Apr 30

How to budget your money for debt relief

Creating a budget can help you to achieve debt elimination and get you out of debt. Budgeting is a process of create a living plan and managing your money to meet your short and long-term goals. Creating a budget is not a painful process; you will know it by reading this article.

How to budget your money for debt relief

Creating a budget can help you to achieve debt elimination and get you out of debt. In fact it is not a difficult process. You need a piece of paper, a pen, copies of your bills and expenses, and a little time and determination. And to do it successfully requires you to set up a budget which you can live with, adjusting it as needed and follow it.

Create Your Budgeting Plan

Use simple household budgeting tips to get out of debt and get your finances under control. Estimate your housing costs, utilities, food, clothing, transportation and vehicle costs, medical and/or family expenses, entertainment and online services, credit card payments and debt priorities, and lastly, other expenses. In your budgeting plan, allocate a portion of your money under safety net account. The money in your safety net account can only be used on emergencies, to recover for unforeseen expenses, for income lost protection and for myriad of other financial busters.

Track Your Spending

After you have allocated your money, apply all extra funds to pay ahead on your debts. In using your money toward debt reduction instead of treating yourself to another fancy dinner or extra pair of shoes, you can watch your debt dissolve quicker than you might imagine.

Once you have set up your budget plan, track you spending to know where your money is actual going and whether it is within your budget. Keep a record of all money spent, whether it is by cash, check, credit card, etc. Once you know where your extra money is going, and oftentimes, realize how you can save hundreds of dollars that can apply directly to your debts and make huge strides to reducing your debt away.

Monitor & Review Your Budget Plan

Budgeting is a process of create a living plan and managing your money to meet your short and long-term goals. Your budget plan should be flexible and being review from time to time and make the necessary change in line with your current needs and circumstances. A static plan that never changes could doom you to failure right at the beginning.

Online Resources

There are tons of budgeting tips and tools which you can find from internet. From budget calculators and worksheets, to detailed software programs, research your options online for the one that best suits your needs. Use these extra information and help on your budgeting process.

Happy Budgeting!

Creating a budget doesn’t have to be a painful restricting process, what you need to do it to make it a habit to know whether your money is going; and by knowing the flow of your money, you have a better control on your money and eliminate unnecessary expenses and the saved money can by dump debt accounts to reduce your debts and get rid of it one day. You may not create a perfect budget plan at your starting stage, continue to review and make necessary changes to in line with your needs and financial capability and the most important is follow your budget plan to make it successfully relief you from debts.

Don’t forget the 80-20 Rule and other valuable practical insights that are mentioned in Millionomics. Check it out by clicking here and see what 100s of readers are saying too!


Apr 27

How Does Millionomics Help Your Financial Health Attain Paradigm Status?

Budgeting and financial planning is what many of us have done, are doing now and will keep doing in the future. There is nothing quite great about this. But if your financial planning has helped you achieve a paradigm status, then that is definitely a huge thing.

Read what over 30+ readers are saying about Millionomics book and what they found most valuable about Millionomics!

I have tried my best to present genuine ideas and tips to help your financial health achieve paradigm status, throughout each page of my book – Millionomics. By the time you finish reading the book, you will realize that I managed to do a herculean task in my life, i.e. I succeeded in achieving paradigm status in my financial health. The best part about Millionomics is that anyone who reads and implements the money management tips described in it can also follow in my footsteps and look forward to achieving paradigm status on his / her financial health.

20+ Points that Millionomics Touches Upon

If you haven’t yet read this book, then you might be wondering how I can help your financial health to become more robust. There are 7 main points that my book touches on and attempts to motivate my readers to achieve in their own lives.

1) Accumulate thrice your annual income by age 40

Fidelity Investments released a report in 2012 that stated that if any employee had managed to accumulate thrice his annual income by the age 35, then it was the first confirmation that he would indeed reach the retirement finish line. You will see in my book, how I managed to get this done by age 38 and you too can follow my example.

2) It is better to save one spouse’s income for dual income couples

Using just one spouse’s income to cover all the expenses and bills and saving the other spouse’s income in its entirety is a huge leap towards building robust savings. You will find out in my book about ways to adjust your expenses in a limited amount per month and save the rest.

3) Don’t allow your expenses to grow with your income each year

Income that you earn at the age of 30 years is definitely much better than what you earned a decade ago at age 20. That is a good thing, but what is not good is allowing your expenses to grow in proportion to your income. Find easy and practical tips in Millionomics to limit your expenses without having to do any major sacrifices.

4) Have a car replacement account

Instead of paying for the installments on a car loan, it is better to keep this money aside to fund a car replacement account. That way you save money that would be otherwise spent in paying interest on your car loan. Check out the book to see how I managed to get rid of my car loan and escaped wasting money on interest.

5) Buy a home that costs within 2- 2.5 times of your income and keep your mortgage within 80 % of home value

Buying within your means is important and this needs restraint. You can see in my book about the process that I put myself through to get a cheaper mortgage rate.

6) Make a will

It is foolish to postpone making your will, thinking that you will make your will before you die, because death never comes announced. Having a will in place helps your descendants to manage their lives better even after your death. See in my book how I created my will.

7) Set aside at least 2 % (or more) of your income for the right causes

If you give charity, then it means you are in full control of your finances. A person who is in full control over his finances will tolerate any upheavals in his financial life in a better fashion than the others who have not yet achieved control. Read my book to see how much money I kept aside for charity.

Would love to know more points and really see how I achieved them day by day, month by month and year by year? How about I let you read the book by clicking here :-) !

These points form the backbone of any robust financial planning and if implemented appropriately, can undeniably guarantee paradigm status to anyone’s financial health. Read Millionomics to get a step by step guide to reach this financial goal.