Even if you’re not the CEO of your own company, like Antonio Moschella, he says that you can still be the boss when it comes to your personal finances. Do you save enough? Most people do not save enough. This is especially the case with Millennials and younger people. If you find that you are reaching for the credit card and never seem to be caught up on your monthly payments, Antonio Moschella offers the following advice:

 

Pay with Cash: The worst thing you can do is pay for everything with a credit card. While using a credit card every month is fine to build up your credit, if you have a balance at the end of the month, you’re literally giving away your money paying interest. Debit cards can be useful as well, but people tend to spend more when they use a card over cash. As cash is a physical object, you much more mindful when most of it goes. Try to pay cash when you can to make smarter spending decisions.

 

Set a Budget: There are so many different online budget tools out there that it doesn’t make sense for you to try and wing your finances. Make a list of all of your necessary expenditures and deduct those from your pay. What you have left over is what you can use for savings and other expenses. The goal is to put as much of that into savings as possible, which moves us to point 3.

 

Do a Gut Check on Your Spending: Are you spending too much money on frivilous things? Antonio Moschella encourages you to go through your bank and credit card statements to see whare you are spending yourmoney. If you notice that you are going out most weekends and spending too much money on leisure stuff, you might want to cut back. There are many things you can do for nearly no money. Instead of going out to dinner, have a potluck with friends. Bring your lunch to work instead of going out for food. Rather than spending money on a gym membership, go outside for a run .

 

These are just a few of the ways you can Antonio Moschella says you can be a CEO of your finances. By implementing these and other strategies you should be able to see a healthier savings account soon.