“Saving for the rainy days” is a common expression that refers to setting aside some funds for a future where you might need them. Well, after decades of warning, that day is here!
If you are prepared, congratulations! But if not, don’t worry and take control! There are many helpful tips that can help you survive this catastrophe, and be ready for the next one.
Step one: MAKE A BUDGET.
Make a two-column list. One with fixed expenses, everything you NEED to live. The second column with everything else, everything you WANT to have.
What are the NECESSARY expenses? Rent, utilities, food, fuel, bills, and maintenance costs for your car, insurance (auto, rent, fuel, life, and medical), taxes, fun (yes, it’s not all about work), clothes and most importantly, savings for any inconvenience. This money you don’t touch.
What are the other expenses? Everything that satisfies your soul but is NOT essential. Before spending (especially when buying something) be honest and ask yourself: Is this purchase a NECESSITY or a WANT? Sure, buying something you want isn’t bad but as long as you have enough for the expenses you NEED.
Ask yourself: Do I really need expensive clothes or the latest phone? Do I have to eat out every week? Do I need to spend five dollars everyday for a coffee? And more importantly, am I buying something because I need it or is it just an impulse?
“What I earn isn’t even enough to be my necessities? What can I do?”
Another practical solution is NOT spending too much on fixed expenses. How?
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