Today we received a comment from one of our readers stating that our tips are focused on people who have money and not on those who are struggling financially.Wow!!! We were so moved by this comment and we thank her so much for sharing her impressions with us.
I especially was moved by her comments because I understand her really well! I am a mother of two, and I used to really struggle to make ends meet. I had an overdraft that some how kept getting bigger and bigger even though I spent the bear minimum.
We also thank her because it gives us an opportunity to clarify: Our tips are designed for people who understand that they need to manage their money and not let their money manage them! We know that it sounds impossible when you feel that you can't breathe financially, but believe me, I am living proof that once you take control of your money, you will have money to take control of.
Our tips are for people who want to STOP struggling financially. They are for people who are in the processes of financial recovery and are looking clear and practical solutions to everyday financial concerns.
We want to take this opportunity to outline again our 4 step process for turning around your personal finances and we think that it will help put our tips in perspective:
1st – Decide to build and live within a monthly budget. This means that your expenses must be less than or at least equal to your income. If you do not already live this way, the thought of it can be daunting, but know that it can be done!
2nd – Make it a priority to pay off all debt. Make sure that there is a category in your monthly budget dedicated to this. The monthly return should be as large as possible and do not reduce the amount until ALL your debt is completely paid back. This may take time, but it can be done!
3rd – Identify monies and other assets that are not "working" for you. If the return on your savings or other assets is less than the cost of your debt then you may consider using them to pay back your debt. Sounds crazy, but when all your debt is paid off, you can start to invest the money that was dedicated to paying back your debt and move on to step 4.of the process.
4th – Increase you income with special attention on passive income. This is the best part of the process. If you continue to live within your budget and always say NO to credit and debt, then this definitely can be done!! And remember, once your income increases, your expenses can increase, too.
The goal of our methodology and tips is to bring you first to a place where you CAN buy yourself clothes and then on to a place where you can financially make your dreams come true!!
I did it and so can you !!!!
Mindy
