Welcome to February! We’re currently looking at debt reduction. The problem with debt is that you’ve already had the excitement of spending the money; now you’re faced with the pain of paying for it! It’s hard to get excited about getting up in the morning and going to work to pay for a thrill you’ve already had! Last week I …
Where did all the money go?
Hi again, I was just looking through some of the notes I have been scribbling down over time and found this little gem: The largest amounts of money disappear on the smallest of purchases! I think most people would agree with this. How often have you vaporised a wallet or purse full of money and had nothing to show for …
10 Reasons Why Budgets Fail Reason #10
10. No Co-Operation When two people live together but have different ideas on how money should be managed it is a recipe for disaster unless they can sit down together and acknowledge that they have different ideas and needs and they can come up with a compromise that allows each one to have at least some of what they need …
10 Reasons Why Budgets Fail – Reason #6
6. No system I call this the ‘out of control’ budget. We all know there are some things in life you have no control over but some people have not worked out that many expenses are predictable and controllable! If you have a forward looking plan to follow you are well placed to take control. If you are looking backwards …
10 Reasons Why Budgets Fail – Reason #5
5. Relying on Self Discipline Sucks Budgets that basically require you to ‘be good’ all the time and continually require you to make the right choices based on the use of self discipline are totally and absolutely dead in the water. This is the ‘no chance’ budget! It is usually the budget that is a knee jerk reaction to a …
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As a general rule it makes a lot of sense to use delayed gratification when it comes to money. You should endeavour to only borrow money for things that do not lose value. If you borrow money to buy things that do lose value, you are not getting the most out of your money and you run the risk of …
Accelerating Debt Reduction
In one of my Money Hints and Tips newsletters I refer to a strategy I call Repayment Snowballing. This is used to speed up the process of debt management quicker . There are a few different opinions on how best to implement this strategy so lets have a look at which will save you the most money. There are basically …