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Are you working your 9 to 5 job and taking home a paycheck or running your business but still struggling with debt?
Many people are and the idea of personal finance overwhelms them because they feel the financial aspects are compound.
The fact is you do not need to do everything at once, you need to focus on the basics. Lawrence Delva-Gonzales shared these basics us in the episode 92 of The Money Exchange Podcast. I am sure you have heard them from every financial expert you know to a financial blog or social media post.
Lawrence filled us in on the aspect of The Financial Order of Operations. It requires one to do the following:
Lawrence filled us in on the aspect of The Financial Order of Operations. You must be thinking I know this so the question is why haven’t you put them into practice?
Today, we break down each one of them and how they can help you work towards a debt-free life.
Decreasing Your Expenses
Many people have become used to living a certain way and the idea of making changes that may force them to cut back on things they see as essential seems challenging.
A better outlook at reducing your expenses would be perceiving it as having better control of your money.
Here are a few tips you can practice to decrease your expenses:
Some things you can do to cut those expenses are immediate: Don’t leave the computer running, don’t run the dishwasher without a full load, hang out the laundry instead of running the dryer, turn down the thermostat. Shop around to see if there are utility providers that offer lower rates, particularly for fuel.
Another option would be to move to a cheaper location, the cost of living varies in different states in the US and if living in one state is stretching you, you are at liberty to move.
For those who own homes, you can consider renting out a portion of your house or setting up your other properties like a beach house for AirBNB so it can make you a couple of dollars rather than it lying around waiting for a weekend you decide to visit.
Here are a few tips to increasing your income
An increase in your income can create a significant change in your life and there a number of ways to do that like:
It is possible to overcome debt however creating a plan to do so comes with work and dedication. It requires a high level of commitment and discipline and if you are consistent over time you will reap the benefits.
Lawrence Delva-Gonzales, The Neighborhood Finance Guy, is proof that when you intentionally work towards a debt-free life it is possible. Listen to all the gems he dropped in episode 92 of the Money Exchange Podcast
Write something about yourself. No need to be fancy, just an overview.