Have you put a leash on your puppy or the puppy has put a leash on you?
Are you guiding your money or the money dictates where you should go?
In most cases, instead of us being in control of our money, it is the money that takes control over us. How is that possible?
It dictates what we should do, where we should go. It also orders us what kind of house we live in and what things we should own.
Why do we continue allowing money to enslave us? Isn’t it nice to be the master and not the slave?
One thing I have learned over the years which is confirmed by Kim Kiyosaki in her book ‘It’s Rising Time’ is that “If you don’t know where to put your money before you get it, your money will be gone.”
To start being in control of your money is to have a clear plan where will the money go before starting to spend a single cent of it.
Budgeting is an essential part of your financial journey. Don’t start spending your money until you have finished spending them all.
Here are 2 simple guidelines in budgeting your money
1.Tell yourself where all your money is coming from
Honestly list all the sources of the money you receive every month – your salary from your full time job, wages from your part time or freelance work, commission from sales, sales from your own products, or rentals.
2.Tell yourself where all your money goes
Brutally confront yourself where you spend your money. Don’t lie to yourself. Include all the nitty-gritty stuff that you buy regularly every month.
By following these 2 simple steps, you get to know:
- what you have;
- what you want to have; and
- what you don’t have
You will have a clear view of how much money you have, what you want to spend your money on, and whether you lack money or have enough money to spend.
When you identify where you are right now financially and where you want to be then you realized that you are still far from your desired destination, you’ll be able to do necessary things to arrive there.
If you do this instead of living below your means, you will eventually take control over your money. If you live below your means, you are relinquishing the power to your money by letting it dictate the way you live.
But this does not mean that you continue living lavishly even if you still don’t have the money, and that you will turn into debt to maintain your lifestyle. This means learn to go beyond the poverty line. I have written a separate blog on this. Just click >>here<< to read the article.
In my financial journey, I found it uncomfortable to see the fact that I was actually spending more than what I was making every month. This pushed me to start and continuously expanding my means to earn the money I need and put my money to work hard for me.
So, have a clear plan of where your money is coming from, where it goes, take action on how you can afford the things you can’t have just yet and let your money work harder for you.
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