Sunday, November 1, 2009
I got Money in the Bank, Chea!!
Guys and gals, we are in a recession! And when I say “we”, I mean “we” on a global level. However, on a person to person basis, it doesn’t quite affect us all the same. It ranges from those reaping the benefits of houses foreclosing to those whose houses have actually been foreclosed. We have those losing their jobs, resulting in brand new entrepreneurs sprouting all over the country and then we have some losing their jobs, and as a result, losing their minds along with it. Therefore, if you've made it this far unscathed and you still have your job, please do me one favor, stack your money!!
Too often we succumb to the satisfactions of the now and disregard the financial stability of our future. You do realize your spending abilities are contingent upon that bi-weekly influx? So what happens when that influx is all "fluxed" out? Here are some tips that I apply to my own life. (Simple suggestions, if you have a more proficient methodology, by all means, do what you do)
1. Create a budget plan. If you don’t know how to use excel, pls kick yourself, it is 2009!! Go into excel and map out all your expenses. And please, please don’t let clubbing be a category. Outline your necessities: car note, mortgage/rent, cell phone bill etc. And don’t get me wrong; feel free to have a column for entertainment or leisure. But after and only after you allot a good amount to savings (pls tell me SAVINGS made the cut in your necessities list). Put away at least a good 20%, if feasible. Let me know if you need a template.
2. Stay out the mall every weekend. And yes I do need to practice what I preach but I’m proud to say that I've cut back, a bit. Maybe if you, I mean we, stayed home a little more often we wouldn’t need an outfit for every shindig we get invited to on Facebook.
3. Get a hobby. Take a cooking class, take up a new language, hell, take a nap... anything that will take up some of your free time that usually defaults to swinging by the mall or some other pointless activity involving unnecessarily spent money. Even if your hobby costs a few bucks, it'll be a worthy investment and you might even learn something.
4. Open a savings account where the returns are relatively high. Even if you already have an account, believe me when I say, it’s ok to have two. Also try one of those "Keep the Change" or "Way2Save" programs offered by various banks. It puts away a dollar or so for every purchase made. In a year, I saved a stack (google urban dictionary) simply for making my usual purchases. Trust me, it works.
That’s all I got for ya, which I feel is enough to get your savings off the ground... and once you get those funds up, feel free to treat me 2 something =)