Today’s talking and teaching points are these:
1 – Go through your bank account and see what you spend weekly, on groceries and eating out, or ordering in.
2- At the end of each session of spending (meaning every time you spend, whether online or offline) look at what is left there (in your bank account) and send the change elsewhere.
Go through your bank account and see what you spend weekly, on groceries and eating out, or ordering in.
In order for you to go through your bank account to see what you spend weekly, on groceries and eating out, or ordering in, you first need to establish, how much is coming in, and then how much you are allocating to go out, and on what? Tough questions to ask yourself I know, but you also have to ask yourself – do you want to be able? Long story short, you are here because you want to know and be able, right?
Over the years of constant failure, simply because I did not know any other way, something clicked for me that there was a way I could save. But this also meant two things, and they are: opening a bank account specifically for this money, that I would look at once in a while, (remember you are saving for something), but also I would have to be disciplined in sending money electronically, from one bank account I would use every day, to another bank account, that I would rarely look at.
These are the keys to your success – send it (the money, and save it – somewhere else that you also have access to).
What is also happening is your bank balance is being reset for another day, that day is tomorrow, and so is your budget. As boring as having a budget is, it is actually necessary for knowing and being able to live a nice life – right? Yes, you with me?
At the end of each session of spending (meaning every time you spend, whether online or offline) look at what is left there (in your bank account) and send the change elsewhere.
Because your spending is about how much money you actually have to spend, what I am advocating here is to create bank accounts specifically for spending and saving, and making sure that you can access both from your computer and mobile phone. By knowing and being able to take this kind of action, you remain in control of your cash.
So what you do, is have one main bank account. This is where your income goes. From here, the money, that you need to get you through until the next payday, you send electronically – meaning no bank card, you do this at home, when the day starts, and you complete transactions between 9 am and 5 pm, and Monday to Friday.
By doing this, you get your money when you need it most. I have deveFor spending and then saving. Learning to know and working out when it will be best for you to be able to execute these steps and strategies, from what I have shared with you, will help you to overcome overwhelm because you will now know what to save, without the worry of where the money will come from, and you also have the ability to better manage money – your wallet will thank you, so will your bank account. And your well-being will be wonderful.