No matter the size of your pay paycheck, if you fail to channel your money into important and fruitful areas, you may run into a dilemma. The easiest and proven way to achieve a balance between your inflow and outflow is budgeting. Funny enough, many people are aware of this and some are even filled with the knowledge of how to budget your money yet they are too lazy to do so.
How To Overcome Laziness And Save Money In these Easy Steps
When it comes to budgeting, laziness, often manifested by procrastination and lack of sheer will, is a problem that some people find difficult to overcome. The strength to sit down, plan your budget and put it down becomes a herculean task that you forget how important it is. Well this article will provide you with simple things you can do to beat laziness and also a few tips on how to budget your money.
How to beat laziness
• Take a step forward. Have you been ignoring that nagging thought that you are not doing what you ought to do. This is the right time to accept the fact that you are and think on how to change it. Since we are talking about budgeting, your money, the first step is to accept the fact that you really need one.
• Break your tasks into smaller factions. One of the reasons you are finding it difficult to do something may be because you want to do all at the same time. Instead of this, divide that heavy load into smaller tasks and start tackling each one at a time. You will be gradually progressing without feeling overwhelmed.
• Count the cost. Yes! You have to think of the consequences of not doing what you ought to from the beginning. Every action or inaction has consequences either good or bad. Try to remember what you may lose for not doing it and decide if you would rather not do it than bear the loss.
• Consider the benefits. Imagine what will happen if you wasted all your money on irrelevant things all the days of your life. You neither saved nor invested and at retirement, you find out that you simply didn’t prepare. Just the thought alone should frighten laziness out and spur you to action unless you don’t have a good imagination.
• Motivate yourself. If you are not intrinsically motivated, you will always avoid doing important things. Think on why you need to do it. Visualize the consequences and the benefits, remind yourself through affirmations that you can do it and take action.
• Get help or support. If you have tried and simply can’t do it, get help from others. Since the price to pay for inaction is high, getting support will be a good idea to make sure that you achieve your goal.
• Don’t procrastinate. Procrastination is a thief of time. If you keep putting off what you can do today for tomorrow, you will find it harder tomorrow to achieve a two-day job in one day. Before you realize what is happening, you have bitten more than you can chew.
Some of the above ideas can help you beat laziness today and do something meaningful with your time. Let’s examine some simple ideas on how to budget your money.
How to budget your money
• Decide on the time period. is your budget going to be weekly, monthly, fortnightly or monthly? Your choice will depend on your source of income. If you want to keep a proper check on your spending, a weekly budget will be effective but if your income is a monthly inflow, a monthly budget will be suitable.
• Get a tally of your expenses. before you start budgeting, on how to spend, you need to get a grasp of what you spend your money on. To do this, get your bank statements, shopping dockets, bills and credit card statement. If there are some things you can’t get their bills, make an estimate so as to cover for them in your total expenses.
• Calculate your total income. this may include income from part time or full time jobs, pension, casual work, money from investments, child support, government benefits, etc. After adding all this, you will have an estimate of your inflows.
• Set your priorities. all you need to do is to determine your fixed costs like mortgage, car payments, subscriptions and rent. Check your financial goals like contributions, retirement savings etc. Also determine your flexible spending like all the day to day spending on groceries, shopping, eating out, gas, entertainment and hobbies.
• Apportion a percentage to each. One of the simplest ways of apportioning a percentage of your income to your needs is the 50/20/30 guideline. This guide simply suggests that 50% of your income should be used to pay for your fixed cost as we aforementioned. 20% should be channeled towards your financial goals while the remaining 30% goes to your flexible spending. This guide is simply a guide which you can adjust to suit your needs. The divisions in the guide suggest that there are some expenses that should take more of your income than others.
This guide may work for a single individual but with a few adjustments, could also suit a family. Begin the necessary adjustments now for a better tomorrow.