You may be a person or family who knows you need to get a handle on your finances. However, it is hard for you to get ahead. It seems no matter how hard you try you wind up in the same trap.
Perhaps it is time to go back to when you first started working on living within your means. The following are helpful tips for living below your means:
Shop for Bargains. There is no shame in paying less for quality items, especially if it will reduce your financial burden and stress. For instance, you can find like new clothing-even brand names-at thrift stores, factory outlets, and discount stores. You can also find just about any household item you need at online auctions.
Purchase off-brand food items. Some food items are not the same as the generic version (bologna for example). However, for most items, such as milk, eggs, margarine, bread, cereal (certain ones) and more the generic brand is less costly but tastes the same. You usually can find the same both dollar stores and regular stores sell off-brand items, and you can even find them at factory outlets or close-out stores.
Do not invest more than you can afford to lose. A general rule of thumb is to have a backup fund equal to the amount of money that you plan to invest in stocks, bonds, mutual funds, or forex. If you are planning to start a business it is wise if you have some capital in case of malfunctions and emergencies.
ALWAYS keep tracking of spending! This is one of the practices in which countless individuals and couples fail to follow through, and it costs them big at times. Overdraft fees can add up, and you could end up paying hundreds of dollars a month if you do not figure out your account balance each time you plan to shop.
The Old-Fashioned Rule: Delay Gratification: This concept -second to “obedience”-is probably one of the least favorite of all human kind. However it also is one of the most necessary in order to reap long-term rewards in life. It is time to break the cycle of spending money you do not have and instead saving for what you want.
Learn to say no: When your children ask for toys at the checkout counter tell them no. Do not give in to any crying tantrums either, or you will reward irresponsible money management behavior in them. Also, say no to friends who seem to drain your pockets every time you are around.
Additional Money-Saving Ideas:
If you have a problem with spending, you might want to consider getting rid of your credit cards as well. If you need to purchase items online you can do so with a debit card. Besides, debit cards only hold as much money as you put on them.
Conserving and reusing is also another option that you would want to consider to help you stay on track financially. Shopping bags, food containers and other items are some of the most commonly-reused items. Furthermore, using biodegradable paper plates once in awhile can reduce your water bill.
Now that you have read this article, a new fire has hopefully sparked within you. Perhaps you have even thought of your own ideas for saving money every month. There is no wrong way to figure out how to live within your means. You also can find additional money-saving tips by searching consumer websites and reading budgeting magazines, and other publications. Professionals are also trained to help people in need of help with money management.
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