the working room

Cutting Spending and Saving Money
Sunday, June 15, 2008

I am a spendthrift. Money burns a hole in my pocket. Currently, it is an incredibly deep hole. The philosophy to follow when one is in trouble is to stop digging.

I will stop, and find a way to climb out of this hole. I have to organize. I used to be so proud of being a hustler. I don't know what's been going on my head for the past few years. I've truly lost track of myself.

Short term goals:

1. Track spending: write down what I spend.
2. Limit my spending.
3. Save weekly what I did not spend.
4. Create additional income.

I don't follow a budget. I do track current balances, and know where the money is going when fixed bills are due.

I will get more anal, and detail every single cent I spend every day. It's like being on a diet. I may not like it for the short haul, but over a period of time it works (at least for me).

I've been looking for ways to save money. I wont know where to cut until after I've studied my spending journal. My gut (har-har-har) tells me I spend too much on food and entertainment. Yet, there is only so much I can cut back in those areas.

I have an investment account I emptied out. Last week, I started squirreling money back into it. Initially, it's not much. It's the equivalent of money I spent daily on coffee per week. Later on, I will double that amount.

Last, but not least. I have to look at where to increase my income. I've got too much month, and not enough money.