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Stop Being Over Stretched and Start Investing

Isaiah is currently attending Illinois state university where he is obtaining a degree in Business Administration.

Have you ever felt like you were stretched paper thin on finances, this can be a killer especially when you want to do something, whether that be fun with friends, splurging, or even investing( which is personally the worst for me, not being able to invest on something I really like because of funds). This post should help you solve that problem of being stretched so then you never have money to invest or have fun with. The first step in order to stop becoming stretched so paper thin is to slow down. What I mean by this is, I know there are a million things you would like to do a day especially if you are a young adult, high school or college student. These things could range from shopping to going out and getting drinks, the movies, etc. However if you want to stop being stretched so paper thin with finances you need to slow down on all of this, not completely cut out all fun from your life, but you have to realize that until you have passive income earning more than you are spending in a day, you will always be stretched paper thin on finances going out and partying or shopping, etc everyday or every time a friend asks you to, you have to learn how to slow down and say no to some of these offers, invite them over to hangout or something whatever it takes to start saving money.

The next step is to start tracking your spending for a week, maybe two weeks, or even a month. Just start to get an idea of how much you actually spend on a basis of whatever timeframe it is that you are monitoring. You should be recording every expense you incur, necessary expenses, unnecessary expenses, and even unplanned or planned expenses. Anytime you exchange money you need to count for this, what this will help you do is get ready for the next step( budgeting). It's pretty common that our expenses do change every month for the most style as I know the little things are the driver in this but us just getting an idea of how much we spend for a month or two will help us to really see the damage we are doing and how much money we could actually be retaining and putting to use somewhere else. When you see this number I guarantee you will have no idea that you even had that much money to your name in two months let alone spent it. After you have done this for a sufficient amount of time you will then need to devise a budget in which you will stick to. This budget should be sculpted first around necessary expenses for the month, such as car bill, lights, insurance, water, etc. All these essentials that you will need to live a healthy and clean lifestyle at home.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2022 Isaiah Christopher Bond

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