Shed the Excess

We all spend our money on things that we really don’t need or could do without in a pinch.  The usual culprits are eating out, gym membership, cab rides etc.  My weaknesses are make-up and clothes; although when I took a look at things, I was appalled at how much of my money went – and still goes – to eating on the run.

There’s something to be said for being prepared.  Plan your meals for the week, shop for the ingredients and prepare them all at once or as you go along.  If you want to keep active, plan a gym-free way to keep fit.  Stranded?  Find a way to carpool. 

As for shopaholic habits, the key is to create new looks with what you have to beat the boredom. 

Stash the Cash

If you have just cut back, then you are going to put the money you cut back into savings.  If you don’t need to cut back, then you are going to put 10% of what you make into savings.  Yes this is a conservative estimate.  The key is to approach this like the tortoise versus the hare.  You don’t want to bankrupt yourself while trying to save up.  Slowly but surely the funds will come. 

Prioritize

Once you have a basic amount of funds saved up, a good idea is to start putting money away for other endeavours.  Stick with the 10% rule and make sure your saving effort still fits within your budget.

Patience

Sometimes it seems like getting yourself to a secure spot financially is impossible.  However, with smarter spending and some patience, you can slowly dig yourself out of the stressful situation that is living paycheck-to-paycheck.