Great financial tips to ensure you make more dollar

In Debt Over Your Head? These 5 Simple Steps Will Help

The next 5 steps are not difficult. They only take commitment. You can do it. The feeling of freedom and success when the bills are not hanging over your head will make this all worthwhile.

Ready to get stated? Let’s go.

Step #1. Work out where you are now

You may not have looked at your financial position for a while. Maybe that’s why you are suffering under a load of debt presently. But you need to take stock of your financial position now. Unless you know where you are now, it’s hard to work out how to fix things.

Just get a pen and paper and all your credit card bills and look at the situation honestly. List out all your debts and their interest rates and the minimum monthly repayments.

Don’t get worried about how much you owe. It’s been said that anyone can get rid of all their debt within 5-7 years, including their mortgage. That means you too.

Step #2 Stop spending more than you earn NOW

This is the first thing that must be done to start the ball rolling for your financial success. This is most probably the reason you need to take action now. Look at your living expenses and cut out those things you can’t afford.

Also cut up all the credit cards except one for emergencies and commit yourself to only spending what you can afford from your own income.

Step #3. Find some cash to pay down those debts

Once you have come to grips with Step #2, the next step is to work out ways to put some money aside every week or month to start paying down those debts, preferably faster than the minimum monthly requirement. Pay as much as you can. It’s better to pay down these debts than to put the money in the bank. This is because the credit card interest is a lot more than you can receive from the bank for funds on deposit. The aim is pay down the highest interest debt first.

If you have 2 credit cards with the same interest rate, pay off the one with the smallest balance first. That will give you a boost and the resolve to keep on going.

Step #4. Build a Savings Fund

Once you have those credit cards under control it’s time to think about putting some funds aside to start building some savings. You’ll be surprised how fast your money grows if you religiously keep adding to the balance and don’t touch it. If you really need to purchase an expensive item like furniture or car it is better to save for it than to borrow, if at all possible.

Step #5. Pay Down That Mortgage.

Since the interest rate on your mortgage is usually a lot less than credit card and store debt you can leave this item till last. Also it is increasing in value over time – unlike your car, TV, Video, furniture and boat. You will be surprised how many years you can cut off your mortgage repayments by just adding a few extra dollars each month to the payment.

These a just a few basic rules to help you get back on your feet financially. The main principle here is to work on reducing your credit card debt. Once that is done use those freed up funds to build your nest egg and pay off the mortgage. That’s the plan that works.

Now get those documents out, do the sums and start on your road to financial freedom.

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There is a tool available for making money which is so powerful that you’ll never find a successful entrepreneur without one. This tool is inexpensive, available everywhere, and you probably already have one you aren’t using. I’m speaking, of course, about the humble notepad.

If you think I’m exaggerating the importance of this little item, visit an office supply store. Take a look at the notebooks and notepads they have for sale. There will be two basic types in various sizes: simple paperback notebooks for students and elaborate vinyl or leather versions for businessmen. Next, ask yourself this question: Who would buy a $79 leather-bound journal when there is a perfectly good $1.29 notebook not three feet away?

Someone with money to spend. Someone who considers it to be very important.

You should take recording your thoughts seriously too. When you have an idea that might make money, write it down — period. No matter how busy you may be, no matter who you are talking to, scribble out 5-10 words and put the pad away. Don’t be embarrassed. If anything you will appear more professional and go up a notch in the eyes of your peers.

Even ideas that seem completely out of reach should be recorded. How many times have you had a conversation with friends that included “Wouldn’t it be great if somebody came up with an [insert great idea]?” Well, someone just came up with it. The fact that you aren’t a software programmer doesn’t mean you can’t have a great idea for a program. Pretend that you have a dedicated staff of writers, designers, and engineers at your disposal — because some day you might; and if that day comes the handful of words you stashed away will become a goldmine. There are big ideas and small ideas, use the ones you can and keep the rest for later.

Thanks to the Internet you are not limited to pen and paper. Use the notepad utility in your phone or PDA if it has one, and place a text file on your Windows desktop that you can use for quick notes. Another useful method is to create a special folder in your inbox for notes. Set your email software to put all messages in it that have subjects starting with “Idea:”. Anytime you have a flash of inspiration all you have to do is email yourself and your thoughts get neatly collected in one place. This has the added advantage of making it easy to search through your notes with your mail client’s “Find” feature.

The utility of a notepad is determined entirely by the discipline with which you use it. Most people are bubbling over with ideas that last only a whimsical moment or two and then are forgotten. Don’t let yours slip away, instead keep them close and they will become an invaluable part of your long-term success.

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