You Work Hard For Your Money – Know Where It Goes

Everyone, at some time or other, has said, “I don’t know why I have no money”….or some such phrase.  You work hard, get paid, pay the bills, and there’s nothing left.  Where…did the money go?  Good question…..do you ‘know’ what you spend your money on?  Really, ‘know’????

A good guess is you are wasting a lot of money…..without even realizing it.  So, grab paper and pen.  Make a list of ‘incidentals’…. stopping for coffee, lunches, vending snacks, entertainment, gift giving…..  You get the picture….they are anything other than necessary living expenses (‘have to’s).  Think through a few days last week. Where did you stop to get an item, and come out with a few?   Add up what you spend each week on incidentals. Surprised? Those quick stops can be costly.

Some of these items, although necessary sometimes, can be easily scaled back.  Quite often, these are the things that eat up a good chunk of your budget each month — far more than you thought.

Paying bills on time and in full, will eliminate interest charges and late fees which are a complete waste of money.

There are hidden, and easy, ways you can lower costs on other items in your monthly expenses too, which leaves more of your money going into your savings, whether it be your Retirement, Emergency Reserve 6-12 month ‘Cushion’, or Liquid Emergency Account.

Once you get the hang of it, you’ll be able to continually scrutinize your entire budget, and find some savvy ways of shaving your expenses.