Derrick Coleman, NBA basketball star made over 87 million dollars in his 15 year career - and now is 5 million dollars in debt. If I said it once I have said it a million times, if you don't know how to manage $30,000 what makes you think you can mange more?
So let's start with the basics regardless of your income.
1. Always pay yourself first. I don't care if it is $10 a week. Preferably it would be about 15% of your gross income, going into a tax deferred retirement account.
2. Have an emergency fund. It should be at least 3 months of your total monthly expenses.
3. Pay cash, if you can't afford it - don't buy it.
4. Live under your means. If that means you live in a smaller place, don't have the latest gadget, or name brand clothes - sorry. It beats the alternative, debt, stress, and homelessness.
5. Get a second job if necessary for the short term, walk dogs, mow lawns, work fast food. What ever it takes to get out of debt or get that emergency cash saved.
6. Grow your own vegetables, herbs etc. People say good food costs more than fast food. That is true - however, at what cost. Your health will pay in the long run. It is very inexpensive to grow your own - have a small garden in your backyard or get a hydroponic planter. They go on sale often. Check out local farmer markets.
7. Have a roommate or two to keep costs down.
8. Spring is right around the corner - look in the paper for free activities. Most cities have parties in the park, free concerts, bike paths, etc. Entertainment does not have to be expensive.
Once you start to adjust your thinking - and realize you can save money. It becomes fun. Because you have FREEDOM and OPTIONS. Which gives you the opportunity to live your passion.
Stay tuned..........
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