Have you ever thought why can’t
you keep a check on your budget? Why does the money slip from your hands? Why
at the end of the month your money sucks? Where does your money actually go? Check
your phone bills and perceive why it is growing in number day by day. Or
perhaps you have been a member of a gym and you don’t even know because you
don’t feel like visiting it on a regular basis. Maybe you have subscribed a
monthly magazine but you don’t read it.
Jordann Brown once said, "The reason many people don't stop
money drains is time. It takes time to pack your lunch and make coffee in the
morning. It takes time to track your spending. Time is a valuable commodity,
and it can be difficult to prioritize a boring financial task over (watching)
Netflix."
This year, add it to your
resolution list that you will surely find the rooting cause of the draining of your
finances and eradicate it completely. The experts summarized few fundamental
causes of your drowning money and jotted their solution on how to overcome
them. Read and execute!
This one is first on the list.
And I am sure many of you are facing their loss of money through insurance and
mobile phone bills without even realizing.
How to fix it?
Roam around to compare your
insurance bills, mobile phone bills and such other things to know the actual
rates and help save yourself from giving thousands of dollars. This will be
easily done with online rate comparison websites. Just visit your mailbox on
time and know your actual amount of bills rather than indulging in a concept of
blind billing without checking by yourself too. *if you know what I mean*
The second root cause is rent
that is slowly and painfully sucking your finances. Don’t worry I have a
solution for it too.
How to fix it?
Before signing your rental
papers, make a habit of asking anything you like or anything you want. Yes, you
can also ask your landlords for a low price as well. There is no shame in this.
Initially, it looks a bit difficult and sore but, don’t give up on yourself too
quick as negotiating is a good thing.
It is good to own
a property and
a sense of owning something that is purely yours is a blissful feeling. But
before anything see, if it is cutting your expenses or not.
How to fix it?
Everyone wants their dream home
but before deciding which mortgage you will be buying, just think with your
mind, not with your heart. If the mortgage is killing your savings and it looks
like your children might suffer difficulty in their education in future and you
will be left with no money after retirement then drag the stake in your dream
because it is not worth than your family and sake of your mind. It is
recommended to spend only 25 to 30 percent of your monthly income for owning
property like; mortgage payments, property taxes, and insurance.
It is good to spend some time out
with your friends and family. But if it is occurring too often, it might suck
up your savings and left you with nothing.
Start screening your meal plan
for the entire week. When Sunday is a holiday, make a list of things you will
be needing for the preparation of healthy meals. Make sure in your meal plan
there are much of green vegetables as they keep you fit and fine. Try making the
everyday sauces and grains that will be good for the whole week. Try to make
coffee at home or at work and stop depending entirely on readymade coffee (or
tea for some people). If it is difficult to make coffee, at least evaluate the
costs you spend on such things at the beginning of the month. And after a
month, see if you have succeeded following the entire outline of meals and
drinks for the month. Don’t forget to share the meals with your friends and
colleagues.
Kick out the lazy old soul inside
you and stop wasting your time in front of the television because the bills
could blow your mind.
How to fix it?
Start spending minimum hours in
front of the television. Watch it for important talk-shows or programs to get a
minimum of cable or satellite TV bills. And when everything is available
online, though broadcasters only provide you on-demand, you won’t miss any
episode of your new drama series.
Credit cards provide you ease but
when alarming sounds start ringing near your ears indicating that the bills are
going to suck, everything eventually vanishes.
How to fix it?
Stop depending on your credit
card completely because it is not your bank account. The problem is without
even recognizing you keep spending money with your credit card and when you get
your credit card bills, you get a mini heart attack. You then make use of your
LOC (line of credit) and it is not much effective because you will only be
drowned in the bank debt.
As a short advice, keep yourself
away from the things you can’t afford and if you don’t make maximum money,
don’t spend it in a flow. Happy saving!
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