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Everything gets more expensive. Wages are not rising too quickly. Our standard of living is deteriorating. Inflation takes money from our pocket and the government pulls out his hands for our money (increase in social security contributions, higher excise duties, mandate).
When you are working as a businessman you know that sometimes you struggle in “tough months”, but bills needs to be paid.
Money is never enough. We need some savings to prepare for unplanned expenses in the future. How to get back on track and save money on harder times? Below I will describe some methods that will help each of us to save money to invest it afterwards. This time, I will focus on planning the household budget. This is a good starting point to begin the road to financial freedom.
1. Read some information about personal finance. You need to save money! In the words of Brian Tracy – everyone has a good and bad months. That’s why we need to store generated cash for hard times. This compares to work on the farm – first you have to sow something to bring in the harvest – to survive the winter. We have to think about money in the same terms. Unfortunately, everything gets more expensive – remember that.
2. Be aware of your financial situation. Do not lie to yourself. You know what are your average monthly expenses (electricity, gas, housing, media, etc.). You have to pay those bills. Try this: at the beginning of the month plan when you need to pay your bills. The money you need to spent hang up immediately into a savings account. Let the amount of work your interest – even for a little time. When it’s time – pay your bills.
3. Make your own home profit and loss account Balance Sheet (or use mine). It is best if you create a file (e.g. Excel), in which you typed all your monthly income and expenses. Add a field in which you present your monthly profit / loss. This solution is extremely helpful in planning your finances. It is important to enter into a file ALL expenses (the don’t need to be detailed, like: 20 $ ham, bread 10 $, etc. Use a form like Food and Drinks: 30 $). You can also use applications on smartphones. You need only remember diligence and systematic. Write everything to be as much precise as you can. Your Sheet must to be the accurate. You’ll see in the future how such a small file can help you.
4. Try not to take loans or repaying loans as soon as possible. I realize that most of us have a mortgage (e.g. Housing). Unfortunately this is the key to the so-called. modern slavery (you have to work, otherwise you will not be able to repay their debts). Debt is good when you use money to raise business if you invest in assets (apartment for rent, hotel, etc.) Otherwise, try to pay debts as soon as possible. Before you take a loan, ask your friends (family) for help. Let them be your lenders. Interest on the “subsidies” will be much smaller than the bank, you can spread the repayment of debt more flexibly.
5. Buy alternative, cheaper products. Remember that health is the most important – you should never save in products in this industry. If you buy drugs, food or important items for your child, do not give up on them. However, you can use a variety of substitutes. If you are planning to buy new electronics and you see that you have no money put down a certain amount at the end of the month and plan to buy the next months (see section below).
6. Make a shopping list. Before you choose a tour of the store, make a shopping list. Assess what you really need. Everyone buying without a plan buys more unnecessary things. For example: another candy bar, car accessories etc. They cost a little money, but in the perspective of the month (and a few trips to the store) you are spending too much. Do you really need all the products that you buy? Of course not. Therefore choose the most valuable for us.
7. Plan expenditure. Save your future, short-term (annual) expenditures. For example. Renovation, buying washing machines, etc.). Assign each item of expenditure month in which he has come. As a theoretical example, take car OC and Assistance. The redemption date of this example. March 10 and the price of 600 $. It is January, so instead of worrying about payment in March, put into savings account specified amount (e.g. 200$) each month. On March 10 you will pay your bill without problems. You will earn some interests in bank also.
8. Try to save money each month using the principle of 30% (in general: EVERY money you earn – 30% of the money goes into your savings account).
9. Optimize costs. Offers on the market very much. If the operator your phone constantly pulls you on additional costs, change the operator, or change the terms of the agreement. A breach of contract is not as difficult as moving to another network will help save even tens of dollars per year. So it is with other media – use of the best deals.
10. Replace the most power-consuming device with a new, more ecological and economical. If you save some extra funds, I recommend to replace the lighting in your home for more optimal (best LED lighting), and replace a fridge and a washing machine to be more power – efficient. This way you can annually save money and the price of new machines returns fairly quickly (usually in year / 2 years).
That was my 10 ways to save money. Of course you can find more great ideas and methods that can be helpful. Try to use them too 🙂 Good luck