You keep saying to yourself that you want to save, but are sick and tired of living the way you are---broke. In order to stop living from paycheck to paycheck one of the following simple solutions to your money management problems may help you:
Make a list of all your monthly expenses, and know exactly how much money you need. If you do not have money for your rent, food, clothing, and other basic necessities then the first step is to find more gainful employment. Then the next step is to allocate money for all of the priority expenses first and also save yourself a reasonable amount of "fun" money.
Never go grocery shopping hungry. Generally you will spend about 10 to 20% less at grocery stores if you are not famished and craving every exotic food in site. You will also purchase healthier food which lasts longer if you shop on a full stomach. Along with that, it is smart to bring a list because you will then save on transportation expenses by not having to go back to the store.
Try not to use credit cards. If you can get away with it, shop with debit cards instead of credit cards. That way you know exactly how much you have spent and you will not spend any more than that. If you are contemplating purchasing an item on credit make sure you are able to make at least a minimum payment every single month.
Set aside an emergency fund. That way you won't panic when your car breaks down, you lose your cell phone, or your kid is rushed to the hospital. This may be easier said than done, but when done it can save you a heap of trouble. All it would take perhaps to create an emergency fund is a few less bottles of soda, packs of gum, or children's toys (yes, your kids have enough in most cases.)
Keep track of spending. Make sure you check your bank account before you pull out more money to go shopping. It will save you in the long run, especially from bank overdraft fees. That extra money you save keeping track of your money can be put to much greater use, such as being put away for emergencies or invested for a profit.
Plant your money in an investment account. Above and beyond the amount that you save per month it is recommended that you plan for your future by investing in some way. It could be starting a business so you can have a more enriching career, placing your money in an IRA, or trying your luck in stock market trading.
Analyze any risk before you take it. This point usually pertains to investment. It could also apply to major purchases that you make as well, such as when you plan to buy a house, car, or other long-lasting item. Remember that you will need to be at least somewhat confident given your current financial status that you can continue to make payments.
Avoid taking out payday loans or obtaining other easy credit. Although these have helped some people in a jam it can lead to an addiction. Soon you could be committing your whole paycheck to money you have not even seen yet if you get into this habit that is very hard to break. Not to mention, interest on these types of loans is usually 20% or more.
An additional tip is to remember that just because you are offered credit does not mean you should take it. Work to break the cycle of debt and not fall deeper into the hole. If you need further assistance with money management it is recommended that you contact a budget counselor. The Internet is also packed full of money-saving tips for individuals and families.
