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Take Control of Your Money

It's not how much money you make but what you do with your money that really matters. Contrary to popular opinion, financial security can be based on a very modest income. What it comes down to is how you spend and learning how to spend less than you earn.

Little Things Add Up
Many of your large monthly expenses are probably fixed, such as your rent/mortgage, car or student loan payments. But it's the variable expense category that can easily get out of control. It is so easy to pick up a daily coffee and bagel, magazine, or a new DVD because individually they don't cost much.

But if you pick up a coffee and bagel everyday for $3.00, over the course of a year that $3.00 grows to almost $1,100. The little things can really add up and cost more than you realize.

Everyone can afford to save money
Finding money to save is easier than you think. If you decided to make your own coffee and bagel in the morning, you could save $3.00 a day and put $90 pre-tax dollars into your 401(k) or IRA account monthly. The sooner you start, the faster it all adds up. Three dollars a day can make a big difference to your financial security.

Control your money
Of course, no one is recommending that you eliminate every indulgence because some of these small expenses probably enhance your enjoyment of life. But everyone has some purchases they could reduce to help reach their financial goals. Here are some ideas that can help you control your money:

  • Write down each expense. Try it for a week and keep a record of absolutely everything you spend. You'll begin to see how the little things add up.
  • Only pay cash. It's a lot harder to hand over cash than it is to use plastic. This helps cut down on impulsive purchases.
  • Wait a day before buying anything over $100. If you really want it, then you'll go back to the store and buy it. But there will be times when you decide not to purchase it and save yourself $100 or more.



 

 

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