Is money your issue? Do you find yourself always looking for a new job? Do you find yourself making more money and ending up with more bills? These are common problems. Many of us have never gotten any financial training. For me it was pretty much trial and error. I made some mistakes along the way and I still do. However, I also learned some valuable lessons which is what I will teach here.
Is money your issue? The answer to that, is it depends. Every now and then yes, we need more money to survive. For the most part money is not the issue, we are. Yes, that’s right you are the problem in this equation. We tend to live outside of our means and end hurting ourselves in the long run. What people call keeping up with the Jones's. Let me help you by breaking down some very basic strategies that anyone can follow right now.
Step 1: You need to write down every single bill that you have. I mean everything Netflix, Tidal, Gym, etc.
Step 2: Put a price next to each bill. That way you can physically see what’s going on. I normally make a 12-month chart. I write down and track every penny I spend on bills. You should do the same. Start monitoring where your money is going.
Step 3: Add up all your bills and add up all the money you make for a month. Subtract the bills money from the money you made. If you don’t like the number left over then make some adjustments to where you are spending your money. For example, If I made $3000 a month and had $1250 in bills and didn’t like that I need to make some cuts somewhere.
Step 4: Get rid of nonessential bills. Start getting rid of bills that you don’t need. When I say bills you don’t need, I’m talking about bills that if you cut them off nothing will happen. Netflix, Tidal, Gym, Hulu, there are tons of other subscription websites but those are just a few.
Step 5: Start funneling all that money from those bills to bills that you can pay off. For example, car note. A car note can be paid off and that’s one less bill for you. So, when you cut off your non-essential subscriptions funnel that money to your car note. You will pay your car off faster and start having a lot more money once the car is paid off.
Step 6: Discipline yourself to not over spend. This is a hard one for me because I love to spend money. But I have a system. A lot yourself a certain amount of money each month that you can spend, and don’t go over. Practice until you get it right.
If done right, you will see that you have more money than you thought. In some cases, you will need a job to make more money but not always. I am an advocate of having multiple streams of income. I’m not an advocate of having to kill yourself to do it. Strategize, focus, and discipline yourself. Its no point in making more money if you can’t manage the money you have.
The only limit to our realization of tomorrow will be our doubts of today.