52 Simple Ways to Manage Your Money – 10. Here It Is! Eureka! Extra Money!
A Weekly Journal & Workbook to Help You Take Real Control of Your Money
What it is.
A little short this month? Never quite come out even before payday?
Take a few easy steps to find extra money, which is done in two ways:
- Spend less
- Earn more
Number 2 is usually up to others; Number 1 is up to you.
Purpose …
To free up money for savings and investment and to control your finances.
How it helps
Puts you in control.
Frees up new disposable income.
Helps develop your net worth.
Key items to look for…
Keep track of all expenditures for one month.
Make a plan to pay off the most expensive debt first.
Be a careful shopper.
Adjust your income tax witholding to come out even at April 15th.
Time …
Two or three hours the first month.
Keys to action …
Use the list of purchases to find patterns of spending.
Be honest with yourself—no one else will see this list. It is for your use only.
Be prepared for a few surprises.
Make a list of ways you can save money by doing the labor yourself—not forever, but occasionally.
Be alert to methods of conserving. A lower rate of speed on the freeway or lowering the thermostat saves money, giving you more disposable income.
SET IT UP
Use a small notebook for your purchasing notes. This makes it easy to jot down your purchase at the moment it occurs.
STEP ON IT
At the end of the month, sort out the purchases by category.
Review the reasons for any purchases.
STEP ON IT +
Check the results against your budget and your goals.
Notice…
If you dislike keeping records.
When you spend too much, how do you rationalize it?
Purchasing for emotional needs rather than actual needs. Do you shop when you are angry or upset?
But what if …
I forget to write down something I purchased?
Estimate the amount as best you can.
Thought primers …
When I think of what I spend, I…
When I overspend, I feel…
One of the ways I get even is…
If it turns out that I am making good decisions…
It is beginning to dawn on me chat…
To me, spending money means…
