You must have heard a lot of suggestions and taken many advices from people to control your uncontrollable habit of spending lavishly. This is not just the case with you as there are numerous other species like you. Struggling everyday to save some money, but fail spending everything they have, this group of spendthrifts just can’t accomplish the goal of having a strong nest egg . This is not a problem or not a trait that is inherent, it’s just a habit that can be changed with patience and time. It took you time to develop this habit, so getting rid of this will also take some time.
Everybody is not good with planning things, especially finances, so if you are disappointed about the same then don’t be. Learning about managing finances starts from your childhood, since you’ve been gifted your first piggy bank. Be it organizing your pocket money or utilizing the salary, your training started way back. It is just the time to regain that momentum and become more focus towards saving money. As a millennial, you might have faced a lot of challenges with a shrunk pocket money. It is undoubtedly hard to fulfill all your dreams in that limited amount, but if you try to plan this amount there are chances of creating a good nest egg.
Living independently and earning a salary usually helps a person develop an understanding of managing finances, because, beyond the personal expenses he starts looking into how to pay electricity bills, credit card payments, student loans, personal debts or manage living expenses. Most of the individuals fail to organize these expenses which usually start piling up and they struggle to bring a balance in their financial life. This results in acute stress and tensions which is definitely not what you are putting so much effort for.
Learn how to budget to structure your finances in a better way. Having budget not only reminds you of going beyong a spending limit, but also bring discipline in your personal life. Respect the boundaries and don’t cheat. Write your budget and detail every expense you want to cover i.e. ranging from your monthly rent to your credit card payments, everything should be listed. Revise once you are finished crafting the budget and delete all those expenses that you can’t afford for the time being.
Keep practicing until you hit the nail. Don’t forget that developing a good habit just takes a bit of practice.