How Saving Money Can Help You Survive The Economic Crisis
Today, with the current economic and debt crisis, we are getting advised to put money aside. Although the country has enjoyed a great economic boom in the 90s and other times in the past, there could still come a time when you and your partner could find yourselves out of work. In order to avoid economic hardship, it is advisable to put aside 2-3 months worth of salary in case you find yourself in unemployment.
Nonetheless, have you ever asked yourself why, even though you and your partner may be earning high salaries, it is near impossible to save 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 obstacle that people typically face when attempting to put money aside is organizing their finances. The reality is that you are spending more money than you think and it's very likely that you are unaware of this.
An excellent way to start 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 carry this everywhere and everything you purchase must be written in it, even the last cent. Even if the purchase may still small and meaningless, you must keep track of it.
It is recommended that you do this exercise for about 2 weeks. This exercise can be tough to complete but just remember that it is one of the most effective ways to get rid of bad spending habits. Once you've completed this 2-week task, you will need to review all your expenditures. You will quickly start to see where all of your 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 see how much money is wasted on insignificant items such as these two things will likely happen. The first thing that will happen is that you will not be happy about it. It shouldn't come as a surprise to find out that you spend a considerable amount of money on what are seemingly small items. Upon finding this out, many people get typically annoyed with themselves. After that, you will then proceed to plan out how to reduce your spending. You will rapidly start to decide what spending is a priority and what is not at all necessary.
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.
Nonetheless, have you ever asked yourself why, even though you and your partner may be earning high salaries, it is near impossible to save 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 obstacle that people typically face when attempting to put money aside is organizing their finances. The reality is that you are spending more money than you think and it's very likely that you are unaware of this.
An excellent way to start 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 carry this everywhere and everything you purchase must be written in it, even the last cent. Even if the purchase may still small and meaningless, you must keep track of it.
It is recommended that you do this exercise for about 2 weeks. This exercise can be tough to complete but just remember that it is one of the most effective ways to get rid of bad spending habits. Once you've completed this 2-week task, you will need to review all your expenditures. You will quickly start to see where all of your 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 see how much money is wasted on insignificant items such as these two things will likely happen. The first thing that will happen is that you will not be happy about it. It shouldn't come as a surprise to find out that you spend a considerable amount of money on what are seemingly small items. Upon finding this out, many people get typically annoyed with themselves. After that, you will then proceed to plan out how to reduce your spending. You will rapidly start to decide what spending is a priority and what is not at all necessary.
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 chief columnist of http://www.HealthyWealthySoul.com, a website dedicated to giving people recommendations and resources on personal finance planning to have both financial and spiritual happiness in their lives.
posted by Debt Consolidation Loan at
3:42 AM
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