When we make smart financial decisions, we prepare ourselves for the future and set ourselves up for success. It’s not always easy, but it can be rewarding to know that you’re working towards a goal of saving up money or paying off debt. Sometimes, however, we don’t even know where our bad decisions lie when it comes to money. It can feel like we always need more, that our paycheques just aren’t enough, or that our debts will never be paid off.
If you’re struggling to save some money at the end of the month, you’re not alone. Many individuals struggle to save money and they don’t know how they would pay for any financial emergency if it were to come up. The question, then, that you should be asking yourself is can you afford to save money each month and how can you do it?
You’re Not Saving
There are some common culprits behind dwindling bank accounts. Even if you feel like you couldn’t possibly set money aside, you just need to focus on what you can do (instead of what you can’t). Even just getting into the habit of saving money can have more of a lasting impact on your success than the actual dollar amount that you save as long as it means you’re building positive habits for life.
Start out by growing an emergency fund. When you need cash fast, you can always turn to a reliable payday loan to tide you over. There are some great short-term online loan lenders that can help you out when you need it. But not having an emergency fund isn’t a way of life that you should get used to. If you’re spending your money on disposable items and not saving, you’re not doing what you can to set yourself up for success.
You’re Wasting Food and Eating Out Too Much
Ask just about anyone and they’ll probably say they spend too much money on food. Everyone needs to buy meals and groceries, but this is one area of life where it’s easy to make extravagant decisions and even wasteful ones, too. It’s also one area with high rewards for smart spending.
The most important thing to do to make sure you don’t overspend on food is to have a plan. How many times are you going to eat out in a month? What is your meal schedule? Never go to the grocery store without a list and cut back on alcohol to free up some dollars in your bank account that you can put towards savings.
You’re Not Negotiating
Bills are a fact of life. You have to pay them and the longer you avoid them the worse they get. But you don’t have to always pay the exact amount laid out. If you have great people skills and a knack for conversation, you might find some success in negotiating your interest rates, service plans, or membership fees.
Call up your phone service provider, gym, internet provider, and even credit card company and see what kind of negotiating can be done. With luck, you’ll shave some unnecessary dollars off your expenses and shrink your spending some more.