The Number One Reason Why You Should Save Money
Lately, with the current economic and debt crisis, we are encouraged more and more to start putting money aside. In spite of the economic booms of recent times, there still exists the possibility of being out of employment for both yourself and your partner. If you wish to ride out such a situation, it is highly recommended that you save 2-3 months worth of salary to cope with such a dire situation.
Nonetheless, have you ever asked yourself why, even though you and your partner may be earning high salaries, it is near impossible to save money? You feel that the money quickly disappears just after seeing it arrive. you are really trying to save money but you find pretty much an impossibility.
Putting money away for a rainy day is not an impossible task as some people seem to think. The first major obstacles that is normally faced by those trying to save money is simply organizing their finances. The reality is that you are spending more money than you think and it's very likely that you are unaware of this.
An excellent way to start saving money is by keeping track of what you spend. All you need to have do this is a notebook of some kind and a pen or pencil. You must carry this everywhere and everything you purchase must be written in it, even the last cent. Even if the purchase may still small and meaningless, you must keep track of it.
You should aim to do this exercise for at least a 2-week period. This exercise could be a bit difficult, however, it will see you discover and break bad spending habits. After doing the exercise for 2 weeks, you will have to examine all your spending. You will soon start to realize where all that money is going.
It's perfectly normal to be shocked by how much you may be spending on what are seemingly small items. For example, spending 1 dollar on a newspaper each and every day may seem small, but it amounts to 365 dollars over an entire year.
Once you see how much money is wasted on insignificant items such as these two things will likely happen. The first thing that will happen is that you will not be happy about it. It shouldn't come as a surprise to find out that you spend a considerable amount of money on what are seemingly small items. Upon finding this out, many people get typically annoyed with themselves. After that, you will then proceed to plan out how to reduce your spending. You will rapidly start to decide what spending is a priority and what is not at all necessary.
If you want to really start saving money successfully, it is imperative that you keep track of your spending. This is important because it will show you clearly where your money is going and show you how to make a plan to reduce your spending.
Nonetheless, have you ever asked yourself why, even though you and your partner may be earning high salaries, it is near impossible to save money? You feel that the money quickly disappears just after seeing it arrive. you are really trying to save money but you find pretty much an impossibility.
Putting money away for a rainy day is not an impossible task as some people seem to think. The first major obstacles that is normally faced by those trying to save money is simply organizing their finances. The reality is that you are spending more money than you think and it's very likely that you are unaware of this.
An excellent way to start saving money is by keeping track of what you spend. All you need to have do this is a notebook of some kind and a pen or pencil. You must carry this everywhere and everything you purchase must be written in it, even the last cent. Even if the purchase may still small and meaningless, you must keep track of it.
You should aim to do this exercise for at least a 2-week period. This exercise could be a bit difficult, however, it will see you discover and break bad spending habits. After doing the exercise for 2 weeks, you will have to examine all your spending. You will soon start to realize where all that money is going.
It's perfectly normal to be shocked by how much you may be spending on what are seemingly small items. For example, spending 1 dollar on a newspaper each and every day may seem small, but it amounts to 365 dollars over an entire year.
Once you see how much money is wasted on insignificant items such as these two things will likely happen. The first thing that will happen is that you will not be happy about it. It shouldn't come as a surprise to find out that you spend a considerable amount of money on what are seemingly small items. Upon finding this out, many people get typically annoyed with themselves. After that, you will then proceed to plan out how to reduce your spending. You will rapidly start to decide what spending is a priority and what is not at all necessary.
If you want to really start saving money successfully, it is imperative that you keep track of your spending. This is important because it will show you clearly where your money is going and show you how to make a plan to reduce your spending.
About the Author:
Jenni Snook is the leading reporter of http://www.HealthyWealthySoul.com, a website focused on providing individuals tips and tools on personal finance planning to have both financial and spiritual happiness in their lives.
posted by Debt Consolidation Loan at
4:06 AM
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