For years, you’ve been telling yourself you’d stick to a budget, pay off your debts and free yourself from financial worry.
<":w) Your Means.
growth begins with a change in lifestyle. “Many people can be publicly successful and privately complete failures,” says T.D. Jakes, author of The Great Investment. “Many people spend hundreds of dollars on the latest imported suit and fine-skin shoes, only to struggle to scrape together the money needed to keep the lights from being cut off or the eviction notice from being delivered.” Living within or below your means, therefore, means taking an honest evaluation of your resources and living within the parameters of those financial boundaries.
Creating a f len overnight, but with time, discipline and a commitment to change, you can see the beginning of a wealthier you.
Financial planners often say it takes pain to prick people into action. So what do you do when you max out on your credit and suddenly realize you’re in trouble?
You can dig out of debt faster than you think, if you attack it in an organized way. Here’s a seven-step rehabilitation program:
List Each of Your Loans
To maryyou have to use cards for business purposes, deduct each expenditure from your check register – just as if you had written a check – and pay the full debt at the end of each month.
Of coursedurk unless your overall spending is under control. When discussing budget matters with your spouse, neither of you should propose a spending cut for the other, advises planner Faye Kathryn Doria in Rochester, NH. Instead, match each other’s offers. If you agree to save, say, £25 a week on clothes, your husband should find a specific £25 he can cut from his personal budget. Get your children to stop asking for stuff, not by scaring them into thinking you’re broke but by talking about the value of improving your financial position.
For hard-core s a your credit cards in a block of ice. Then, when you get desperate and you’re standing at the sink running hot water over the block, you’ll have plenty of time to reflect on your financial priorities.
You may remember a tragic court case in the late 90′s concerning a mother who killed her two children because of her debt. The burden of debt and the stress it caused was the time-bomb that was waiting to go off. Debt affects all sectors of our communities and across the full social class.