FRUGAL SPENDING AND PAYING DOWN DEBT

Frugal Spending & Paying down debt

“Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty-pound ought and six, result misery”.

These words from Charles Dickens popular novel David Copper Field summarize frugality accurately.

In a layman’s term frugality is thriftiness or the quality of being economical with available resources.

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Adapting frugality is more than just a habit, in fact it is a mindset. While saying that, it is a mindset which can be adapted with practice and patience.

It is especially important for those who are in the process of paying down debt. The mathematics of frugality are straightforward as every dime you save can go to paying down your debt.

This in turn means that you can pay down your debt much faster and be done with it much quicker.

There are numerous ways in which you can adapt frugality and be more sensible with how you spend your resources.

elow are the three easy ways of initiating frugal habits:BUILD WEALTH NOW CLICK NOW

1. Creating a 30-Day purchase list; Impulse buying can prove very costly but it can be curbed. One way of doing that is to create a 30-day buying list.

If you want to buy something other than a true necessity (medicine, food) just put it on the list with the date you want to purchase it. The rule is not to buy anything (apart from necessities) for 30 days after purchasing that item.

2. Carpooling or taking the bus; Carpooling is a major money saver, plus it helps you to socialize more. Find a friend or a neighbor who lives and works in the same vicinity as yours.

our rides will be more joyous and economical. If carpooling does not work, simply take a bus and enjoy a stress-free ride to work.

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3. Quit smoking; Apart from being bad for health smoking is a money vampire. On an average, a smoker loses close to $1500+/- in an year (Depending on habits).

In monetary terms smoking is a two-ended spear. It hurts the smoker in the present (monetary cost of purchasing tobacco) and in the future when the smoker must deal with the additional health costs.

Quit smoking and live a simpler and healthier life.

As mentioned earlier, frugality is a mindset therefore starting with a few of these habits will enlighten up your mind. You will start seeing room for frugality in every aspect of your life.

The shift in your view will help you save even more money. This is good news for your debt payment ambitions because it means that you are well on your way to pay down your debt more quickly.

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HOLIDAY SHOPPING — SHOP TILL YOU DROP — WATCH THOSE OVER LIMIT CREDIT CARD FEES

Credit – Over the Limit

Credit cards are wonderful tools, but they come with serious responsibilities.

You should be using a credit card to your advantage – whether that means getting an interest-free loan every month by paying your balance off in full, or just the simple security and satisfaction that having extra buying power at your fingertips can bring.

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Imagine you had a credit card was a $500 limit, and in the run-up to Christmas, you nearly maxed out your card.

Before taking that last shopping trip of the season, you went online to check your balance and saw that you had $19 of available credit. “No matter,” you say to yourself, “I’ll pay the balance in full when I get my Christmas bonus from the office.”

The only other charge you made was for a couple of mochachinos at the local coffee house, but two days later you were shocked to learn that you somehow went over your credit limit! Worse yet, your card company hit you with a $29 fee! The Mochachino That Broke the Camel’s Back

This can happen a lot easier than you might expect. In the above example, you may have recently “paid at the pump.” Oftentimes a gas station charges your card only $1 at the point-of-purchase and applies the remainder of the charge to your card later that day (or the next day).

Let’s say you had $17 in gas that you forgot about. That would reduce your available credit to $3 ($19 – $17 + $1 for the refunding of the temporary charge).

Then when you bought two $2.50 drinks, you pushed your balance to $502, exceeding your credit limit by $2, and receiving a whopping $29 fine. It happens all the time.

The real question should be, “Why do credit card companies let this happen?” After all, couldn’t they just reject your card at the coffeehouse?

The gas station reserves the funds on your card even before it charges them, so shouldn’t you not be able to buy the coffee and go over your credit limit? It depends.

Some people would find this embarrassing fate more horrible than the $29 over-limit fee, particularly if the second coffee was for a romantic interest or client. But the reality is that credit card companies exist in the world to make money.

There’s nothing wrong with that, but you need to be aware of the fees and expenses associated with your card and do your best to avoid them. Tips for Avoiding Over-Limit Fees

1. Use a separate card for your gas purchases. Since “pay at the pump” can distort your true balance, it is wise to use one card exclusively for gas.

