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Friday, July 15, 2011

Spend less than what you earned


Spend less than what you earned 

It's easy to say, right? Yet there are many people out there still burying themselves in debts because of spending more than what they earned or others living purely in their salary (spending exactly what they earned).

By just following this simple spend less than what you earned saying but for me this is a basic rule to be follow toward financial freedom, you will be realized that it has a positive effect in your personal finances. Here are there: 

1. You begin to eliminate your debts slowly or you can free yourself from debt. Spending less than what you earned frees up the money you need to make larger payment on your debts. Over time, you will be notice slowly that your debts begin to disappear until your free from debt, your monthly bill is also reducing and giving you even more breathing room. 

2. You begin to save. By slowly reducing your bill and free from debt. You can now start save more money like building up your emergency fund. And also you have a breathing room to start saving for retirement, paying yourself a great future for your golden years. 

3. Your stress level falls. Knowing that you have a fewer or free from debts. Your emergency fund are covered already and your retirement is being planned. For that reason it can reduces your stress. You can sleep better without worrying of any debts must be pay. Your overall health improves and you feel happier about life. 

4. You can explore more other things. When your debts are gone and still you're spending far less than that what you earned. Suddenly you will see yourself looking for more career possibilities. You don't have to stick with your high-stress job. You will start thinking on how to grow more your savings and how to protect your money. You will looking for an additional income by making passive income to gain a freedom to move on and chase your dreams. You can now choose to live where and how you want to live.



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