If you feel that you make a “decent living” and that you follow most of the rules of money management as well as you can, but you still feel “broke” at the end of every week, that’s a good indication that your finances are not exactly in order.
Lucky for you, we’ve got 3 Tips today that should help you to go from feeling broke all the time to feeling a bit richer. Enjoy.
Tip #1: Adjust some of your bills so that you don’t pay them all at the same time
If every bill that you pay comes due within a few days of each other, it’s going to leave you feeling as if you were just hit by a financial tornado. On the other hand, if you call some of your creditors, utility providers and even the student loan servicer you use, and asked them to move your bill to date to another time during the month, you can spread out all those bills and feel a little less broke.
For bills that can’t change, such as the rent you pay every month, your best bet is to put money aside each week to pay them rather than taking it solely from the paycheck you make at the end of the month. Simply divide your rent by 4 and put that money aside each week.
Tip #2: Name your Savings Accounts
No, we don’t mean calling one savings account “Bob” and another one “Betty”, but instead having several savings accounts at your bank that are earmarked for specific bills or goals. For example, you can have one savings account as your “emergency account”, one for “vacation”, another for “holidays”, another for “automobile” and so forth. As long as your bank doesn’t charge you extra fees or have minimum amounts, you can do this for every single thing you want to save for. By the way, if you obsess about how much you should be putting away, don’t. Instead, just save anything you can, whenever you can.
Tip #3: Stop comparing yourself to everyone you see on the Internet and social media
Let’s be honest, when you see a story about Paris Hilton jetting off to France, Kim (ugh) Kardashian buying her baby a $1000 tricycle or any one of the countless celebrities on social media who post pictures of themselves partying in the exotic locations, you’re going to start feeling jealous and resentful and, in some cases, go out and overspend to try and keep up. (Hint: it’s not possible.)
Instead, shut that overindulgent noise out by turning off your social media for a day, or two, or three, and stop focusing on the lavish lifestyles those celebrities live. Most of them are knee deep in debt like the rest of us, it’s just bigger debt.
While these 3 Tips might not actually help you to make more money, it’s a good bet that they will help you to save a bit more of the money you make. As always, if you have personal finance questions, please let us know by sending us an email or leaving a comment and we’ll get back to you with advice and answers.