Here are 7 tips that are more like principles on budgeting and taking control of your income. I intend to expand on these as we go along, but you need start thinking about your money and where it goes.
1) Do you control your money or does your money control you? Be honest with yourself….know where you are financially. Without knowing, you can’t deal with your situation or turn it around to make it better.
2) Use an envelope system….allocate an amount of money for your needs (as determined by your budget). More on this later.
3) Save first….you can live on less! By putting aside even a small amount of money you can start to see your savings grow eg. $5.00/week = $260/year.
4) Spend less….ask yourself “do I really need to spend this money now? Can it wait a bit longer?” Remember, you can only spend your money once.
5) Treat yourself every now and then – no, this does not mean daily or weekly. It means when you have achieved a goal (big or small).
6) Use cash, not credit card. Learn to SAVE and purchase items in cash.
7) Create a financial reserve.
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