I am not one to use the budget word because to be honest with you I just don’t believe in it. What I do believe in always being mindful about things that I spend money on. I do track every dime I spend in a journal and at the end of the day I question each purchase I made. Did I really need to make that purchase? Was there a less expensive alternative to making it? Does the value of the item I purchased serve to make my life better or worse?
My little notebook that I carry with me serves as not only a way to track my money, but also serves as a higher level of myself watching over me. When I am in a store and see something that attracts my attention and I am thinking that I would love to have it I have to ask myself – Is this something I really want to right in my notebook, and what will be my reaction tonight when I have to review and justify this purchase. One of my weaknesses is magazines. The look so bright and shiny in my eyes, usually with a key article shown on the cover. The problem is that after I purchase it I learn that the article really wasn’t so good and the rest of the magazine is just advertising. I know we all have weaknesses like this with items that appear before our eyes.
I even use this method with paying bills. Instead of a notebook I use an excel spreadsheet. Am I wasting money to pay interest and if so how can I get rid of this bill? I used a lot of electricity this month, Is there a way to reduce the cost?
At the end of each month I monitor my checking account. I always keep a set minimum amount of money in it. My figure is 5000.00 and I slowly let it build up until it reaches 10,000.00 then I transfer 5000.00 into my savings account and start all over again. I love making these transfers and I know that when I make conscience decisions on a daily basis it gets my closer to making these transfers.
Many people strive to earn more money each month so that they can save more, but too many put themselves into situations that are stressful and not very healthy like working overtime. But for me I have found that simply living a simple life allows me to save more money and still enjoy my time away from work.