You say you know where your money goes and you do not have anything written to keep up with it? I ask you this challenge. Keep track of every penny you spend for one month and I mean every penny.
You will be shocked by what the tiny little added cost. Take the total you spent on just one unnecessary item for the month, multiply it by 12 months for one year and multiply the result by 5 to represent 5 years.
That's how much you could have saved and drawn interest on in just five years. That, my friend, is why all of us need a budget.
If we control the small expenses that really are not from the general scheme of our lives get, we can enjoy financial success.
The little things really count. Cutting what you spend on lunch from five dollars a day to three dollars a day every day in a five-day work week saves $ 10 per week ... $ 40 per month ... $ 480 per year ... $ 2,400 in five years .... Plus interest.
See what I mean ... it's really the small things and you still have lunch every day and he was just a place to put money in your daily life to cope without doing without one thing you really need. There are many places to cut costs if you look for them.
Set some specific long term and short term goals. There are no wrong answers here. If it's important to you, it's important period.
If you want to be able to make a down payment on a house, a college fund for your children to start, buy a sports car, take a vacation to Aruba ... nothing ... then that is your goal and your reason to get a handle on your financial situation now.
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