What to do with that extra money every month?
I know a lot of you would be thinking “after I’m done spending whatever money that comes in there’s not usually much left”, you don’t get paid enough, your allowance isn’t adequate, your budding business hasn’t taken off yet or whatever your excuse may be. Lets face it: you’re probably spending too much money, it doesn’t really matter how much you make. Everyone lives according to their means. You could be making #50,000 or #500,000 per month/per week or however the money comes in and you’ll still be broke if you don’t check your spending.
People who have a good track record of financial stability have been known to make a conscious decision to live on less than they make. The fact you earn your salary, wages or any kind of income expecting the same recurrently isn’t a basis for spending it all pending when the next pay cheque comes in. Instead of upgrading your life materially every time you make more money, choose to put that extra cash in savings, put it to work for you in an investment. Analyze your past bank statements for the past months and figure out where every dime went, organizing the income list into sections. Then create a strong budget for your future. Money put away today will save you tomorrow when you need it the most. Start today to spend money judiciously and you’ll reap the benefits of this new habit.
