In the past I have struggled with money, I was in debt and buying things to suffice an emotional void. Once I had worked on becoming truly happy, I felt brave enough to understand my money and learn to not need things so instantly. I also changed my mindset from a ‘lack of’ to an ‘abundant’ one. Money management is such an empowering tool to master that I believe you should do it today and see if there is anywhere you can save money, or make money.
Spend less than you earn!!!
Now this sounds stupidly obvious, but until you get this right you are never going to have any money! Work out where you currently are which is important for any goal and go back over 3 or 4 months’ worth of bank statements to work out what you have been spending. Where is most of your money going? That way you can see where you can cut back and make any changes. People often slip into money problems because they simply do not realise they are having more months where outgoings are greater than money coming in.
Look for places you can make cut backs with your money
Check all your bills- can you get a cheaper mobiles phone contract? Do you change your energy supplier/tariff each year? Make sure that you are not paying twice for the same thing, or more than you can get it else where. Don’t be lazy, shop around and get the best deals.
Sometimes we know we are over spending and we get that sick feeling when we go to the cash point to take out some cash just waiting for that message that says ‘insufficient funds’ . Just the same as when you’re at the checkout at the supermarket and your card declines. Those feelings are emotional debts and emotional stresses. It’s no way to live your life.
If you are someone who spends money THAT YOU DON’T HAVE on luxury items, and no I am not referring to the tampon tax, then you need to get real about how you are spending. If you have to have the best of the best all the time, and you can’t afford it, then you are living your life in an emotional debt and that is not good for your long term health. It simply doesn’t make you feel good in the long term if you are buying things that you cannot afford right now.
Ask yourself why are you buying yourself these things? What could you be doing with that money instead? After a while those ‘things’, won’t keep you feeling good- you never get the same feeling the 3rd 4th and 5th times you use something as you do from the moment you buy it – the novelty wears off that’s why you go and buy more stuff.
When you are buying things and putting it on your credit card and waiting to pay it off later- or worse you make the minimum payment and don’t pay it off IN FULL each month- it will catch up with you and it is a bad debt and this is not managing your money well.
Other ways to earn
Living pay check to pay check and all of your money has gone on essential items, it might be time to get another revenue stream. Find another way of making money- perhaps you could find a part time job, is there a hobby that you could make money from? Perhaps there’s a promotion to go for, or in fact another job. Where ever you look you will find. Money management is as much about looking for what you can do to make more as it is balancing the numbers.
Get some financial goals and some life goals
Aka SAVE UP!!! Save up for things- its sad that we live in such a ‘have it right now’ society, because even if we can afford it, having everything without having to work for it will never make us feel truly satisfied long term. If you are living your life on a credit card or in your overdraft it will catch up to you and you will end up paying more in the long run, and not just financially.
There is no reason to live your life feeling the pinch and having that dreaded feeling when you are paying for something that there won’t be enough. Once we get in control of our money and learn the skills needed to manage it well, we end up getting more money after time and it does make us feel great.