Wondering Why You Don’t Have Any Money When You Think You Should?
Most people cannot contain the urge to spend, even if they cannot really afford it. The feeling of ‘I’ll pay for it later’ is so strong that it is hard to overcome and is a major factor why most people are not content with their financial situation and feel the dreaded sense of feeling poor. The new shoes, new computer, holidays and going out etc… all add up to extra pressure on the purse strings which results in elevated stress levels for most people. This as well we all know leads to general unhappiness in our lives.
But managing your money need not be this terribly hard and tedious exercise, in fact it can be extremely empowering to know exactly where you really are financially. There are a few ‘musts’ though if you want this empowerment:
- You MUST have a budget. Regardless of your income you simply need to know how much money is coming in and how much money is going out, when the money is coming in and when it is going out. Take responsibility and stop being ignorant and making excuses. There are a plethora of budgeting apps out there, and they are easy to use and will bear immediate results. Get started today.
- You MUST plan your meals and take control of your shopping budget. Did you know that around 20% of the food produced globally is wasted and thrown in the trash. I am certainly no angel on this point, but I do think it is an atrocious waste. For the individual, we are talking about hundreds if not thousands of dollars a year thrown in the trash can because of overindulgence and general indifference to waste. Plan for meals, curb your waste and you will save.
- You MUST spend less than you earn. We owe billions upon billions of dollars in credit debt that is accruing interest at very high levels. It’s all because you want the instant gratification of the new phone, or TV or whatever. It feels good at the time of purchase but the problem is, without realising it, the next thing you know you are in serious debt and struggling to make repayments. Get rid of the credit cards and only spend money you have in the bank.
- You MUST act rationally. Take the emotion and impulsiveness out of it. Watch out for high pressure selling tactics and deals that will expire if you don’t take advantage of them right away. Also, be on the look out for scams which can sometimes slip under the radar when you are least expecting them.
- You MUST take responsibility for your own financial situation and how you manage situations that involve money. Refrain from getting emotional as this will result in silly decisions that could impact on your financial position. You have to think about how your actions will impact on your future financial well being.
- You MUST plan for the future. Most people are not financial experts, so you would think that we would seek the advice of experts? The truth is that a lot of people do not. I like to think of it this way; if you were sick you would go to a doctor to find out what was wrong. So why not apply the same logic to money. Get expert advice and it could not only change your life immediately, but give you confidence in your own financial situation and/or future direction.
- You MUST seek professional expert advice. As explained above, if you do not know the ins and outs of money management, seek advice. We are talking about your future happiness here, of course it will be worth it! Don’t be frugal, spend good money and get good advice.
Get started with your money management today and become unstoppable!