These spending habits are killing your budget. Find out why.
Are you having budget problems? Many do not realize the “little things” add up and although you may think – it’s only ONE coffee – buying these “little things” can totally kill your budget.
One snack from the vending machine means $1 per day, five times per week. Yes, that is $20 per month you could have used to invest or pay down debt. Over time, these little money-wasters will put a dent in your budget and leave you wondering why you don’t have any money.
Are you looking to get out of debt but don’t know where to start? Then you are going to love this Debt Pay off Story guest post by Mandy from The Well Balanced Mom.
I used to think that debt was a normal part of life. Growing up, it seemed like everyone had credit cards and car payments. I didn’t think it was a big deal until the day I realized that my debt was holding me captive in a life that I didn’t want.
But I’ll start at the beginning.
My mom encouraged me to get a credit card when I was 18. She said I should “build my credit,” so that I could finance a car and eventually buy a house. Of course, she encouraged me to be responsible with my credit card usage. And I was— mostly. I did purchase things before I had the money for them, but I also managed to pay off my credit cards regularly.
But that’s not really when my getting-into-debt story began.
Are you in debt? Unfortunately, many Americans are in the same boat. With rising college cost, it is rare to meet an adult that doesn’t have expensive student loans.
Not to mention, many Americans also have car loans, house loans, and credit card bills. Your debt can leave you feeling like a boxer being hit over and over.
However, your life doesn’t have to feel like a punching bag. You too, like many others, can get rid of debt completely and learn to live a debt free life. It may take some sacrifices, but it is possible.
The most important aspect of paying off debt is to make a plan and never give up.
There are simple solutions to your debt story and by taking some easy steps you can learn to move forward.
What this post will cover:
how to get rid of debt completely
how to side hustle
ideas to help you take steps to become debt free
Does budgeting make you feel trapped and confused? If you are new to budgeting, it can seem stressful and daunting.
You may be thinking, “Why would I confine myself when I can spend freely?” Maybe you need some budgeting tips for beginners.
However, budgeting can lead you to financial success and help you live a debt free life. If you are in debt or stressed about not having an emergency fund or retirement fund, planning a budget is the next step in preparing for your financial future.
In fact, maybe you are having difficulties with budgeting and financial planning because you haven’t found the perfect budget for you. Creating a DIY budget can be stressful and downright scary. However, consider the fact that maybe you haven’t found the right budget.
Because there are several types of budgeting systems and by trying just one, you may be doing yourself a disservice.
Are you paid on salary? This means you have a fixed amount of money you are paid throughout the year and you are typically paid bi-weekly or monthly by your employer.
In terms of budgeting, your job is easier than average because you have a stable amount of money to work with. Therefore, it is easier to decide how much money you will save, but also set aside money for bills.
Generally, trying to save while on an unstable income is harder than if you are paid on salary. If you are paid on commission or tips, it is difficult to plan for savings because you don’t always know how much you have coming in or if it will be enough to cover your monthly expenses.
Speaking from experience, it is typically easier to budget when you are paid on salary. I was a teacher before becoming a blogger and stay-at-home mom and in my district and many others, we are paid on a salary scale. Working as a teacher for thirteen years, I was able to know how much money I would have bi-weekly and as an added bonus I was on a fixed pay scale which meant I got pay raises every year according to our teaching contract.
During my teaching time, having a steady income made it easy to save. In terms of budgeting, I knew how much money I had coming in each month and it was easy to plan for savings, investments, and retirement. Not to mention, I was also able to set up an emergency fund.
However, if you are asking, “How can you save money from your salary.” you have come to the right place. This post will outline tips and examples of how to save money from your salary.
What you will learn in this post:
how to automate savings
how to save for retirement
how to invest
If you are wondering how to save money from your salary, use the tips below.