Start a savings plan.

Start saving today. Many people will say "my income is not enough for my family, its not even enough for myself". These are the usual outcries, and yes it's true, with the current financial crisis and the high cost of fuel and food items, we can say that we can't save.

But as the saying goes, "If there's a will, there's a way". And there is a way, if we put our mind into it.

Here are some steps:

• Set a goal for yourself. This will motivate you to save. For example: A long needed vacation in five years or a new car, or a down payment for a new home. Whatever will motivate you to save. If you are not motivated, your goal is just wishful thinking and your life will just drift or coast along into nothingness.

• Create a budget. I know this is mentioned in every article you read about money but believe me without a budget, it will be very hard to save. The nitty gritty of budgeting can be discussed in another article. Below are simple ways of creating a budget plan. Keep in mind though that your budget should be in line with the times, as you know the prices of goods and services have gone up. So make a budget that's not too stringent and must be realistic.

• Plan how much money you expect to come in this month. This will be your Income column.
  
• Pay yourself first, allot ten (10) percent for your savings. You can increase this as your income increases. I know you can do it.
• Write down the expenses you anticipate every month. Put the necessary things first like recurring bills (e.g. rent, electricity, water, phone, transportation or fuel, etc.). For annual expenses like insurances, get the monthly expense by dividing it by 12 and put it in your monthly expense column.
• Put an amount beside each expense item.
• If money still is not enough, adjust the amount of items that are variable like food. Minimized eating out, choose less costly dishes and eat more home cooked meals. If you have your own vehicle, read on how to save on fuel and apply it, and if you are commuting, ride more on buses, and less on taxis. I know you can do it.
• If there is still money left, congratulate and reward yourself by spending it anyway you want, but if you want to go to the extreme add it onto your savings
  

• With this plan you assure yourself of a savings and still meet necessary expenses.

• What if you found out that your income is not enough to meet your needs. Then, find ways to increase your income (More of this in future articles). You can start by selling assets you don't use by having a garage sale in your own or another's yard, posting it on e-bay or approaching friends and forcing them to buy it from you. You can also have a part-time job or start a sideline business you can do after office, on weekends or online (just beware of scams). The extra income will greatly help you.

• If your budget still is too much, examine each expense item closely to find out where you can save. Check on suspicious little expenses that you spend on every day or week.

The bottom line is not to bring misery to our lives by being frugal, spendthrift or miser but in taking charge of your own money. By doing this, you'll make money your slave and not the other way around.

Have fun!

For fast, effective, financial relief: You Need A Budget