Step 1: Save up for your emergency savings.
For every payday of 2014, squirrel away 10 percent of your salary into this fund, or whatever you can afford to save. According to most financial advisers like Bo Sanchez, the goal is to save—and maintain—three to six months’ worth of your income for periods when your income might dip. After a couple of months putting away at least 5 percent for your emergency savings every payday, you’ll start getting used to adjusting your spending budget.
Step 2: Control your expenditure.
This may sound tedious at first, but a “spending diary” will help you tremendously. Daily, write down every expense you make. After a month, you’ll see where it all goes. Let your motto be One hundred percent of appreciated value demanded for each coin spent.
Step 3: Adjust your spending lifestyle to one that is wise. Keep eating out down to a minimum.
Step 4: Pay off all your debt.
Whenever you have extra money, put that toward paying off your credit card balance, as well as any other debts you may still have. It may take a while, but you’ll make it if you prioritize your financial goals.
Step 5: Tackle your other big savings goals. Do you have children you are putting through school? Are you paying for monthly installments of a condo unit? If you need to, adjust the percentage of your salary that goes to savings so you can cover all your goals. Keep it going until you figure out which areas in your lifestyle you can cut back on further so you can continue investing in stock market or to savings.
Step 6: Step back and don’t forget to live. Don't think of saving-saving for the future... because you will loose the beauty and leisure of the present.
Source
No comments:
Post a Comment