Brisbane, Australia (PressExposure) April 15, 2009 -- Personal money management is at all times lows, there are a number of things that you can do that will have a positive impact on your financial future if you get started today!
Spending money is an issue we face daily as we spend money every day and the stress of living in the current climate of economic uncertainty and rising costs are fuelling our bad money habits.
Wealthyfrog Wealth Coach Richard Starr says âpeople believe that if they could just earn more money they could make ends meet or if they could get a pay rise they would catch up.â
âInvariably if we earn more, we spend more â bottom line is it doesnât matter how much you earn, itâs what you do with what you earn that counts.â says Mr Starr.
Mr Starrâs research suggests that 40% of people spend all of their income. 50% spend more than they earn â eating into credit cards and home equity to support lifestyle and that less than 10% actively save and invest. Less than 3% actually have a well defined plan and purpose for their money.
âMost are unaware of the price tag for their current lifestyle and need to âget realâ and âseparate themselvesâ from bad money management. Whatâs required is an ongoing commitment to a personal money improvement project including self education, action and planning.â Mr Starr stated.
âIf we donât identify surplus cash flow, capture it and use it, we will never get ahead â if you canât manage your personal money habits, you canât manage investmentsâ Mr Starr says, âand your investments are what will change your future if you start and nurture them todayâ.
Mr Starr suggests that thereâs a number of things you can do to manage money better that are simple and effective.
âStart a money diary and take account of spending â yes every day! The results may surprise you. Identify the areas that are sucking up your cash flow and then address them!"
Break down your lifestyle costs into day to day living, fixed bills, holidays and mortgages and there should be some surplus there â if not, you need to create some. You only have two choices â you either earn more or spend less. Once you have created the surplus income, what do you do with it? Some ideas are:
â¢ Pay down non-deductible debt first â¢ Start a savings plan or put it into a mortgage offset account â¢ Start accumulating invested assets that will produce a return â¢ Seek professional advice about your long term planning â¢ Be deliberate and have a purpose â¢ Commit to ongoing education, sign up to newsletters that provide regular information
Make a ânote to selfâ â this can be an enjoyable and rewarding process and stick with it, as Lao Tzu said "The journey of a thousand miles starts with a single step.".
Try this to get you started â get your free copy of 6 Steps to Financial Freedom. This e-book is available at http://www.6steps2financialfreedom.com.
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