Money worries have many different voices:
“How am I going to pay my
phone bill ? My lights are almost two
months behind. The rent is due. What are we
going to do about the
mortgage ? We don’t have money for
football uniforms . No field trip. That
cost money. No, you can’t have that, it cost
more than what we have in our budget. They’re
coming to take the furniture back; our payment
is overdue. The kid needs her braces removed but
the dentist won’t do it unless we pay the
rest of the money we owe. I’ve lost my job. I’m
sorry, honey, they have downsized my position.
If I want to keep my job I will have to take a
cut in pay. How can I afford these
child support payments ? I can’t take this
any more. What are we going to do?”
A mind that is cluttered with money worries
may be flooded with one or two or all of these
thoughts at one time or another. Maybe you were
there once in your life, maybe not. Most people
with financial troubles are anxious, confused,
angry, harbor feelings of hopelessness,
insecurity, and uncertainty about future
financial outcomes. Consequently, this state of
mind affects everything, including work
performance.
It’s time for a financial assessment. Is your
trouble because you have maxed out your credit
cards? Maybe you have more month than money. Do
you have medical expenses? Are you sick and
can’t work? Have you lost your job, or been
downsized? Where did the shortage originate?
Once you have assessed where the problem lie,
then you can look at remedies. Money troubles in
plain simple English are not enough money to
cover your present lifestyle. The causes may or
may not be within your control.
When the funds are low, the logical answer
would be to make more but what most people do is
fret about it. Some spend more time worrying
about what they don’t have while others add on a
second job.
Money troubles are not going to go away
without something changing. Worry will not make
up the deficit but initiating a plan of action
will.
Step 1
Make a list of all of your monthly household
living expenses:
,
rent, utility bills, etc.
Step 2
List Your Debts (creditors you owe)
Step 3
List your entertainment
Step 4
List miscellaneous (lunch, coffee, snacks,
etc.)
Step 5
Write in how much you pay on each. Total that
amount.
Step 6
List your sources of income (job, spouse,
etc.). Take the total from this and subtract it
from what you spend on household, debts and
entertainment. If that figure shows you are not
covering your expenses, look back at your
expenses; see what you can eliminate from
entertainment. Make a list of other areas you
are expending money, such as lunch, dry
cleaning, hair cuts, etc.
Try taking your lunch from home rather than
buying lunch. The average lunch cost about
$7.00. That $7.00 for five days comes to $35.00
a week, totaling $140.00 a month. Imagine if
you, your wife and children spent the same
amount weekly,that would amount to a partial
or rental payment.
Take a look at your Debt. Began to work from
the smallest to the largest. Take the money you
saved from not buying, let’s say lunch, and
redirect the total amount towards paying off the
smallest debt first.
As you pay off each debt, take that money and
add it to the next smallest debt, working your
way to the largest, until you have eliminated
your debt completely. While you are doing this,
examine your household budget.
Look at how to eliminate some of your other
expenditures; for example, if you have a high
cell
,
you might want to exchange that cell phone for
one with a more fixed rate. Maybe instead of
hiring a lawn service, you could cut the grass
yourself. Perhaps you might visit Barber or
cosmetology trade schools to obtain these
services at a reduced rate.
Look at what you are already doing first to
find the
extra money . If you still need more to
make up the deficit, then you might look at your
skills and talents:
start a home-based business . It’s
something you could do as a family.
one step at a time . And, yes, it is okay
to reward yourself along the way but keep in
mind where you are headed. Don’t overdo it. Once
your debt is eliminated, don’t spend the excess
money; instead, add it to your future savings
options.
Understand that paying your debts down will
not take place overnight but if you are
consistent it will happen.
Author Bio
Online School of publishing, Book
Publishing and Marketing Coach; works as a
freelance writer; hosts the “Author’s
Spotlight at Positive Change Radio. Download
your free
debt free starter kit at
blondie2book.com
