[aageneral] How To Free-Up 10% to 15% of Your Income
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Article Title:
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How To Free-Up 10% to 15% of Your Income
Article Description:
====================
Would you be interested in freeing up 10% to 15% of your current
income? Just imagine what you could do with this money. You could
pay down your debts, increase your savings, or work toward that
next important purchase that you have in mind. Wouldnt it be
exciting to actually have money left over at the end of the
month?
Additional Article Information:
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779 Words; formatted to 65 Characters per Line
Distribution Date and Time: Wed Jun 8 07:41:21 EDT 2005
Written By: Michael G. Peterson
Copyright: 2005 DebtGuru.com®,
Contact Email: mailto:mike@debtguru.com
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How To Free-Up 10% to 15% of Your Income
Copyright © 2005 DebtGuru.com®, Michael G. Peterson
http://www.debtguru.com
Would you be interested in freeing up 10% to 15% of your current
income? Just imagine what you could do with this money. You could
pay down your debts, increase your savings, or work toward that
next important purchase that you have in mind. Wouldnt it be
exciting to actually have money left over at the end of the
month?
I know what you are thinking: That would be nice, but not if I
have to budget every dollar. What if I told you it could be done
without budgeting? What if you could accomplish this in a weeks
time without too much effort? Would you take a few steps in order
to improve your finances?
If you answered yes, lets go through the simple steps required
to make this possible.
Step #1: For a total of 7 days we need to track every single
expense. This includes credit card, check, and cash purchases.
For this program to really work you will have to track everything
(even pocket change). The easiest way I have found to accomplish
this is to use a blank check register and write down every
transaction that you make for the next 7 days. And I mean every
expense, even if you give your child a quarter for a gumball,
track that expense. We need to collect the date the purchase was
made, and the item that was purchased (this part of the exercise
is actually most of the work, and really isnt all that time
consuming especially when we keep in mind the possible
benefits).
Step #2: Once we have tracked every expense for the last 7 days,
we then need to go through each of those expenses and evaluate
them. What we are looking for is which expenses fall into the
wants category, and which expenses fall into the needs
category. As you try to identify these, let me give you some
coaching
Is that Diet Coke habit every morning really a need,
or is it actually a want that could be cut back in order to
improve not only your finances, but also your health? The idea is
not to identify how many things that you enjoy that will need to
be sacrificed, but to identify the items that you really could do
without and not suffer
Once you have identified the wants that you dont really need
in order to be happy, add these expenses up for the week. If you
are the typical American you will find that these unnecessary
wants will add up to approximately 10% to 15% of your take home
income. In fact most people who do this program, are shocked to
find that they really do waste a lot of money on things that they
had no idea would affect their finances so dramatically.
Step #3: Commit to saving. This is probably the hardest part of
the program, and within reason you have the freedom to choose
your wants for the day or to choose your needs. Now I know
that some days that Diet Coke (or fill in your own vice
here____) is an absolute need. When you are having that kind of
day, go ahead and reward yourself for being so good the rest of
the week. But make sure that you keep your objectives in mind for
the long run and commit to saving that money for the next day.
Now before you give up on putting these steps into place, lets
realize the fact that the benefits of this program really do add
up. In fact the average American making the average wages will
find that they are able to free up $200 to $300 each month. You
are probably thinking sure, but that wont work for me. In all
of our experience in teaching this program we have not yet (knock
on wood) found anyone that was not able to identify and free-up a
portion of their take home income.
This newfound savings can go a long way in making your financial
picture much brighter. It can help you extinguish debt in a
fraction of the time, put money away for a better retirement, and
get you out of the month to month budget crunch that so many of
us deal with all of our lives.
And remember this: If you save only $1 per day and invest it at
10% interest in 56 years it will grow to $1 million. Every
dollar counts. Make sure you get the most value out of every
dollar you earn, by focusing on your financial goals instead of
the wasted wants of life that put most of us in financial
bondage.
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© 2005 DebtGuru.com®. Michael G. Peterson is the Vice President
of American Credit Foundation, an IRS 501 (c)(3) non-profit
consumer credit counseling organization that has assisted
thousands of individuals and families with their financial
situations through seminars, education, counseling services,
and, debt management plans. For more information, and free
consumer resources visit: http://www.debtguru.com
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