There are two ways to face down personal financial upheavals: decrease expenditures and increase revenue.
In other words, save money and make money.
As the number of coupon clippers and group sales social networks attest, a lot of people are getting the first lesson. They’re trying hard to save money.
That’s only one part of the equation.
To really take control of your financial picture, you need to save money AND make more money. You also need to set definite goals. (For some, saving money is hard to maintain–it just takes a major purchase or a shopping binge to throw you off your game.)
You might want to consider the ten percent-ten percent solution.
After reading this article on Yahoo about all the cool gadgets that are coming out, I started thinking. We are becoming consumed by our desire to buy new iPods, iPads, iPhones, laptops and plasma TV’s. We are buying gadgets at an incredible pace.
Recently, I was thinking about getting an iPod Touch, so I can play Angry Birds. I must be the only person who is not playing it. It seems that if you don’t have a cool new gadget, you are out of touch with new technology. The more I thought about getting a new iPod Touch, I thought about the reasons that we crave new gadgets.
After reading this great post about being debt free over at Hope to Prosper, it reminded me of one of the most powerful forces that affect our financial future: Exponential Growth. When we live with debt, we are at the mercy of this force. When we are debt free and save money each month, we put this force to work for us.
Photo by The Cleveland Kid
I wrote about this last year, and explained how the power of exponential growth can work for us or against us. When we are in debt, the interest is added to the debt, making us poorer. When we have savings, the interest compounds to make us rich.
This is a guest post by Chris Marchalleck, who currently works as a market analyst for Forex Traders, an online resource for news and information on the foreign exchange market and currency trading.
Any journey worth taking always begins with the first step. However, the path to financial independence can be the journey of a lifetime involving many steps and many distractions along the way. To keep you on track, especially in the hard times, as well as in the good, you need a simple compass to guide your thought process. In this case a simple anagram may be just the answer for you. For our path to future prosperity, let’s begin with the “BASICS”.
Anagrams are easy to create by transposing the first letter of various words or phrases in order to construct an easy reminder of some life lesson or simple truth. Here is one example that may help you in your saving efforts: Continue reading →
When reading about finances or talking to people, I always hear the same useless advice: “You have to learn to save money.” or “It’s hard because the economy is so bad.”
This kind of talk is really just complaints and useless advice. Everyone already knows that saving money will improve their finances. But they have no idea how to do it.
After reading this great post that Matt found over at My Wife Quit Her Job, I noticed that the reason I like Steve’s blog is because it contains information that is fairly rare. It’s not about saving money, it’s about building a powerful positive cash flow asset. It’s not about lamenting about how hard life is and how hard it is to get a job. It is about how Steve’s profit is going up as unemployment rises and the economy goes down.
This is a guest post by Timothy Ng from Australia. Yay Australia!
Saving money at the movies is a challenge for many families when they choose a day out for fun. Unfortunately, the days when going to the movies was considered a “cheap” day out are gone unless you are money savvy. Today you can expect to fork out big if you intend to buy movie snacks, and thinking about bringing your own is about as ethical as bringing your own food to your neighbour’s house without a specific invite. It doesn’t work that way.
Luckily though there are ways you can maximize your savings.
Save money by being loyal
Most cinemas have some sort of loyalty membership that rewards you for visiting often. Some of them give you free popcorn while others offer you free tickets on a points system.
There are always some great memes and ideas from around the personal finance web. Here are some thoughts and quotes I’d like to share with you.
“Just like a horse needs to wear blinders to block out distractions, you need blinders to focus on paying down debt. So what the heck are financial blinders? A budget and a debt snowball.”
—Deliver Away Debt
“Definition of a Frugalite: One who is frugal, yet fun. A person who wants to save as much of their hard earned cash as possible – but in creative ways.” —Money Funk
“There are quite a few things that you can do to improve your financial and personal state without spending even a single dime. One of the biggest is simply improving your attitude – the way you interpret the things around you and the way you relate to others.”
—The Simple Dollar