Last week I told you I was starting my challenge, and as you know every time you say you are going to challenge yourself, it really does become a challenge. This week in the challenge the topic was about ‘Basic Money Management Principle’. Do you live paycheck to paycheck? Do you have an emergency fund ready?
Learning to save money can be a chore, if you are living paycheck to paycheck. After clearing out some debt (it took me a few years), I am saving more than what I was before. I’m not saving for a particular event or reason. I’m saving just to be saving. I got laid off last summer after my company did some re-structuring. Once that happened, I knew there was a possibility that I would have to use my emergency fund. My mother always told me to be sure you have at least 3 months work of expenses in your savings account, which I did. I’m grateful for that money because I have had to use it to continue to pay my bills. Having that money set aside has been a blessing, but now I need to build it back up.
This week I spent way more than I usually do, but it wasn’t frivolous spending, it was necessary. Groceries needed to be purchased, had to put gas in my mom’s car and made my first investment back into my Tastefully Simple business. Grateful for the opportunity get my business back up and running again. I know after my first party next week, I’ll make my investment back. Having additional income will not only help me with my savings fund but will also help with some other projects that I am working on.
In order to save you have to work at it. You have to be willing to set aside money and sacrifice the purchase(s) of something that you want. But at the same time you have to be paying your bills on time, so late fees and shut offs don’t take place. What are you doing to change your financial situation?