We hear words like “money doesn’t buy happiness,” which might be true to a degree, but something you know with utmost confidence is that poverty doesn’t buy happiness either. Studies indicate that while the net amount of money you rake in isn’t the sole predictor of your happiness, there is most definitely a correlation.
After all, the amount of money at your disposal can make or break the opportunity you have in life, so it makes sense for financial status to affect your emotional state. If you never get to do the things you want to because you are constantly bogged down by a poorly-paying, time-consuming job and financial commitments, it’s only natural to be unhappy.
Below, this article will explore ways in which you can sort yourself out from a financial point of view, and hopefully, the rest of your life can then follow suit.
Spend Less than You earn
This seems like a pretty simple concept, but this is a fundamental rule to abide by if you ever hope to accrue savings. You’d be surprised at how many people fail to effectively structure their life to allow savings to grow. In fact, a recent study concluded that six out of ten Americans lacked the funds to cover an unplanned $500 or $1,000 expense.
Fight the urge to shop unnecessarily. While studies suggest that “retail therapy” may help the consumer feel a sense of control over their life financially in the short-term, the clear long-term consequence of such a strategy is diminished savings. The last thing you want is to receive your check on payday and then blow it all on things you don’t need over the weekend. Before you know it, Monday rolls around and the cycle repeats itself.
Instead of treading water financially, exercise some self-control and reap the benefits. Everyone is faced with the internal battle between immediate gratification and long-term benefit, but you can rest assured it’s a battle worth fighting.
Explore Emergency Financial Options
Whether it’s a Title or Payday Loan, everyone gets into a financial pickle every now and then. When money is tight, even the slightest unexpected expense can throw your life off-kilter. The good news is there are plenty of options available for just such a situation. If you are a resident of the west coast, services like Check Into Cash have a location that can help you out with payday loans in Riverside Ca. without incurring revolving debt.
Once your short-term money concerns are taken care of, you can begin to tackle the rest of your financial responsibilities without the uncomfortable stress imposed by an immediate pending payment looming over your head.
Create A Budget For Yourself
This doesn’t need to be a meticulous index of every single item you purchase, but rather a broad categorization of things like transportation, food, home maintenance costs, etc. Being able to reference even a rudimentary budget structure helps you to see from a holistic perspective where your cash is going.
One popular and simple strategy involves choosing an amount you want to save every month and then living off the rest of the money you make. Once the chosen amount is set aside, consider it money you cannot touch. You might be surprised with how you improvise and force yourself to stretch the remaining funds.
Over time, you will get better at living off your remaining budget, as you begin to realize the importance of savvy shopping. Once instating this method, it will likely occur to you that a certain grocery store or barber shop is simply too expensive, and a substitute is in order. In this way, you will fine-tune your practice until you are a bonafide savings machine.
Avoid Financial Disasters
This is another rule which may seem like common sense but is nonetheless worthy of the concerted effort. Situations that can spell your financial undoing can take many shapes, some of which are unavoidable. Some, however, can be avoided with a little bit of foresight.
If your friend invites you on a trip to a foreign country in December, perhaps it’s better to abstain if plane tickets and Christmas presents will put you in a financial crunch. You’ll thank yourself when January comes and you still have money to your name.