Just about everyone has bills to pay. That means that you have to take whatever amount of money you make and try to live comfortably (after supposedly paying your bills of necessity). I have heard many people complain about not having enough money. No matter how much money you make you still need to pay your bills. The problem is not about how much you make. In most circumstances it is about how you “manage” the money you make. Are you one of those people that buys luxury items for yourself first before spending on things like rent, food and shelter whenever you make some extra money? Do you have lots of credit card debt? The first thing I would advise anyone to do is to “examine your finances.” In other words, take a look at what you make, what you have to pay each month, the times you have to pay them, and what you can do without. “Time” is essential in paying bills because in order to increase your credit you need to pay your bills in a timely manner (plus you want to make sure everything is synced up with your payment schedule). If you have a credit card that may have a balance of a couple hundred dollars (that might have payments of 25 dollars a month) then you should try to pay it outright. Once you no longer have to pay that money then it is the equivalent of getting a 25 dollar a month raise (because instead of paying that money, you are now saving that money instead). If you don’t have enough money to pay the balance off at once then just devote smaller payments to it each pay period until it finally goes away. Once that bill is gone then find the next credit card and overpay on that one until it disappears too. Each time a card is paid off then your budget gets bigger. While you are at it, take a look at the purchases you make and see if there is anything you buy continually that you can actually “do without.” Anything that you can sacrifice means a raise of money in your budget. For example, if you smoke cigarettes (at a cost of 10 dollars a week) then once you stop smoking you will make 40 more dollars a month. No matter how small the cost of an item may seem it still adds up over time when you sacrifice that item. A good idea would be to take a piece of paper and just jot down what you spend. Make sure to include everything. Then examine that list and see if there is “anything” you do without. If you have a high car payment you might be able to “refinance it and make your payments lower.” For my car payment I always pay “more” than the monthly payment because once I pay it off early my budget will increase “significantly.” Examine the details of your car loan as well because making a payment earlier than the due date might save you some interest charges. Each person’s budget is different. Only you know what you need and what you can do without. Take a look at “how and what” you are spending and see if you can find a way to make a difference in your own finances. You might be pleasantly surprised at what you can accomplish. Thanks for checking out my Daily Thought and as always I wish you the very best that life has to offer.
Singer Jill Scott in concert with Brett Jolly on bass guitar