Friday, April 19, 2013

Treat Your Money Right and It Will Do Right By You

Now, I think it is safe to say that most of us can agree that we are into online marketing because we want to better our financial situation. Once you do start making money for yourself, are you treating that money well or still spending frivolously and living commission payment to commission payment? "Mo' money, mo' problems" as the saying goes, but in reality the saying really should be "No money, poor problems..." It is very important to have a positive attitude about money! When you think positively about something, you are more liable to make responsible decisions. Here are just a couple of ways that you can make your money work for you.

Create a Budget

This is first and foremost. Many people say that they have a budget, but there are very few people that actually write down their expenses in a notebook or save it in a file on their computer. When you have something hard copy in front of you, it then forces you to create realistic and tangible goals for your income. It also allows you to adjust your spending and saving as need be, so review it often.

Establish a Safety Net

"Don't stop thinking about tomorrow." There can be so many situations where you are not able to access the internet, or goodness forbid some major life change happens for the worse (or the better). Your life will always be constantly changing and some type of cash reserve is needed just for peace of mind. Most experts advise to have up to 3 months of your fixed expenses saved in case of emergency. There is no set number to put to this suggestion because every family is different. Are you renting or paying a mortgage? Are you making car payments or still paying for your child's braces?

Once you have figured what you are spending, come up with a figure that you must have saved up.

Save Aggressively

When you have a number that you should have saved up, add an amount of money that you should be saving into your weekly/biweekly/monthly expenses. This will help to get your savings started. I recommend to use a Certificate of Deposit, or CD. This is a fixed-interest way of investing with your bank with a higher interest-rate than your ordinary savings account. If you do decide on this option, be sure to stagger the deposits since many have fixed dates of maturation and penalties with early withdrawal.

Reduce Your Spending

When you create a budget and know where your spending is going, take a look at ways that you can reduce that spending. The two categories of spending are essential (like rent, lights, carpayment, etc.) and non-essential (dining out, movie theatre tickets, etc.). First, take a look at your non-essentials and figure out a way to reduce that spending. Instead of eating out 3 times a week, try just eating out once a week. Or instead of going to a movie theatre to watch a new movie, rent it in a RedBox or on cable. You may also be able to lower your fixed expenses like turning off all of the lights while not in a room or keep up on your car maintenance to avoid more costly repairs.

Once you do that, see the difference! Compare your monthly budgets side by side once you make the necessary changes and voila! You have just taken a step in the right direction when it comes to conquering your cash!

I hope this post was helpful! Remember to like, comment, and share!



My Contact Info
Shanice Patrella
conquercashmca@gmail.com
Skype: MsLuckyDuck
321-300-6297

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