Money isn’t everything. People spend their whole lives panicking over being able to afford the newest gadget or who has the nicest car. This fixation with money can be unhelpful as you run yourself ragged trying to make ends meet and trying to maintain a lifestyle that might not align itself with being financially stable. If you are struggling with money, why not find some ways to make the most of your cash?
What can you drop
For starters, it might be worth looking into what you spend on a monthly basis and seeing if there is anything there that you could do without. This could be unnecessary subscriptions or even just one too many takeaways each month. By taking a long hard look at what you spend, you might well see a pattern emerge where you spend something each month that isn’t needed. Just by dropping this e.g. an extra takeaway, you could see an extra £20 made available every month. It might not seem like much now, but if you were to put that into savings each month, you would have £240 put away for a rainy day or in case of emergencies.
Budget adjustments are the only way to save money – you could find different methods to ensure that you are putting money away each month. Things like the 50/30/20 rule could be ideal as it teaches you to structure your pay according to this ratio: 50% goes toward needs, 30% goes towards wants and then the last 20% is immediately earmarked for your savings. It might take a while to adapt to, but if it was easy, you might already be doing it. After a while you might have a reasonable amount tucked away, then you might be able to buy something that you really want. Failing that, if you were thinking of saving long term, then eventually you might be able to put down the deposit for a house or even just the first payment for that brand new car. Saving is for future needs, so why not start now and see what you can do. It will be worth it in the long run.
Everyone should budget
Everyone has to budget somewhere away long the line and Premier League clubs are no different. OK their budgets are considerably higher than the average person’s but they still have to make sure they get their money’s worth. Whether it is a new signing or even just adjustments to their catering budget, every penny needs to be counted in order to pass financial regulations and if they aren’t met they can be sanctioned.
This is no different to the £12 default or admin charges that you face if you miss a bill. With a player you have to get your money’s worth or they are branded a flop. This is no different to budgeting for regular people as if you were to buy a brand new phone and it not working properly.