I was recently on a Women in Leadership group call and one woman spoke about her biggest personal accomplishment this year. She said she is debt free, like totally debt free. I have always lived with the fear that I would run out of money after it almost happened.
Right after college I took a job at the largest advertising agency in NYC. I was so excited to be working in production and video editing commercials. I thought I was big time. Little did I know, I had no clue on how to actually live on my own and budget.
I remember that first Christmas on my own when I had rent to pay, utilities, pay for the train, food and try and have a life. When Christmas rolled around, I was tapped. I got one of those letters in the mail offering me a small loan. I know now it was a terrible idea, but at the time, I was struggling ands would not ask for help.
I took out that $4000 loan with the an absorbent interest rate so I could buy presents for my family and pay off some bills. That loan haunted me for years later and was lucky enough to pay it off early and not end up paying triple for that mistake.
Money issues keep many of us up at night. Honestly, that is a huge fear to many of us who are not wealthy, you know, us normal people. Being debt free is a choice for some and dream for many. What keeps most of us up night is money and that fear and feeling of fudiciary control over your life. It takes control of every decision and paralyzes your dreams. Being in control of your money is something we all strive for instead of it being in control of us.
I can say I am debt free except for my mortgage and I can pay it off right now if I wanted to but would leave me with little to money for anything else. There is a this nagging feeling all the time though, that comes over me especially after the term oil of the last few years. We have has job losses and changes, loss of insurance, surprise home and car repairs, childcare, and the list goes on. Just when you think you are in a good place, something happens. It's called life.
What no one expected was a global shit show. A virus that took hold of each country, each person and each economy. The reprucssions from it are going to be felt for a very long time. We needed to reset and take stock in what is important. I found that my time and passion were important to me and money was not going to control me. My feeling was, if I love what I do, the money will come since my passion shines through. My bank account doubled and our family has traveled more in the last few years than ever before. I make decisions on what feels good and righ, it Alonso make sure we can afford it. I mean it would feel great to buy a yacht, but let's be reasonable.
I am not here to preach about how to take care of your finances, I am not wizard. But there are some tips I can provide to ensure you can live a good life, pay bills and save money.
1. Create a budget: Make a detailed budget to track your income and expenses. This will help you identify where you can cut costs.
2. Cut unnecessary expenses: Review your spending habits and eliminate non-essential purchases or subscriptions.
3. Set savings goals: Define clear savings goals and create a plan to achieve them. This can be for emergencies, vacations, or major purchases.
4. Automate savings: Set up automatic transfers to your savings account, so you save money before you have a chance to spend it.
5. Shop smart: Look for sales, discounts, and use coupons when shopping. Compare prices and consider buying generic brands.
6. Cook at home: Preparing meals at home is often cheaper than dining out. It also allows you to control your ingredients and portions.
7. Avoid impulse purchases: Think carefully before making impulse buys. Wait a day or two to see if you still want the item.
8. Reduce energy consumption: Lower your utility bills by turning off lights, appliances, and adjusting your thermostat when not needed.
9. Use public transportation: If possible, use public transportation or carpool to save on fuel and maintenance costs.
10. Consider second-hand items: Shop for used goods like clothing, furniture, or electronics to save money.
11. Refinance loans: Explore opportunities to refinance high-interest loans to reduce your monthly payments.
12. Build an emergency fund: Having a financial safety net can prevent you from going into debt when unexpected expenses arise.
13. Avoid credit card debt: Pay off credit card balances in full each month to avoid high-interest charges.
14. Monitor your progress: Regularly review your financial situation to ensure you’re staying on track with your savings goals.
15. Seek professional advice: If needed, consult a financial advisor for personalized guidance on managing your finances.
Remember that saving money takes time and discipline, but it can lead to financial security and peace of mind in the long run.
コメント