Where Your Money Should Go: The Secrets of Spending Wisely

Sep 14, 2016 by

Where Your Money Should Go: The Secrets of Spending Wisely

Nowadays, there is more and more stuff on the market that keeps on tempting us to spend and buy even if it is not totally necessary. People nowadays spend more for their wants than what they need. Though there’s perfectly nothing wrong with that, one must be very wise on spending his money otherwise being broke is the worst case you can encounter. People around the world have been looking for ways to spend their money wisely but some people are just carried away on the good stuff you can find in the market and get lost in their budget, well let me tell you one thing, you don’t need to chain yourself into not spending for what you want, you just have to spend wisely and budget your money accurately. All it takes is knowing the proper ways and more importantly, discipline.

The basic rules of budgeting for personal everyday life are prioritizing your needs, save some for the future and spend for some small things you want. Well this is true since these are all basic ones. But let me tell you more specific techniques on proper ways to spend money and save it for future use so let me tell you where your money should specifically go and how to spend wisely for them. If you are a regular employee who wants to spend wisely on everyday expenses and save for future use, then your money should go on the following;

Food- You should never starve yourself; you should know that this is one of your basic needs as a human. Starving yourself for the sake of saving isn’t wise. You could end up having sick and will spend more money on medicines to cure yourself, so eat as how every human eat and don’t think twice on spending for it. Make it as the major aspect you’ll spend into but be sure to minimize spending for unhealthy and expensive food. You may want to just eat regularly and sometimes treat yourself in a fancy restaurant but not so often. See to it that you won’t mess up your budget just for it but all in all, food should have a big of your budget. The best way to save is to buy grocery every pay day and make sure it will last until another payday come.

Medicine- Just like what said earlier, being sick will only give you much stress on budgeting your money. Being sick is never forecasted, it always comes without us knowing that it will come unless of course you purposely did things to be sick. However, you will experience symptoms that will help you determine you are about to get sick so before things are worsen, spend now some money to cure yourself or consult a doctor. If your cold or fever got worse, you may end up not being able to work for days or weeks which will definitely mess up your budget. The best way to spend is to save at least 10% on it every pay day so you’ll have something to pull off in case you have an emergency and discipline yourself to not spend it anywhere else.

Renting fees and bills– As much as you are also a consumer, you should always spend or at least save up for your future bills and if you don’t own the house and are only renting it, you would want to spend money to pay for your rental fee or else you would end up sleeping in the street if you don’t have nearby relatives to sleep with. The key is, save for it just like the medicine only that the percentage should be bigger and you should never ever spend it anywhere else or you’ll end up having more debts. Let’s say you gave it as 30 or 40% every payday or equal to food. The point is, this is where you should spend more of your money along with the food.

Treat for yourself- now if you know that the three things above are all your basic needs and don’t have any outside basic needs anymore, you should now proceed to treating yourself. Now this may sound really lame as we are entirely talking about spending wisely, but if you think about it, treating yourself every once in a while will actually help you save and spend wisely. You can give yourself a maximum of 10% or less every payday to spend for yourself or you can save that percent so you can use it for bigger treat for yourself in the future. How does this help you? First is you’ll feel the reward of your hard work and will be inspired to work harder. Second, it prevents you from spending too much money for once in a life time treat. Lastly, you’ll free yourself from stress which is healthy for your mind especially after all those work that has to be done.

Spending wisely entirely depends on your situation so make sure you spend every bit of your hard working money in those things that are worthwhile. Do take into consideration investing in binary options and other investments in order to earn more income. Click Here to start investing.

 

               

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