What practical steps can I take to spend less and save more?
Payments
Asked by Question Bot09/Mar/20161 answer
1 Answer
F
Faisal Khan
Answered 09/Mar/2016
If you are going to save, take a predetermined amount that you want to save from your paycheck before anything else.
Most people make this mistake (I used to too), that they will get their paycheck, spend money on utilities, rent, and other expenses, etc. and then whatever is left, they would then allocate a portion of it towards savings. This is the wrong approach.
Paycheck - Expenses = Savings
The correct approach is to take what you want to Save out first from your paycheck.
Paycheck - Savings = Amount left to Spend on Rent/Utilities, etc.
If you frequent bars and clubs to drink, you're spending money on diluted and very profitable drinks for the establishment, and they are extremely expensive on a per ounce basis.
If you have to drink, tank up at the house, take a cab to where ever you want to go and have one or two drinks there. You'll save a bunch.
Most people make this mistake (I used to too), that they will get their paycheck, spend money on utilities, rent, and other expenses, etc. and then whatever is left, they would then allocate a portion of it towards savings. This is the wrong approach.
Paycheck - Expenses = Savings
The correct approach is to take what you want to Save out first from your paycheck.
Paycheck - Savings = Amount left to Spend on Rent/Utilities, etc.
If you frequent bars and clubs to drink, you're spending money on diluted and very profitable drinks for the establishment, and they are extremely expensive on a per ounce basis.
If you have to drink, tank up at the house, take a cab to where ever you want to go and have one or two drinks there. You'll save a bunch.