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How do I save when I have no money left?!

on Tue, 04/08/2014 - 20:20

Isn't this a line you have in your head when your financial advisor suggests a saving plan for you? If you don't have a financial advisor, isn't that a line you have in mind when you read stories on how people managed their finances on the paper?

Yes, it does sound impossible when you have no money to SAVE. How? I mean, seriously, HOW?

Here is how: Pay Yourself First

This is an old rule but it is the golden rule that works. Treat yourself as a bill payment that you cannot afford to skip (like a mortgage payment). Put all expenses down including yourself and then create a budget.

Lots of people approach "saving" by thinking where they can cut to save. Human nature: it is very hard (not impossible) to cut lifestyle expenses when you know you have money for it. It is much easier to cut it when you have NO money for it. So, take the money away from yourself and hide it!

It might sound crazy, just to trick yourself? But it works! I work with many clients and it worked for them.

Get yourself a financial advisor who can work with you and keep your momentum going. You will glad you did that.

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