How To Free-Up 10% to 15% of Your Income
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. Wouldn't 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 week's time without too much effort? Would you take a few steps in order to improve your finances?
If you answered "yes", let's 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 isn't 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 don't 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 won't 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.
© 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
This article may be freely distributed as long as the signature file and active link are included.
 Google News Updated : Thu, 24 Jul 2008 06:51:44 GMT Karadzic lived the good life with wine, song - Reuters
Reuters - By Ivana Sekularac BELGRADE (Reuters) - Radovan Karadzic lived the good life while hiding from justice for 11 years: he watched his diet, fell in love and hung out in a small bar where hardliners gathered to sing about his wartime exploits. Video: Karadzic's arrest sparks clashes - 23 Jul 08 Karadzic's secret life enthralls his fellow Serbs Publ.Date : Thu, 24 Jul 2008 04:05:33 GMT Discovery may boost statin safety - BBC News
BBC News - Scientists have pinpointed a gene mutation as a major cause of a rare side effect of the cholesterol-lowering drugs statins. They hope the discovery could lead to a simple test to identify patients at increased risk of myopathy - severe muscle pain and ... Gene May Predict Cholesterol-Lowering Drug Risk, Study Says Genetic Cause of Statin-Related Muscle Pain Found Publ.Date : Wed, 23 Jul 2008 23:14:24 GMT Billionaires Back Antismoking Effort - New York Times
New York Times - Bill Gates and New York Mayor Michael R. Bloomberg announced their antismoking initiative on Wednesday in New York. By DONALD G. MCNEIL JR Bill Gates and Mayor Michael R. Bloomberg announced on Wednesday that they would spend $500 million to stop ... Video: Gates, Bloomberg Pool Riches to Fight Smoking The $500 million war on smoking Publ.Date : Thu, 24 Jul 2008 06:23:48 GMT Favre's heir? With backing from mates, Rodgers waits patiently - USA Today
USA Today - By Matt Ludtke, AP By Larry Weisman, USA TODAY He no longer sounds like a retired player after seemingly passing on the opportunity to lead a talent-laden Packers squad. Video: The Rift Between Favre and the Packers Finding new home for Brett Favre won't be easy Publ.Date : Thu, 24 Jul 2008 02:06:18 GMT Rapper 50 Cent sues Taco Bell over ad - New York Daily News
New York Daily News - BY THOMAS ZAMBITO The rapper - real name Curtis Jackson - is suing the fast-food chain for using his hip-hop persona to tout its tacos. 50 Cent sues Taco Bell over ad campaign Rapper 50 Cent says Taco Bell stole his endorsement Publ.Date : Thu, 24 Jul 2008 06:15:09 GMT Zimbabwe Parties May Sign Unity Deal Soon, Business Day Reports - Bloomberg
Bloomberg - By Carli Lourens July 24 (Bloomberg) -- Zimbabwe's ruling and opposition parties may sign a power-sharing agreement soon as they have already agreed on a wide range of issues, Business Day reported, citing people it didn't identify. Fearsome Zimbabwe militias are afraid Delayed Zimbabwe Power-Sharing Talks Seen Beginning Thursday Publ.Date : Thu, 24 Jul 2008 06:23:06 GMT Christian Bale's lady sidekick: Sibi Bale - Los Angeles Times
Los Angeles Times - Like the Dark Knight/Bruce Wayne, Christian Bale is a real-life man of mystery. Averse to personal publicity, he is well-known for not wanting to discuss his private life. Christian Bale, Wife "Solid" at Knight's Spain Premiere Bale's family feud led to scuffle Publ.Date : Thu, 24 Jul 2008 02:10:31 GMT Display RSS Feeds on Your Website |
PARLOT::Ebooks, Scripts,
Websites, and more... Traditional checks probably won't disappear anytime soon, but processing checks... Read More Now that we are in the month of June I... Read More If you have a 401(k) account, it can be very... Read More Despite how easy it is to balance a checkbook, very... Read More Creating a budget can be a very difficult task. Although... Read More 1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More Would you be interested in freeing up 10% to 15%... Read More Are you interested in saving money off your grocery bills?... Read More The first step to financial success lies in knowing your... Read More It's the little things in life that make it interesting.... Read More Recent findings from the Educational Policy Institute indicated that the... Read More Vacations Made Easy: Buying a Florida Investment PropertyA relaxing beach... Read More As the saying goes: "Buyer Beware". If you see ads... Read More Sorting out your personal finances can be a tricky and... Read More Are you a check fanatic? Don't worry, you aren't alone.... Read More Predatory lending exists in the mortgage industry. It's typically when... Read More I've been sharing the following idea with people for a... Read More So, you've made the decision to apply for a credit... Read More Here are some tips that can help you save money... Read More Super-mumsIt seems that the proof of maternal efforts is no... Read More If you've developed a household budget to get your spending... Read More Do you have a 401(k) retirement account? Are you vested... Read More Most Americans have been brought up to be concerned about... Read More Whatever your reason for having a tight budget, the truth... Read More As a parent you are bound to face a few... Read More
Adsense
websites
How Electronic Checks Work ? Will Paper Checks Eventually Go Away?
