Businesses constantly needs managers to ensure everything is running smoothly and that the business is carrying out its intended purpose. The average person should more carefully consider the management of their everyday life in order to ensure that they are getting the most out of it.
Something that is important if you do not have the time to carefully consider your decisions when they occur is to have a framework in place ahead of time. Think of your scenarios ahead of time and consider a proper way of reacting to different situations. it’s sort of like martial arts where you continually engage in repetition on how to best defend yourself against certain situations until your actions and reactions become instantaneous.
One of the keys in life is to be able to run in low expenditure mode. Learning to minimize your expenses is critical. You never know what tomorrow will bring, so operating in low expenses mode will keep you afloat no matter the climate. There are people who have a lot of income, but they are no better off than the man with a low amount of income because their expenditures scale with the amount of income they are making. Instead of saving that money and having a “buffer fund”. This is a bigger version of the rainy day fund. In the event that things go wrong, by operating in low expenditure mode, you will have saved up a much bigger cushion, plus you will burn through that cushion much lower until you are able to procure more income.
A big source of expenses in this day and age is food. A lot of people eat out often, and can easily rack up a bill of $10+ a day for food for one person. Overall, this would come out to $300+ a month just for one person on food. If you have several members in the family, this will add up. For 3 members in a family, spending $10 a day on each person for food would total to $30 a day and nearly $900 in a month, Is it any surprise how this can add up? Just as restaurants beat down food costs, it is important to learn how to minimize food expenditures as well. There is nothing wrong with eating out, but to do so nearly every day means a whole lot of money down the drain and much of that food is very unhealthy as well. Learning to cook is extremely important, even if you’re a man. Not only for your financial sake, but for the sake of your health.
Entertainment is another aspect in which we spend a ton of money that we could easily pare back on. It comes to a point where you realize that you are simply buying things just to buy them. How many people have so many clothes that there are clothes they actually haven’t work before? How many people have so many shoes that there are pairs that they’ve only worn once or twice? A lot of people have hundreds of movies and games, many that they’ve never watched or played and they still get new ones. One philosophy to abide by when it comes to entertainment, especially things like games or movies is don’t buy unless you will be watching and playing it within the week. It’s very easy to start stockpiling movies and games and what i’ve found is that when I have a ton of games, I actually don’t play them. When I buy one game I really want to play, I actually play it. All of that excessive choice can actually prevent you from actually DOING. And let,s be real. The same thing goes for clothes. People have a TON of clothes, and it just adds to the confusion because they don’t know what to wear, so there is a bunch of clothes that hardly, if ever get worn. It ends up with people turning into stockpilers and hoarders with a big pile of stuff they never use. Wouldn’t you rather have that money in you account to fall back on or to actually USE towards something you will actually be doing?
Sitting back and thinking where the money is flowing is very beneficial, and by adapting these little habits and tracking where the money is going, your financial situation will be much improved. There is no need for rocket science or elaborate financial theory. Keeping your expenses low and stacking your money is key to creating an enjoyable life. I will go into this more soo
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