Tuesday, July 20, 2010

Afternoon Quickie: "Secrets of Extreme Savers"

Yahoo! Finance has an article today featuring five individuals/families who are great at saving money.
This article caught my eye today because I am trying to get on the right path as far as saving and spending my money wisely. I am prone to impromptu shopping trips and splurging on food and drinks when I go out with friends, but I realize that I have to make some serious changes if I want to meet my goals. What are those? Retirement by age 45 (but 40 would be ideal) so that I can dedicate the majority of my time to my future non-profit organizations. The issue is how to go about achieving this. I have a path laid out in my head, but the first step starts now with my spending and saving habits. So I am going to try to apply some of these common-sense but easier-said-than-done principles for saving now.

The five "secrets" were as follows:

1. Avoid Debt
I'm starting out way behind the couple in the article... hello, student loans, car note, credit cards! But the good news is that I'm not creating any new (non-work related) debt, and I'm chipping away at the existing debt. It's a slow go for now, but once business picks up I plan on being debt free (excluding mortgage) within five years.

2. Delay Gratification
Ugh... I have zero will power and have to have what I want when I want it! But this is something that I am improving on, so yay :)

3. Create Multiple Streams of Income
Now THIS... this I can do. It's what I'm trying to do doing now (speaking prosperity into existence).

4. Live Below Your Means
Kinda doing this now... After all, I am living rent-free... That counts, right?

5. Cut Down on Everyday Expenses
Cups, it looks like I can't visit you every day for my blondie fix. Guess regular old home-brewed coffee will have to do...

For the actual article, click here.

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