Is Your Money Significant to You?

Do you want to diminish debt yet retain your values and beliefs? This is a challenge that many people face when they get into financial situations. To maintain financial stability and the minimal debt you need to make sure that you have what billionaires consider to be sufficient wealth. This is not necessarily near or far off as you may think. Begin by determining where you are now. Make sure in doing this that your income is greater than what you currently spend. Then look for ways to increase or decrease spending in making upgrade versions of items you love.

You must have financial goals. One prime example of this is ” forcing yourself to create a budget and saving at least 10% of your income into a savings account at all times. This way you will have money that you can use or invest for financial goals, retirement, and college for children”. This necessity is all general and should include needs, wants, and desires.

You must have financial goals. Without goals, there is no way to ascertain whether to cut spending or increase income. Too many times people are stuck and do not realize that cutting spending or adding to their income or reducing debt may be the right solution. If you recognize that you have some spending issues then it is likely that you have more money than you think.

When we find that we are spending more than we have a warning signal that we may need to change course. A budget that contains money for savings will result in your having money to save. One of the differences between the folks that are never broke and the ones that always seem to be broke is that the ones that have money in the bank have decided to save their money. It is much easier to save when you do not constantly spend money and have it automatically earmarked for some purpose. However, most folks fail to do this because they have been conditioned to spend all they earn and a great deal more. Yet if they followed a strict savings plan they could end up broke as those that do not discipline themselves when it comes to spending have discovered.

So, when you receive your paycheck you immediately go to the back of the shelf and get the bills out of the way to take care of the most important, most pressing bills. This in turn will free up funds to pay the rest of the bills. When all the bills are paid and there is nothing else left to do, you can then allocate the remaining funds to debt or other savings. You are now out of debt and are on the other side of the coin where you have money left in the budget for savings or investments.

Whenever you receive your paycheck, it immediately goes right to the top of the shelf where you can see and feel the cold hard cash leaving your hand. This response will not change over time by habit and will remain the same as long as you work in a competitive, cashless world. It is a natural reaction and will not change over time as there is no substitute for money and jobs. If you concentrate on this simple exercise for a while you will begin to realize that the paycheck is going to disappear as soon as you know that the money is being allocated in your budget. As an example, if you receive $2,000 every two weeks via paycheck and buy brand-name items like soda, chips, candy, chips, people are going to begin to realize that $300 per week is missing. The first week that happens is May 6 when I was first hired. The person at your job or the human resource department is going to call and inform you that $300 is missing. I was in a meeting that week and was therefore busy or out of the office, and I was not prepared to hear this. Instead, I put $300 on my credit card which caused my interest rate to rise from 5.9% to 29.9% overnight as you know there is no recourse and I only owed to pay $300 as my credit card debt is 21/2% over the limit and was only 10 days right from the due date.

The situation above can happen 2 or 3 times. The lesson here is to be aware of what is leaving you with no budget and make adjustments or stick to the budget. If you start thinking with this mindset you can discover from this practice that you have money to save or invest and this, in turn, will birth a habit that you can enjoy for life.

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