Hi friends,
In my previous financial post, I shared the secret to become wealthy. Now, that you have an overview on how the financial system is and why you should escape the rat race.
I would like to suggest to follow some steps, the first one is to stop using credit cards. Why not use cash to buy things that you need? Why spend few bucks on insurance and fees? ( I know you can reduce as much as possible and sure some people take advantage of miles/cashback etc)
If you are not paying interest on the credit card, there is still something that do not help financial planning. You buying with 'future' money what you want now. Instead, I highly recommend buying cash and even if you can afford something right away step back and wait few days to decide if you truly need what you want.
As part of this series I would like to know what are your tips, what is your advice.
- How are you saving money?
- What is your saving rate?
- Do you have a budget? What are you using for a tracking expenses?
I have a transparent piggy bank, I would like to share the progress so far.
| June 23 | July 13 | Sept 12 |
|---|---|---|
 |  |  |
I will try to constantly post my financial journey, follow #myfinancialroad for more financial posts.
Thanks for reading.
Many years ago, I cut up my credit cards after my divorce. My ex-husband left me with all the bills. Took me a few years to catch up, but never lived with debt after that (other than my mortgage). My twins graduated high school this year and I am debt free. Small changes over time, add up to be A LOT.
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I'm very happy for you. Do not get a credit card, is just the start of and endless cycle.
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Cool, man. Glad to know your tips are ones you've been testing on yourself and sharing here.
I've always been a fan of practice what you preach.
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I'm glad that you find the tips interesting. I would definitely test what I'm trying to achieve first, not saying I'm wealthy, just that I'm trying :D.
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Work in progress! ;)
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You're going to be hearing a lot from me about this topic - hope you don't mind! :) The most effective way for us to save money has been using an app through our bank that rounds every one of our purchase amounts up to the nearest dollar and then deposits the "change" into our savings account. It's like putting the change into the change jar, just electronically. It's taken the thinking out of it and we really don't miss the extra few cents on each transaction. It's added up really quickly! We also have it set to automatically transfer a small amount from our paychecks (immediately after we get paid) into savings, too, that way it's already gone off the top and we don't miss that either. Seems like it's easier for us to make a bunch of smaller contributions to savings on a daily basis than one larger contribution every week or two.
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Yeah that's a really good idea. I used to have this kind of program with a debit card. Now What I'm doing, is just have the cash I need after paying mortgage and bills electronically. In my case it seems that I think it harder to spend cash that just use my debit card. :] I would like to hear more from you guys thanks!
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