If you want to save for something big like a car or a house you need to shop living from paycheck to paycheck and start getting some financial freedom.
If you are currently saying that you can’t wait till Friday because Friday is payday? There is something wrong with your financial picture.
The good news is with a little effort there are ways to help this type of lifestyle. You have to follow this routine to get the best results out of it.
- Add up all your debt besides what you need to pay each month I mean credit card debt or student loans. Use your debt as a motivator.
- You have to identify where the money is going. This step is important because you need to know if you’re making enough money. You might not be.
- Get serious and see if you need to pick up a side hustle to make more money to cover the bills like the car payment or groceries.
- Identify the attitude you have towards money as funny as it is that can do a lot with the way you spend money.
- Cut back and stick to a budget. Life is about budgeting if you want that new car or new house or want to take a vacation in the next year decide on a budget.
- Build up your bank account. Don’t spend your entire bonus because you want to impulse buy.
- Have an emergency fund some people put away $25-$50 a week from their pay check I know it isn’t much but it will add up over time.
- With the money you will have saved up over time you can invest it wisely.
- Pay down your debt right away use the snowball method for paying down your debt.
- Teach or kids how to save for a car or college at an early age and they will have a savings account when they get older.
Hope this helped some of you figure out a game plan for saving or paying down debt? So you can one day have better credit for large purchases. Money has a purchase and you just have to learn how to use it right.