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Are there leaks in your wallet?

By May 18, 2012Uncategorized

Are there leaks in your wallet?

DO YOU KNOW WHERE YOUR MONEY IS GOING?

If you dream of earning more money, but you don’t take care of the money you have now, then you are a bit like the children who never play with their toys, but are always asking for more.

The first thing to do when you want to increase revenues is to do a thorough expense analysis. If you don’t have a clear idea of your income and your outflow, I can already assure you that you have been spending more than you thought.

Plugging the leaks in your wallet can pay off

To become aware of your buying habits, keep all of your sales receipts for a month. If you’ve never done this before, there is a strong possibility that you will be surprised by the amounts that you spend without even noticing. I did this myself at the beginning of the year and while I consider myself as being somewhat extravagant, I was still very surprised to see the amount of my small daily expenses. When I saw what I had been spending at restaurants and at the drugstore, I felt a twinge of sadness. All that money gone, for so little pleasure…

In light of this new awareness, I made the choice to cut four restaurant meals per week and I began the habit of making a list before going to the drugstore. At the beginning, I can tell you that I detested making my lunches, but after a while the routine took hold and it became easier. In the end it was just a habit that hade to be changed. I had already had more than enough of eating fast food, I wanted to pay more attention to my bottom line and I knew just what to do with the $2,500 I was going to save.

If you want to get the most for your money, spend some time looking at your daily and monthly expenses (e.g. cell phone plan, subscriptions, insurances, etc.) and you will find yourself well on your way to saving. You will see that these small amounts add up to large amounts at the end of the year.

Where are the leaks in your budget? Maybe you have a subscription to cut off, a limit to set on your impulse buys or a renegotiation of your insurance rates. Write us below and tell us which expenses you’re going to reduce and how much you’ll save this year. 

FOR THOSE WITH THE "MY ATTITUDE" PLANNERif you haven’t already done so, set aside 20 minutes a week to take a closer look at all of your income and expenses. If you need them, the Internet is filled with tools to help you follow your budget.

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