Save Money – Control Your Spending
Getting ahead in life really starts with taking control of your finances so you can save money. Mastering your finances means that you have a full understanding of how much money you are making, where that money is going, and how wisely you are spending that money. What does this mean? It essentially means that many wealthy people in life get ahead by knowing all about the money situations in their life, and how you can take advantage of situations and money outflows to decrease the amount that you are spending. You will have to become an expert in what you are spending your money on. Many people do this by creating a budget, which is a listing of all of the money you make, as well as the money you spend. You can download our simple budget form in excel to get an idea about how a budget is created, and how it helps you to understand if you are having a net spending or a net savings each month. Your goal is obviously to have a net savings each month, which in fact means that you can put that extra money in your savings account, your investment accounts, or towards other real assets like real estate.
Make a Budget to Spend Less Money
The budget is a key tool for you to get an understanding about how much money you make, and then what that money is spent on each month. To do it right, you will need to know exactly what you are spending money on each day, and you can do this with a scrap of paper and pencil, or with an App on your phone. No matter how you gather the information, we need to understand just how essential this process is to making your life a success in increasing your wealth. You can use Microsoft Excel to do this, and we will have a sample Excel Spreadsheet that can help you do just this. Check out this page and see how to start by learning to create a budget.
The spreadsheet will have your income or inflows up on the top, and then one row for each expense or outflow that you have. You can choose to do a weekly budget, or a monthly budget, I don’t suggest doing an annual because it’s just too difficult to make it accurate. Each time that you go to the market, or shopping, or eat out, you’ll need to record all of these outflows of money onto the budget.
There is a little blog website that I like to visit to get tips about saving money…the internet is a great resource for not only making money, but also finding better ways to save it. After all, this is one of the main ways that our wealth will grow over time. Visit NerdWallet to get some tips for saving money.