This can be an actual gas card or just a regular card card that you designate as your own gas card. It might be okay to have some recurring charges (cable bill, subscription charges, etc.) also on the card, but don’t use it to make “discretionary” purchases.

If you have $200 of recurring charges on your card and you typically spend $80 a month on gas, this means you’ll only need a card with a $300 limit.

Then again, $500 would be better for a little cushion in case you spend more on gas – either because you take a trip or because gas prices to through the roof!

2. Check your balance on a daily basis. If you maximize the benefits of your credit cards by nearly maxing them out each month and then paying off the balance in full, then you need to spend a little more time making sure managing your cards.

Check your balance online every day and look at the itemized charges. Sometimes charges don’t show up right away, so be on the lookout for anything that’s missing. And if you do use your card for gas, make sure you keep your gas receipts so you know how much you really spent when your statement still says “$1.”

The Real Cost of Exceeding Your Limit

No one likes paying $29 extra for a couple of coffees, but the even greater cost of going over your credit limit is the damage it does to your credit.

Many card companies begin charging you the maximum interest after just one overage – and not the card you went over on. An entirely unrelated company might also jack up your interest rate, even though you’ve always paid your bills on time with them, so do everything you can to avoid going over.

Credit cards are wonderful tools, but they come with serious responsibilities. You should be using a credit card to your advantage – whether that means getting an interest-free loan every month by paying your balance off in full, or just the simple security and satisfaction that having extra buying power at your fingertips can bring.

But when you start paying $29 fees and higher interest, you are letting the powerful tool wield itself against you. Be a smart consumer, but also check the over-limit fees and practices of cards before you sign up for them.

No one intends on exceeding their credit limit, but it does happen to most people, so be aware!

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MOTIVE BEHIND STARTING A BUSINESS — FINANCIAL FREEDOM — HAVE YOU THOUGHT ABOUT STARTING A BUSINESS???

Starting a business for the purpose of passive or residual income

The motive behind starting a business is often to make money that will be enough to cater for one’s needs. Earning large enough income will give you the opportunity to accomplish and live the type life you desire.

But most people don’t have the ability to live life on their own terms because they are either a slave to their debts or cannot break away from living on pay check. But this problem can be solved by the many benefits of residual or passive income.

One of the best ways to gain financial freedom is by setting up a business with residual income opportunity. There are many businesses both online and offline that one can set up to generate residual income.

Residual income by definition is the income one generated long after the work has been completed. It is the type of income that one continues to generate for as long as the business lives. Residual income also known as passive income has no limitations based on time.

Starting a business with residual income opportunity will enable you live life in your terms. You will continue to earn money whether you are there working or not. The amount of money you can make does not stop whether you get out of bed or not.

In addition, it is possible to have different streams of residual income. Unlike having two jobs that will consume your time, multiple streams of residual income will increase your earnings while also giving you enough free time. Residual income gives you a more lucrative alternative to finding a side hustle that will stress you and consume your precious time.

To kick start your dream of financial freedom, here some of the residual business opportunities that you can venture into.AWSOME FASHIONS

Invest in real estate
Rest estate is one of the most lucrative means of generating passive income. Apart from being lucrative, it give you rest of mind and requires little or no work.

Affiliate marketing

This involves promoting other people’s product online of which you get a commission once it leads to sale. Affiliate marketing can be done by marketing people’s product on your website. It can also be done by promoting them on social media platforms.

Affiliate marketing is a great way of making money online. You can make up to six figures every month from the comfort of your home. And remember, you do this at your time and pace.

Write an EBook

Selling a book online can be another great way of generating residual income. After the initial work of writing and creating the book, the only thing left is to make your money on every sale. You don’t need much capital to produce an EBook, no printing and shipping costs.
Other residual income business opportunities that you engage in include:

• Create lead generation website
• Start a drop shipping business
• Create a mobile app
• Invest in vending machines
• Rent out your spare room
And the list is endless. Continue reading “MOTIVE BEHIND STARTING A BUSINESS — FINANCIAL FREEDOM — HAVE YOU THOUGHT ABOUT STARTING A BUSINESS???”