What Are We Teaching our 2005 Graduates about Money?
Should You Borrow From Your 401(k) Account?
How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!
Creating A Household Budget
Financial Security
How To Free-Up 10% to 15% of Your Income
Tips To Save Money At The Supermarket
Know Thy Finances
Photo Checks ? A Great Alternative in Checking
University: A Course in Personal Finance
Vacations Made Easy: Buying a Florida Investment Property
Government Grants - Beware of Scams
Personal Finance ? Why You Should Compare, not Despair
Check Facts and Figures
How to Obtain a Non ChexSystems Bank Account Without Being Scammed
Do You Know What Tomorrow Will Bring?
How to Choose Wisely a Credit Card
10 Tips To Save Money When Dining Out
The Changing Shape of Family Finances
Developing a budget? Watch out for Those Budget-Bursting Gremlins
Vesting and Your 401(k)
Chex Systems ? Why Every American Needs To Guard His Checking Account With His Life
Budgets And Eating - Can They Co-Exist?
Single Mother Resources Directs You Towards Success
Affordable and Reliable Web Hosting Starting at $4.49/Month
Estate Planning Basics
You have probably accomplished a great deal with your life.... Read More
Roth IRA Contributions - IRS Rules
Confused about whether you can contribute to a Roth IRA?... Read More
How To Protect Yourself Against Identity Theft
Identity theft is a serious crime that continues to grow.... Read More
Why Live Frugally
What is it about being frugal, why do it at... Read More
Ways to Save Energy and Slash Electricity Bills
1. Lighting & Light Bulbs Install low energy light... Read More
Should You Borrow From Your 401(k) Account?
If you have a 401(k) account, it can be very... Read More
What is a Traditional IRA?
With a traditional Investment Retirement Account (IRA) you pay taxes... Read More
How To Reap The Rewards With Rewards Programs
Recently, many of these loyalty rewards programs have come to... Read More
Budgeting -- The Critical Flaw That Causes Most Budgets to Fail
Budgeting. It's a word we're all familiar with. Everyone knows... Read More
A Fresh Start for Family Finances in 2005
While 40% to 50% of us make New Year's resolutions... Read More
When do You Need a Financial Management Company on Your Side?
We live in a crazy world. Someone ought to sell... Read More
Check Facts and Figures
Are you a check fanatic? Don't worry, you aren't alone.... Read More
How To Get Ahead On A Low Income
Do you struggle from week to week trying to make... Read More
Personal Finance - Have Consumers Had a Belly Full of Personal Debt?
For months, we were trigger-swipe happy, putting our groceries, clothes,... Read More
How Check 21 Affects You
The Check 21 Law is the new federal law for... Read More
Risky Business: You May Not be as Daring as You Think
I thought I was through with exams when I finished... Read More
Want Your Savings to Earn a Higher Rate of Return? Try Internet Banking
Doesn't it seem like the only impressive numbers we've seen... Read More
10 Steps To Improve Your Financial Situation
Here are ten steps you can follow to help improve... Read More
Tips To Save Money At The Supermarket
Are you interested in saving money off your grocery bills?... Read More
Make or Break Your Retirement!
The Prudential has dubbed those who refuse to leave home... Read More
Eight Ways To Sink Yourself Financially
1. Don't focus on your finances.The reason most people get... Read More
Identity Theft ? More Tips on How it Can Be Avoided
Recent security breaches at several credit card companies continue to... Read More
Why We Are Never Satisfied with What We Have
I have to admit, I do it too. I complain.... Read More
Retirement Income Needs---Less Than You Think?
It is widely written that you need 75% of your... Read More
The Wright Place - Finances
Women have a love/hate relationship with money. Most of us... Read More
Personal Finance |