you need to be able to spot those instances.
Use a Credit Card Sensibly
You should never use a credit card unless there is no other option (you need food and you have no money, etc.) or unless you can pay it off in full at the end of the month and it offers a benefit such as cash back on your purchases that make it worthwhile. Otherwise, you just end up in debt, paying way more than you need to in order to acquire goods you don’t really need.
Invest
The earlier you start investing your money, the better. Investments made sensibly are likely to grow and grow over the years, giving you more financial options than you would otherwise have access to. So, instead of simply saving any spare cash you have, put at least some of it to work for you and you might not have to work as hard for as long as your peers.
Spend wisely and life will be so much better!
