Category: Money Management

Financially Ready For Christmas

~ Rob ~ Leave a comment

For the first time ever I’m financially ready for Christmas. NO CREDIT CARDS WILL BE INVOLVED. I’m impressed with myself, this year organised I’m ready for Christmas.

How on Earth I’ve I managed this? It’s all thanks to my new budget and spending diet. The secret is I’ve being saving and simplifying my expenses since February. Downsizing my spending and prioritising my money.

When I announced at that I wanted to pay off all my debt I was serious but I wasn’t sure how to achieve it. It started by thinking about what things and periods of the year got me into debt, it was normally going away for summer holidays and Christmas.

I think it finally has sunk in – if you can avoid getting into debt by saving you won’t need debt. If you are unable to save for as much as you want you’ll resort to using debt.

Small amounts of £20 here and £40 there build up. By hoarding a little money every month you’ll be able to save for things including Christmas, birthdays, holidays and those “treats” that would normally involve using your credit card.

And it works! When you are working you should be able to save money. Saving avoids using debt, or at least using less debt when you make a big purchase like a house or car.
Saving more edges you towards debt freedom. Instead of saving money to pay off debt try to avoid debt in the first place.

The lesson is:

Don’t spend money on debt when you can put a little money aside to prevent it.

Jesus wouldn’t want you to get in debt for him.

Give your budget some attention, give your career some attention, give your fitness some attention, give your happiness some attention.

My Feeble Finances

~ Rob

Although I think my job is secure and I have a little savings to cope with any minor emergency I can’t help feeling that my finances are a little fragile and feeble. Debt is putting a strain on my finances and eating away at my money.

For me it seems the only way to help get your finances back on track is to stop using credit. The goal is to strengthen your wealth by paying off debt. For me that means paying off over £65,000 in debts.

This is a big financial goal and the only way paying this off is going to happen is to repair bad spending habits and come up with a debt repayment plan. The strategy going forward will be to learn budgeting skills, cut costs and sort out my financial disorganisation.

First I’ll pay off my credit cards, then my loans and finally deal with family debts. It’s going to take some major changes and commitment but until the debt is paid off it’s harder to build any wealth because you money disappears in interest payments.

Debt weakens your financial strength and eats away your money. A solid foundation for getting richer means paying off your debts as quickly as you can. To ensure financial success you must kill your debt and bad financial habits. Doing this will maximise your income. What are your financial goals? Are you sick of all the debt you’re in?