When I began to wonder where my money was going each month, I had to ask myself if I was managing my money effectively and saving as much as I could. I didn’t think that I could afford to deposit money into a savings account on a regular basis and this decision was impacting the quality of my life in the future. By simply doing a brief examination of my budget for two months, I found ways to trim my spending and to save money for emergencies or to enjoy the pleasures of life. My ultimate goal is financial freedom which means I have no debts and am living within my means.
I Had to Examine My Spending Habits
When I first begin to look at my budget, I truly felt that I wouldn’t be able to save any money at all; each amount that I earned seemed to be earmarked for bills or other necessities that I thought I had to have each month. I began to track the amount that I spent in vending machines, for snacks, and conveniences whilst I was on the go and found a sum of money that could easily be saved. Once I found the fat in my budget, it was time to make some cuts which I found to be painful at first. As I went through my budget I began to ask some of the following questions to justify my expenditures.
- Is this the best way that I could use this amount of money?
- Is this expenditure bringing me closer to my financial objectives?
- Does spending this money keep me from saving each month?
- Do I really need this item or could I find another solution?
When I answered each of these questions truthfully, I found many ways to cut my bad spending habits and turn them into positive cash flow for my savings account.
Redirecting My Funds
Once I located some of the bad habits that I had developed with my money, it was time to modify my routines and redirect my newly found funds to a more productive use. I made a list of my smallest debts and used the money that I was wasting to pay these amounts in full. After I checked each from my list, I used the money from the smaller debts toward payoff of larger debts; as I doubled-up payments I began to see some financial relief and a more efficient use of my money. Nothing is more frustrating than working for money that is already spent.
Making My Money Work for Me
As I began to search for vehicles in which to place my money, I reviewed the instant access savings accounts which allow me to get to my money should I have an emergency or immediate need for funds to cover me or my family. This opened many new doors for prosperity to me and provided me with confidence and peace of mind. Making my money work for me in a savings account has been much more effective than wondering each month where my money went and why I didn’t have enough to cover my obligations.
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