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Financial Freedom
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"The poor spend their money and then
save what's left over whereas the rich save their money and then spend what's
left over."
This section is not aiming
to create millionaires. The objective here is to help people get away from financial
chaos. Let them get insight into how they can gain financial freedom if they
choose to. It mainly concentrates on managing expenditure. Managing expenditure
is an important action to avoid being in debt. If you are already in debt, you might also want to contact National Debtline on UK Tel. 0808 808 4000 for FREE advice.
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Think
before you buy, control your impulses. Nowadays the temptation of material
things and the easy means of borrowing have led many people get into debts.
If it is a luxury item and you are in debt the answer should always be NO.
Always ask yourself if you really need this. If you are likely to change
your mind in a few days, even if it's not expensive, you'll be better off
not buying for temporary pleasure as you'll soon feel worse after the novelty
wears off. The junk in your life starts to build up and you'll bring chaos
into your life. It might seem hard to believe this: the less material things
you possess, the more you feel free.
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Keep
just one credit card, consolidate all your debts if you must borrow. Compare
interest rates. If you are in debt, pay as much off as soon as you can every
month from your salary. If you are not in debt, pay off the bill on time
to earn interest free credits.
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Every
time you come home put all your receipts in one box (preferrably a receipt
spike stand so they are in order). Check your itemised bill every month
when it arrives. From time to time, you will get some surprises. It's no
fun if you have to pay someone else's holiday bills when you can't even
afford your own. With your receipts in order, errors are easy to detect
or correct.
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Clear
your clutters at home. Throw away things that have gone past their expiry
dates. If you are unsure, ask yourself if the item is useful or beautiful. Throw it away if it's neither. Recycle anything that are of no use to you. If you haven't touched
them for 5 years, it's unlikely that you'll use them again. Recycle as much
as you can as a habit. It's better for the environment and it's better for
your well-being. Hanging on to things that you no longer need is a burden.
Give them to a charity shop, your generosity will be rewarded.
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Have
a drawer or container for all your everyday Junk Mail. Dispose them at regular
intervals. Don't bother to waste too much time on the adverts. If they seem
to you too good to be true, they usually are.
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Do
sensible bulk buy. There are certain essential items that you have to consume
regularly. Stock them up sensibly if they are on sale. But beware, the cheapest
items are not necessarily the best buy. For example, buying cheaper washing
up liquid will make you end up spending more. Sometimes people fool themselves
by buying less and end up spending more, e.g. higher prices and petrol spending
if you make more trips. Try Bargain Hunting at Tesco Online.
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Don't
borrow at all if you can except for Mortgage Loan which offers the cheapest
interest rates. Besides, if a house is bought at the right time, it increases
its value over a long period of time. It becomes an investment. Get a repayment
mortgage and be willing to save up and pay a lump sum per year. The more
you put money in, the smaller your mortgage gets and the easier it is for
you to pay it off. You'll be surprised how fast you can pay it off if you
set your mind to it. A first time buyer with a steady job and an undervalued
market are a recipe for sure success.
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Once
you've got rid of all your debts, your savings will soon accumulate. Compare
bank interest rates. The rates vary so widely that it is worth shopping
around. Some Tax Free savings are worth considering.
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Don't
get overboard with your insurance. Read the small prints, they might not
be what you think you'll get. These people have to make money and the money
has to come from somewhere.
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If
you smoke, work out how much you spend on cigarettes in a year and then
decide to quit smoking. You won't regret it. If you drink, work out how
much you spend on alcohol and fizzy drinks in a year and divide the total by two. Then decide whether it's worth you cutting it down, for the sake of your wallet and your health.
You often
hear people say, "I'd be very happy if only I had more money." The truth is that
money can only buy you moments of pleasure but not happiness. Happiness comes
from the authentic power within that will last. If we have a roof over our heads
and food on our table, that's something to feel happy about and content with.
An ocassional luxury of a useful item becomes a joy.
If you
want your financial freedom, it's yours - if you set your mind to it. Good Luck
!!
Wizdom
3 Aug 2006
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