Great Money Tips In Ten Words
When you’re in the midst of battling your debt or saving up for your eventual retirement (yes, even in the midst of this economy), it may be tempting to search for financial advice that’s as long and complicated as the path to a debt-free and financially comfortable lifestyle. After all, if the process of getting rid of debt can take years, the best financial advice should be equally as long and complex, right?
Actually, some of the best financial advice comes from the oldest proverbs and wives tales around. Get ready to simplify your financial struggle by following these little pearls of wisdom, all of which are written in ten words or less:
No matter how much, always make sure you put aside money from each paycheck. It can be easy to think that beating debt is all about making the big bucks; however, even the smallest contribution to your debt is a step towards the financial freedom that you’ve longed for. Small but steady steps are the surest way to win the debt race, and will turn that mountain of bills into a small molehill in no time.
Know the difference between needs and wants. Thanks to the recession, it’s almost certain that you’ve heard this advice before; however, it couldn’t be more spot on when it comes to straightening out your finances. Needs are things like food, shelter, utilities and other items that make your household work – wants are luxury electronics, brand-name clothes and other splurges that will just plummet you further in the paycheck-to-paycheck cycle.
Buy quality when you can. Being smart with your money is about finding good deals when you can; however, it can be more financially savvy to purchase a high-priced yet quality item than to downgrade to a cheaper purchase (clothes don’t count!). A high-quality item will be backed by a great company who will fix the product when it breaks down or doesn’t work – you won’t find these kinds of deals with the cheaper companies.
Save today what you want tomorrow. Yes, credit cards have certainly made it easier for consumers to purchase items that would otherwise take months to save for. However, that old proverb is certainly helpful to keep in mind when managing your finances, as you’ll never escape debt if you continually outspend your income. If you want that HDTV, put aside money at the end of each month towards it. When it finally graces your living room, you won’t be reminded of credit card bills every time you look at it.
If you need more money, make more money. Feel like your income isn’t enough to pay off that debt? Then stop complaining and make more money. You don’t need a second job in order to make a considerable chunk of change that can be put towards debt; instead, sell old books and clothes on ebay or have a garage sale with your family members and friends. That extra income will go a long way towards paying off your debt, not to mention give you extra room to breathe in your budget!
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July 13th, 2009 at 12:29 pm
Great Money Tips In Ten Words http://tr.im/s6FS