Most people find it difficult to save money. They think that with their perceived low incomes and high expenditures its nearly impossible to do so. However thats not the case. Even with a discouraging looking personal balance sheet, one can save money. The starting point is to be realistic and understand all income streams and expenses you have on a daily, weekly, monthly, and even annual basis.
Prepare a Budget
Be realistic about your expenses. Food, clothing, entertainment, gasoline, travel, gas and electric bills, water, grocery bills, and more all add up. These purchases are needed for your bare existence, your most basic living requirements. Additionally, there will almost inevitably be an occasional bill for a medical need, dental visit, or even emergency. These all need to be paid. Sometimes you will splurge on the personal luxuries. You must account for these as well. Though tempting to ignore the grand total, don’t.
Now total all your sources of income, from pay checks, to investment income, and even financial gifts. Compare your monthly expense total against the amount your earn on a monthly basis. For example lets say that your current...
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