Money can’t buy happiness no, but it can make you incredibly stressed and downtrodden if you don’t have enough to afford your monthly living expenses. Which is why it’s important to look after your money, to treat it with respect and not to let it slip through your fingers. Below we touch on the stages you can take to look after your finances so that when an emergency emerges, your money can look after you.
You need to be your own personal money tracker (unless you can afford an accountant). Multi-billionaires stay wealthy because they don’t let a dime slip out of their sight, they have people working to account for every dollar and to put it to good use. Would you say you make a conscious effort to look after where all of your money goes each month or do things just tend to let it slip when you have so many other things in life you need to deal with? Sometimes we complain that by mid-month there’s nothing left for us to spend when actually it could have been avoided had you tracked your income and outgoings a little tightly.
Sifting through the last month’s bill can help you to make a realistic budget for the following month. Living by a budget doesn’t mean depriving yourself of all enjoyment and entertainment (you need it to stay sane and enjoy life) it just means compartmentalizing your money in a way that you allocate a job for each dollar to fulfill.
Claim Your Money
There are many instances where money is being lifted from underneath you without you even realizing.
Did you realize the bank has charged you again this month for an overdraft charge?
If you only noticed after you had been charged and are suffering financial hardship, you can call the bank and ask them to consider refunding this amount.
Did you check your gas and electric bill to see if they’re charging you correctly?
It’s important to monitor your usage to ensure you’re not being overcharged.
Did you investigate the loss in your family caused by an incident that wasn’t their fault?
You could be eligible for compensation as a result of the loss you experienced. Get in touch with this car accident lawyer to make sure you get what you’re entitled to.
These are just a select few situations where the money you’re entitled to could be draining away. Do you wake up at 7 am each day to go to work to pay incompetent companies? No, you work to provide a better life for you and your family one free from financial burden. Cut the money drainers from your life. Such as the broadband company which has set your package to auto-renewal in 12 months time, knowing you’ll most likely forget to cancel it and be left to pay their premium rates. Or the gym subscription that you never use discreetly subtracting $30 a month from your account on a monthly basis. Take care of your money and start claiming back what’s yours.
Save and Invest
After tracking your finances and taking back any money that’s yours, prioritize saving an amount to build your wealth. Personal finance experts may advise 20% of your entire income after tax, others will suggest 3 to 6 months worth of paychecks. If saving this much isn’t possible right now, saving anything is better than nothing. Whether you choose to make use of change, you find in your pockets and down the back of a sofa and store these in a penny jar or sweep what’s left over in your account each month to a separate saving account any form of saving is better than none.
Saving something will help you to Avoid sticky situations that could crop up in the future such as; replacing the washing machine or repairing your car.
Using the tips above will help steer you in the right direction to start taking care of your money. By investing time into making sure your dollars are looked after, you can feel confident the money you’ve worked hard for is being put to good use and not being wasted on unnecessary bills and outgoings.