Commit: Your everyday expense list

People have the same needs and desires and it all involves money – whether we like it or not.

Unfortunately more and more people are living paycheck to paycheck which later on they regret on not investing earlier and making time and money work for them. People abhor those who call them or ask them about “investments” as if it were a scam juicing your money’s worth instead of keeping their minds open.

Investments aren’t all about trading. There are different kinds and types of investments but it is only up to you on how you foresee them.

Others find collecting bags as an investment, shoes and expensive clothes but the question rises: would these items work for you in the future?can it pay for your kid’s tuition, medical bills or feed your retirement? Would they double the cost and continuously help you be liquid?

This is where I come in. This year, 2013, I aim to help others by helping themselves. I want to work in an environment wherein it lives with an advocacy. Let me help you, help yourself.

We all can’t depend on luck nor live without guarantees. Would you rather work day in and day out without a goal in mind nor be well invested for retirement? Don’t be a slave. Let that hard work pay off.

Let’s start with the basics. Have a pen and paper, situate yourself in a quiet room and write down your monthly expenses – start with the fixed bills (rent, monthly dues, electricity, water etc) then write down the additional bills that you subscribe (laundry, mobile phone, househelp etc) and then your day to day expenses going to work and back.

I would like you to contemplate as you sum up your expenses. Do you think you’re on the right track or you’re actually indebted by credit card purchases?

Mark down which of which can still be worked on and write down a game plan. Use the trial and error up until you find the right numbers and efforts.

The goal is to pay off the credit card bills without financial charges, cut down on grocery and stick to what is needed; focus on a lifestyle change to lose weight and save more.

Through that list, have you even thought bout allocating savings? The rule is to save at least 10-20% of your income for your emergency fund but at the rate on how much our cost of living has increased, having an emergency fund by putting it all in the bank is not enough as it doesn’t grow nor would it work for you through the years.

There are other venues such as time deposits, bonds and mutual funds but these are locked without covering your life’s needs.

I was once like you who has ventured and saved through time deposits other than keeping them stale at the bank. It grew a few more cash however its not much, unlike when I invested few of my other savings on insurance, with the same amount of years kept and added, it has grown far more percentage as dividends which is now being used as my mom’s retirement allowance from me. The time deposit? it has remained in the bank which will be moved for a mutual fund.

The trick is always to diversify.

I would tell you more along the way but for now, the goal is for you to work out on your daily and monthly expenses, work out on a game plan and allot savings. Stick to it.

As soon as you’re done, always get back to it, write the changes you’ve done and see what else can be done.

Lifestyle change doesn’t happen overnight and does include a lot of realization.

Good luck! I’ll tell you more about where and how can you prepare for retirement, educational funds for your future kids or simply by having to save more for your future needs.

Commit to change and accept it.

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