When money is pouring in, you may not realize that there is a hole in your pocket and you have the tendency to love beyond your means either because you do not earn enough or you are not wisely spending your money. Reality check will say that even if you have a great high paying job, your wardrobe, your bills and that designer bag will surely take a huge slice in your paycheck and later on, you will realize that you are not saving enough for the rainy day. So before you mourn and get to the point that you ware certainly considered broke, here are some helpful hints on how you can save for the pouring days.
The first thing that will certainly work is to simply stop throwing away you money. Plain and simple. Are you paying too much on services you do not need? If yes, then cut that service off and you will be surprised the amount of money you will be saving. You might also consider minimizing debts. Learn to be happy with what you have and avoid falling into the borrowed-money or credit-card trap. In today's world, credit card debt is often inevitable - so pay off your plastic debts as soon as you can and as much as possible pay it on time so you can avoid being hit with skyrocketing penalties and charges.
If you feel however that you must have a credit card to cushion you during the times that you are hit with unforeseen expenses, take advantage of good credit cards promos and offers. In such way, you will maximize your credit card power as long as you sign up for credit cards with zero-interest clauses. Streamline your credit card habit and try to avoid credit cards that have high interest and decide to stick to you zero-interests cards in that way you will be able to pay off your debt faster.
Do the financial review the old-fashioned way by defining your needs and wants. Avoid being obsessed with getting the latest gadgets because this obsession will only make you poor. Keep track of your expenses and always come clean about where your money goes. In such way, you will be able to know which expenses you can cut down further. An accurate record of your spending habits will certainly help you realize if you are going over board on your shopping and night outs.
Lastly, always keep in mind that you cannot share what you do not have. Being a Good Samaritan by lending people some of you money is indeed a very good virtue. But ask yourself this, 'Do I really have the money to lend this folk?' Consider a scenario when you will be ending up scrimping like crazy because your friends who ask you for money were not able to pay you back on time. Moral lesson is you should not offer to help anyone else pay off his or her debts or cushion on his or her money shortage if you yourself are not financially secure.
Every chick should have an emergency fund - something to draw from if you lose your job. One great way of doing this is to open a savings account that you can access only through a bank book. In such way you can avoid withdrawing money over the teller machine on a whim.
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