are the worst times in a person working cycle. Are you constantly running out of money, borrowing from friends, getting behind on bills, credit cards, accumulating debts? Well, I have been there and I know what is like Living pay check to pay check, and days before pay day being the most miserable.
If you are deficit spender, then you are acquiring debts. If your spending match your income, you live pay check to pay check and if spend less than you make, then you are acquiring wealth, a good place to be where you are building a safety net for your family.
At this financial craze, many of at a place where we cannot afford a day off, a car breakdown, a holiday or even a slight change in lifestyle. Our aim should be to move out of the maze. In my last blog `slum junk your dunk’,I advocated for positive attitude without blame game and this is one place you can apply the positivity. It does not matter how you got down, who messed you up, education and opportunity missed, No it does not. What matters is
how you will move out of the financial stupor, take control and fuel change in your life! That’s all that matters.
To achieve financial Freedom, you must:-
Get rid of debts: Accumulated debts increase monthly outgoings which dig deep in pay check. The first step is getting rid of debts and credit card. Even with existing debts, create a spending plan.
A budget: Is a powerful tool when worked on including spending of the whole family. It’s important to have a plan of tracking of your spending, or just keep monthly receipts. Cutting expenses is a good place to start so as you can close the gap.
Savings: Any saving is better than none, start with the minimal you can, and then you will be excited to save more. Do not deprive yourself, but make sacrificial gains as surplus will allow peace of mind. Cut spending enough
to enjoy life but not to deny yourself all your happy times. You can choose family fun like all going for a swim or a movie than you going for a pedicure and manicure that will cost 10 times more.
Prioritize your spending: Avoid spending chunks of money in unplanned way. Many of us have families abroad who request financial help at weird times. Parents, siblings, cousins, friends and even strangers ask for money and we cannot assist them all. If they are not in your budget, they should wait until they are accounted for. Also, avoid impromptu lifestyle decisions like an expensive dinner outfit for a friend’s wedding while you could mix and match and still look nice, or a new car on debt to show off to your friends! These decisions will come to eat you up later.
Increase Income: No town has enough hawkers, nor are your services limited, so take financial responsibility to use your time efficiently but socializing in a financial way. Culture your mind to think you deserve more hence able to charge more for services rendered.
It has been a cyclic relationship between spending and income but we have to cut that now, so join me as we form the slow wealth creators, living below our income and saving for fun than taking credit for fun! No more cold
sweat at the cashier’s desk!