Have you ever known anyone who couldn’t keep a dollar in their pocket to save their life? Maybe their money was burning a hole in their pockets or maybe they just didn’t have enough discipline to save.  According to a survey conducted by GoBankingRates, 45% of Americans are living paycheck to paycheck.  Yep, they just can’t hang on to their money.  Some may think if they could just make more money all their problems would be solved.  However, 1 in 10 people making over $100,000 a year say they still live paycheck to paycheck.  I am here to tell you if you lack discipline, it doesn’t matter how much money you make you will always spend more than you save.

 Finding Your Discipline

Many people lack the discipline needed to save simply because their mind is always focused on the next purchase.  Have you ever thought to yourself, where did my money go?  Well let’s see, you may have gone to the store for a pair of shoes, but when you left the store you had shoes, a dress and a new purse.  Welcome to the life of an impulsive spender. To combat impulsive spending, you MUST practice being intentional with your money.   If your employer is still paying you with a check you may want to inquire about direct deposit.  Each payday your check will be deposited directly into your bank account.  Once your check is deposited in the bank, set up an automatic transfer to your savings account.  This method is considered Paying Yourself First, I recommend having and emergency fund with at least a six-month cushion.  After paying yourself then you pay everyone else by setting up automatic reoccurring bill pay for things like your mortgage, utilities, car payment, investments, insurance and credit cards. When your savings is funded and your monthly bills are taken care of, the rest is free for you to spend according to your wants, and needs.

A New Way of Thinking About Your Hard-Earned Money

Before making large purchases, or deciding to go out to eat at that expensive restaurant, think of the time you spent working to make that amount of money. For example, if you make $20 per hour and you spend one-hundred dollars to go out and eat, you just spent five hours of work. Five hours of work, wasted by one simple meal. By effectively converting the monetary figure to an hourly one, it can serve to deter you from making purchases you might regret,  which can help combat impulsive spending.  I’m not saying you can’t splurge and have fun sometimes.  What I am saying is be intentional with your money, budget for those nights out on the town.  Make sure you are not living paycheck to paycheck.

I have listed below several methods that can help you save money:

  1. Create a Budget for your bills and stick to it
  2. Go Automated with deposits, bills, and savings.
  3. Don’t go to the store unless you have a list. Stick to your list.
  4. Leave your credit cards at home, when you go shopping. This will help your impulsive spending and credit card debt.
  5. Eat at home, and bring your lunch for work.

If you follow these easy steps, you can live a more financially fit, and less stressful life.

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