Yo brothers and sisters,
It had been sometime updating my blog as were really focus on building something important in my speaking life. And just had some time for me to re look at my blog and i am now ready to also concentrate on writing this blog regularly. And by doing this i am indeed adding value to you guys who been reading this blog.
Today , i am focusing on a subject that become an issue for many. And its about DEBT and many are struggling to overcome it. So this time around Your Mekanik$ looking to share with you the steps to be DEBT FREE…. So are you ready?,,,,,,,,,,,,, Here you go
D- Decide to Live within your means.
I am sure this is the first step that you need to do in order to be DEBT FREE , Decide and fully committed to that decision you are making. Without this you will never become Debt Free. So the NO 1 as well the most important thing that you have to do.
E – Eliminate unwanted expenses
This statement above is the first action that you have to do. This is to show the commitment that you made to your decision. Eliminate all unnecessary expenses like expensive brands , expensive meals , excessive services and many more , Do a check on all items that you been paying by auto deductions . Cut as much as possible so that you can save. put yourself a target of eliminating at least 10% from what you have been paying in total.
B-Budget your spendings
And this will be the really really really something that not easy to stick with, Many people will have the motivation to do a budget but they tend to give up after just few months and they will never make it to be Debt Free. You need to stick to the budget spending so that you will be able to create excess cash that can be saved and invest. So stick to a carefully plan budget. Dont try to slash your current spending just because you are excited but than you cant stick to what you budget for. So , pay attention on this.
T-Target and Set goals on Savings and investment
Hey guys, this is something so special, Dont Worry about what you are going thru at this moment , you might be broke, or might not enough of money , but all this hsould not stop you from writing your goals, maybe 12 months, 3 years and 5 years goals. Write it and look at it, And do write something that is within reach and slowly grow from there. Try out the 12 months goal, how much you want to cut spending by then, how much of savings that you want to see by the 12th month. All these are very very important statement that you must have it in writing and also visualize on it every day. It works and it is what people call MAGIC. just do it.
F- Find cheaper or bargain alternatives
What i mean by this? Well , it seems that sometime we stick to certain things, goods or type of things we use or do. And sometimes if we really invest some time we can get some better deals or cheaper alternatives for those things. Example , the place we go for entertainments , foods, goods, or services that we use… do a check and balance and see if there are other cheaper alternatives for what we been using currently.
R- Read books and online articles about being debt free
Reading will give you many ideas and new thoughts about the way that you can be debt free, And also other things like being creative . So keep reading as it will increase your knowledge in this subject. And do attend courses or workshops that conducted by organizations and this always come free,. So get there and learn something new to implement into your system.
E -Evaluate and get smater
You must put up an evaluation points. Maybe on a weekly basis to check on all , Check on your spending, your goals, your debts. This is a must do. This allow you to be focus on your commitment as well it will bring out result quickly, It also allow you to review if certain things are not going according to the plan . This is important step.
E- Extra Cash
Well nothing can speed up the process of getting there to the Debt Free life than Extra Cash. So always keep ways to save extra cash from your income monthly, always ask how u can save extra cash on your spendings, and beside that always look for ways that you can do to earn more cash beside you employment. is there anything that you can sell, is there anything that you can do to bring cash in. Think, network with others and start to earn extra cash that you can put into the goals that you have set for,
These are some ways for you to get DEBT FREE.
I am sure this will give you an interesting idea to get start on. Wish all of you a DEBT FREE LIFE.