Let’s Learn the Best Way to Budget
Disclaimer
Here on Selfmadesns.com I’m only giving you my life experiences. So, you may learn and benefit from my mistakes along the way. As well as learn from all of the good decisions I made. What may work for me in some different experiences is not always what you should be doing on your own. Always do your own research or speak with a professional on the subject. Better yet do both guys. It will be way more beneficial for you at the end of the day. If you want more information on our terms, please visit our terms and conditions page along with the privacy policy page as well.
How many of us are living check to check or know someone who is? I know that feeling when you been putting in hours at work for 2 weeks. Putting in extra hours. I’m talking come in early staying late for a few more dollars. You look up and its payday! You go cash your check or you get that notification on your phone that the deposit hit your account. That good feeling goes away just as soon as it came when you realize them bills hit you too. Especially when you have them on auto pay. That check look really small in no time. All the plan you had for your money changes really quick. I have a great solution for you.
Budget
You will always be in this boat unless you learn how to budget your money. I know you sick of looking up after you pay bills and see you only have enough money for gas to get back and forth to work. Maybe you have a little extra but nothing to do what you really would like to do. My friends you have to get control of your money. How you do that is to understand how much money you have coming in as well as going out. This will be the start of your budget.
Money Coming In
You can easily find out how much money you have coming in. All you need to do is take the amount you make an hour and multiply it by the number of hours you worked in the week or month. Let’s go with the month so we know what we really working with. Just so we can make this easy we are going to be use round number for example we are going to say you are bringing in 3000 a month.
Money Going Out
Now what I need you to do is find out where your money is going. You need to sit down and write out where your money is going in a month. You need to be real with yourself. Try not to leave out anything. If you are spending money on going out far drinks every weekend, write it down and the amount you are spending on it. Once you write down all your bills and other place your money is going. we will move on to the next step.
Cutbacks
Now after you know how much money you have coming in. As well as where your money is going each month. You can take a look at all that and see where you can cut some things out. For example, if you are paying for more than one movie app when one can do. Or if you have more than one car, when you really only drive one. you can get rid of them other apps and one of those cars. Saving you some money at the end of the month. Now you want to be looking for your next payday so hard. Do these things and you should see a big difference in how you are living.
Bonus
Growing up our parents, teachers, and the world try to teach us how to handle our money. They tell us the ways they see fit for an average person to live. Who wants to live check to check with maybe an extra 500 in the bank in case of an emergency. Which might not even be enough to cover an average emergency. Car repairs are very costly. Hospital bills and drain your bank account. Family in need is always a big one. Just being able to treat yourself every once in a while, is nice. Today we are going to talk about 5 bad money habits we were taught that we need to break.
#1
Number one on the list today is, more education equals more money. This one might have held some truth to it in the past but, nowadays not so much. Today it’s more like the more education you have the more debt you have. Unless you’re going to school to be a doctor, lawyer, or for coding you might be in the wrong field. With all the debt that accumulated going to school you actually start off life in the whole. So really think about what you want to do before you pursuit it.
#2
Number two is one that’s really common as well. Ever heard of credit cards being a bad thing growing up? Well, that’s not always true, maybe for someone trying to live above their means. Credit use right can really be a great tool to have. Building your credit score is not the only perk with credit cards. Nowadays you get cash back. If you like to travel a lot, you can really rack up points to earn free trips. You just can’t be careless with credit cards.
#3
Third on the list is, renting a home or apartment is basically a waste of money. There are pros and cons to both renting and owning. We’re here to talk about how false the statement is. Renting and not being locked into a mortgage give you freedom to travel and try new things. Most can’t do those things if they are working to pay bills, mortgage, insurance, debt, and treat themselves unless they have a very high paying job. So don’t always think renting is bad.
#4
Some people give advice out of fear of the unknown sometimes. I like the this is very true for this next one. Someone might have told you don’t invest until your debt free. Just think about all the debt the average person has. When will they ever be free from it? When they’re 50 years old maybe. If you wait that long to start you will have missed out on so many opportunities to invest. All you have to do is start small. Don’t look for the get rich quick deal. Those are usually not true. Even those we are see a lot of new millionaires nowadays thanks to crypto currency and companies like Tesla. You have to research and pick your spots.
#5
This next one really gets under my skin. When people say you retire when you’re 65 years old. Let’s start with the fact the average lifetime spent on earth is expected to be 82 years. That’s 17 years without any additional income. Why can’t we work hard enough to retire at 45. Or we might want to work till our last’s days on earth. I just don’t think people should have a set time to retire. Live life to the fullest my friends.
These are 5 things we are taught that I think we should unlearn. It’s all about progression in life. What worked 50 years ago might not work today. And that’s not a bad thing it’s just a new thing.
Summary
Hopefully this helped a few of you guys out there. There are a few more steps after these to improve you way of life guys. Hopefully the bonus part helped cover that. We’ll get to even more of those steps at a later date guy. Thanks for your time and the visit. Please don’t be shy and come back to visit us. Leave in the comments If this was helpful at all and if you want them other steps. Good luck out there!