Stop Worrying About Money And Start Enjoying It

Tue Oct 26, 2010, 11:50 am | 4 Comments

Stop worrying about money and start enjoying it by following some simple steps. There must be family members or friends or may be a couple of your neighbors who seem like natural born savers. But even if you are not among them and don’t save like they do, you can still be successful with your finances. You ought to do research, understand and realize how to effectively invest, save, and spend. Knowing about your personal finance and living it will help you make smart financial decisions.

For most folks, the debt comes from credit card bills . To pay it off depends on how much your payment is every month. The more you pay, the sooner you will pay off the loan, the more money you will save and the less money the lender will make. It’s not some kind of rocket science. We all understand it.

It ain’t Einstein theory to pay off debt…

Everyone knows this. It’s not some kind of Einstein’s theory that only a handful understand it and the rest of us just keep scratching our heads trying to understand it. The majority of the folks living on this earth don’t have to know “nothing about no theory.” We all live or should live a practical life. We all know what we have to do to live a better financial life.

However, some are forced to get into debt…

Some of us, a little less than 10% of us, have lost jobs. There are some who have been unable to land a decent job for a few years now. No matter how much they have tried, they have not been able to get a job even though a recent news said that there are more than 3.2 million jobs available. They seem to be highly skilled jobs and the companies are too cautious to fill those vacancies with just anybody. The folks unemployed for a long time have no choice but to get into debt. They have to borrow money just simply to eat.

But the Tussle goes on…

Remember, it’s a tussle between you and the credit card company. The more you save by paying the debt sooner, the less money the company makes off of you. Isn’t it awesome that you win and the company loses? Everyone would want that. Usually, the credit card lenders are big businesses. Wouldn’t it be nice to increase your savings and lower theirs?

But the buck must stop somehow…

Why should the consumers just keep filling up the lenders’ treasuries? Why don’t we take care of ourselves and our families by saving us some money and pay back the debt a little faster. Instead of paying them the minimum, let’s say $20, why not pay them $40 every month. If you are a big spender and your minimum is $100, why not pay $200 every month. Why would you spend so much if you cannot pay $200 instead of the minimum $100? “It don’t make no sense.” Something is not kosher. Even Lindsay Lohan owed so much money to the credit card companies. Imagine how much she must have paid in interest.

More than 90% have jobs…

You are making money and enough that you can increase your savings. You can do the following:

• Spending less than you earn

  You can control your spending when you follow a budget. Having a budget puts you in control, so you can enjoy your money instead of worrying about the bills.

• Taking advantage of matching contributions

  If your employer offers matching contributions in your workplace savings plan, never say NO to it. It’s like getting free money.

• Paying off high interest rate credit card debt

  Make paying down high interest debt a priority.

• Establishing an emergency fund that will last at least 3 months

  One way to have financial freedom is knowing that you can get by without a paycheck, for some time, if you had to.

In a Nutshell
Consumers have been borrowing from dawn to dusk, even in their sleep. Borrowing is renting. It’s not something bad. Borrow or rent to improve your livelihood, not to waste it.

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