Working towards financial freedom is nothing short of a full time job. Take the steps to top the gushing
flow of excess spending.
One thing that you can do is stop using your debit cards, start carrying cash around in your wallet. Set
an amount that (remember the allowance your parents gave you, make the money last) you can spend each week
once the cash is gone, you are done spending for the week.
Do you know how much money is in your checking account, or are you waiting for another awkward moment when the cashier tells you. "You Card Is Not Going through"!
No one can control your finances you have to take the wheel, steer yourself out of the debt. You have
created it, now you need to fix it. It will take time, it's not a easy battle.
Wednesday, April 25, 2012
Tuesday, January 24, 2012
401k Employer Matching
So here is a great way to give yourself a 6% raise in most cases, however in some cases the percentage of match could be lower. If you are not contributing to your 401k that your employer is offering you, your basically throwing that money away.
If your employer is going to contribute a 100% match up to the 6% that you are already putting in, this means you have just doubled your money. Plus the money comes out before taxes are applied, thus lowering your earned income at the end of the year.
If your employer is going to contribute a 100% match up to the 6% that you are already putting in, this means you have just doubled your money. Plus the money comes out before taxes are applied, thus lowering your earned income at the end of the year.
Stop Living Above Your Means America
So many people today in America are living above their means. They cannot pay their monthly bills, creating debt that their are drowning in.
Stop buying things you DO NOT need.
Example: I was spending at least $10 a day in lunch a day that's $50 a week. $200 a month and $2400 a year.
I have started bringing my lunch to work, yes it might not be the coolest thing to do. But with this new found savings I am able to allocate more funds in to paying off debt.
Figure out what your monthly bills are.
Are you making enough each month to pay all of the bills you currently have? If not, what are you going to do. Pick up a part time job? Start blogging? Figure out something you can do that others cannot, some people would be willing to pay for the service you provide.
Pay down the lowest amount of debt with the highest interest rate first, this will help you in two ways. One it will stop the additional money being added to the debt via Interest. Two it will make you feel like you are putting a dent, and gaining momentum in your battle against your debt.
Stop buying things you DO NOT need.
Example: I was spending at least $10 a day in lunch a day that's $50 a week. $200 a month and $2400 a year.
I have started bringing my lunch to work, yes it might not be the coolest thing to do. But with this new found savings I am able to allocate more funds in to paying off debt.
Figure out what your monthly bills are.
Are you making enough each month to pay all of the bills you currently have? If not, what are you going to do. Pick up a part time job? Start blogging? Figure out something you can do that others cannot, some people would be willing to pay for the service you provide.
Pay down the lowest amount of debt with the highest interest rate first, this will help you in two ways. One it will stop the additional money being added to the debt via Interest. Two it will make you feel like you are putting a dent, and gaining momentum in your battle against your debt.
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