When it comes to your finances, chances are there are some serious leaks in your budget that leave your bank account nearly drained at the end of the month. Even if you’re doing well, you’re likely not saving as much as you could. Getting an emergency cash advance can help you when you’re in trouble, but an emergency cash advance isn’t a long term solution. Better budgeting and planning is!
5 Financial Holes You Should Plug in Instantly:
To help yourself spend less and keep more of your hard-earned cash to build a solid financial future, use these tips to help you plug those holes:
- Not Having a Budget.
Believe it or not, many people don’t have a budget, assuming that checking their bank account is good enough. The truth is that you need to know what you’re going to be spending each month and what’s left so you can judge properly. Otherwise you’ll overspend and end up without any savings.
- Recurring Charges.
Recurring charges for things that you don’t use like gym memberships or those premium cable channels can really add up. They may not seem like a lot on their own and in most cases they really aren’t, but if you have four or five you’re paying for each month, you could easily be throwing $50 or more away.
- Spending Too Much on Entertainment.
Going out to movies and doing fun things with friends and family is just fine but when you do it more than once a week or so, you’re spending a lot of cash. Look over your finances and see what you can cut out. Sticking to only one dinner out per week could help you save a lot over a year.
- Not Saving in Advance.
You should be taking 10 to 15% out of your check each pay period and putting it away. Better yet, have your employer do it through a 401k or Roth IRA.
- Spending Too Much.
Sure, you need a cell phone but do you need the most expensive plan? Go through your monthly bills and trim the fat of any kind you can.