Saving and making money combined can help you avoid looking at rock bottom. Things may not always go your way, but with some effort, discipline, and your eye on the ball at all times, you can have a fat bank account and a lifestyle that keeps you from using it for nothing.
Here are some tips on how to start saving and making more money:
Evaluate your financial situation
This is the first step in creating a budget that will help you avoid going broke. List down all of your expenses. Then determine whether these expenditures are essential for living, or just luxuries. For example, you need to pay for electricity and insurance, but you don’t need to buy new clothes or go on a ski trip. It doesn’t take a scientist to figure out which is which.
Budget your payments
As part of your monthly expenses, figure in the payments you have to make. For example, if you’re paying for a car, put that on top of your list. If you have smaller loans, such as a cash loan from utahmoneycenter.com in Provo, make sure you pay them immediately. This is where prioritization is important.
Eliminate some expenses
These are the payments you don’t need, such as cable TV. If you have Wi-Fi at home and a data plan on your smartphone, choose which one is more useful. If you’re hardly ever home anyway, you may want to cut the home Internet.
Make money on the side
Aside from the income from your job, think about other jobs to make extra. For example, waiting tables, washing cars, mowing lawns, babysitting, house sitting, dog-walking, etc. You can also do something online during your free time, like getting paid a few dollars for taking surveys. If you’re the more daring type, think about participating in clinical trials, which pay rather well. You can also think about modeling if you’re a good-looking person.
Take care of your health
This is important. Without your health, you may not be able to work, especially if you have side jobs. You might even be forced to spend more money on hospitalization or medication. So don’t skimp on healthful foods and vitamins. Don’t stop exercising and make time for rest. Time management can get you there.
Sell some things you don’t need
Using your car once a week or once a month just to visit a friend in another city is not a practical use for the vehicle. Think about selling it instead and putting the money in your savings. Look at your wardrobe and take out all the clothes you haven’t worn in a year. Sell them online or at a garage sale. Whatever you don’t need, sell it. You’ll make extra cash and get to remove unnecessary items your home too.
Hitting rock bottom or filing for bankruptcy is never a good feeling. Some people never truly recover. Heed this advice and start saving and making more money today.