Transformational Leadership. Social Entrepreneurship

Are you merely surviving from one paycheck to the next one? Is it barely enough? Can you say that you are truly living a fulfilling life?

Sit in front of television and you’ll be subjected to hundreds of commercials and advertisements telling you to buy this and that! Too often though, instead of reaching for the remote control, we reach for our wallets and compute how much we need to spend for the goods and services we see on TV!

Sometimes, the results can be devastating. When emergencies come, you become suddenly out of cash. Good for you if you have friends you can borrow money from. But what if they are not around? What if they do not want to give you money?

You should have a comfortable level of savings so you can have money for emergencies and for other necessities that will arise in the future. Try the following tips so you can boost your savings.

Try the minimalist lifestyle. Clearly identify your needs and your wants. Whenever you go to a mall and feel tempted to buy a magazine or any item at all, ask yourself if that is a need or if it is merely a “want.”

Create a personal budget. When you have identified your needs, you can easily create a budget centered on those needs. I personally created an Excel file where I list the necessities for my apartment. I also have a discretionary item on my budget so as to make room for some of my hobbies and my reading list.

Minimize wants and luxury items. You just have to leave your credit card at home if you want to go to the mall. This is one sure way of minimizing unplanned expenses. Do not go to the grocery or department store without a list. That will prevent you from roaming and seeing other items you just might buy!

Do It Yourself! If you need to make simple repairs at home, don’t call the carpenter or the repairman right away. Try doing the repairs by yourself at first.

Deposit your savings right after you receive your paycheck. When you’ve deposited your savings, it is safer from your shopping-itchy hands! Besides, you will also cultivate the habit of paying yourself first.

Read personal finance books and blogs. Start with GetRichSlowly.org and this article on surviving and thriving:

Commit to a healthy minimalist lifestyle and you’ll find that you don’t really need a lot of “wants” in your life. And your future is a tad brighter than how it looks like now.

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