How can you get out of Debt (Money management)

in #life • 8 years ago

These are simple ways and proven ways to help you.

Manage your money properly put a limit to your daily expense so that they will not go out of control.
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Always ask for discount and complementary services.
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You can also surf the internet to look for discount before making a big purchase.

Income - Expense = Savings (These is what most common people do.)
Do not save what is left, try this.
Income - Savings = Expense

Take note: Saving is a habit. You can start by saving 10% or more of your income monthly it depends on how much can you sacrifice.
Tip. It's either you save money or make excuses.
Follow me on 2nd Blog for the part 2 on money management. Thanks

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#money
8 years ago in #life by
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     8 years ago 

    Reminds me of George Clason's book The Richest Man in Babylon.

    THE FIRST CURE: Start thy purse to fattening "For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul."

    This is great in theory.

    What to do for financial situations where you are in debt and your outflows already more than exceed your inflows and your obligatory payments cannot be met if you save 10% of your income using the "Income - Savings = Expenses" formula?

    This formula works great for some, but sadly not for all....