1) Plan your finances
Make a plan for the month. Detail your total income and necessary expenses such as bills and food. Make a comprehensive note on extra expenses that you have to deal with in that specific month. Put a little amount away for contingencies. Planning your finances ensures that you play within the limit of your budget and you can keep track of each cent. That is the most effective financial control technique.
2) Cut down your bills
Cut down your extra-large bills by saving electricity, or putting alternate electricity sources together. Avoid misuse of water and other utilities. Save up on fuel money by taking public transport. These may seem little and insignificant at the time but in the long run, these come in very handy. Also, try to avoid extra services; take out your own trash, fix your appliances on your own if you can – avoid hiring for other services if you can do things on your own.
3) Do I really need that?
Most of us stumble there. Create a fine line between ‘want’ and ‘need’. While shopping for clothes, grocery, household appliances, gadgets, etc, always stick to needs. If your monthly plan allows you to have some room, you may extend your shopping a little further. Always make a list while shopping, and strictly follow it. There’s always one new product. There’s always one thing that you make an exception for. Give yourself a treat once a while, but just that – Make sure always have ample for your needs. Recognize the bad spending habits and stay away from them.
Savers are the smartest. Always have an adequate savings amount in your monthly plan. Savings enable you to have a surplus amount of money for anything that may come your way. It could be an emergency or shopping on a whim. Savings are good, savings are smart! Being a spendthrift or planning your budget in way that it breaks even with your expenses leaves you with zero surpluses and that gets you in financial trouble if a need arises.
5) Extra Income
Make use of your leisure time; utilize your skills to generate some extra income. Extra income enables you to have an easy financial month, you’ll have leisure money and it also instills a lot of self-confidence. Utilizing your skills may also open up a lot of opportunities, in that side business or petty cash job. Online jobs are the best petty money generation technique of the 21st century. From the comfort of your own home, in your leisure time, making a few extra bucks is always welcome. Utilize that money for your extra expenses that you can’t seem to fit in your monthly plan with your regular income.
To have a comfortable financial state, saving and controlling your spending urges is absolutely necessary. If you’re financially stable, a healthy content life is in order for you!
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Source: Balanced Life Team