Ways to be debt free: Setting goals

Its a new year and most of us have written their new years resolution which I believe you gave up on following on Jan 3, just kidding.

source: http://www.diabetesmine.com/

Many of us can't and won't be free from debt because in the first place it was never our goal to be free from debt. That is a very absurd thinking you may say but  it is actually happening. 

 source: http://blogs.ktk985.com

So in order to not to fall to deeper manholes of debt set your goals. Put a deadline(I know nobody wants a deadline) and follow it to the letter.

 source: http://blog.madd0.com/

 It doesn't have to be a giant step goal. As Confucius said "A journey of a thousand miles begins with a single step." Take it one step at a time.

The questions one has to answer are these:
1. When and how often to save?

Save in a week, in a month, or in every two weeks. 

2. Save how much?


20 pesos, 50 pesos, 100 pesos.


3. How to save.


Stop buying gourmet coffee on the way to work, cutting the cable, selling old stuff, starting a small business on the side, continuously setting aside money for a loan already paid, and so much more

Many of us really don't save. Saving doesn't have to be a one time big thing like saving your entire paycheck for this month in order for you to buy that latest phone next month.

source: http://www.chowking.com/home

 

Save little by little.  If you buy a Chowking breakfast meal with a halo halo the next time only buy the breakfast meal. And after buying only the breakfast meal for two weeks eat at home before going to work. 

source: http://www.telegraph.co.uk

Or if you smoke a pack of cigarette a day only smoke half the next day and the other day smoke 1/4 of a pack and on the other 1/8 of the pack until you only smoke one stick a day and probably with God's grace totally quit smoking in 6 months.

Saving abruptly just gives you a withdrawal syndrome so do it little by little until your body adjust and accepts the new lifestyle.

source: http://www.moneytomoney.org/

P.S. I have conceptualize some book project regarding savings. I will share it as soon as I start the very first pages of that book. And like I have said I am also doing it one small step at a time. I hope to see you downloading it once it is out... promise its free :)

Ways to be debt free: Setting goals

Its a new year and most of us have written their new years resolution which I believe you gave up on following on Jan 3, just kidding.

source: http://www.diabetesmine.com/

Many of us can't and won't be free from debt because in the first place it was never our goal to be free from debt. That is a very absurd thinking you may say but  it is actually happening. 

 source: http://blogs.ktk985.com

So in order to not to fall to deeper manholes of debt set your goals. Put a deadline(I know nobody wants a deadline) and follow it to the letter.

 source: http://blog.madd0.com/

 It doesn't have to be a giant step goal. As Confucius said "A journey of a thousand miles begins with a single step." Take it one step at a time.

The questions one has to answer are these:
1. When and how often to save?

Save in a week, in a month, or in every two weeks. 

2. Save how much?


20 pesos, 50 pesos, 100 pesos.


3. How to save.


Stop buying gourmet coffee on the way to work, cutting the cable, selling old stuff, starting a small business on the side, continuously setting aside money for a loan already paid, and so much more

Many of us really don't save. Saving doesn't have to be a one time big thing like saving your entire paycheck for this month in order for you to buy that latest phone next month.

source: http://www.chowking.com/home

 

Save little by little.  If you buy a Chowking breakfast meal with a halo halo the next time only buy the breakfast meal. And after buying only the breakfast meal for two weeks eat at home before going to work. 

source: http://www.telegraph.co.uk

Or if you smoke a pack of cigarette a day only smoke half the next day and the other day smoke 1/4 of a pack and on the other 1/8 of the pack until you only smoke one stick a day and probably with God's grace totally quit smoking in 6 months.

Saving abruptly just gives you a withdrawal syndrome so do it little by little until your body adjust and accepts the new lifestyle.

source: http://www.moneytomoney.org/

P.S. I have conceptualize some book project regarding savings. I will share it as soon as I start the very first pages of that book. And like I have said I am also doing it one small step at a time. I hope to see you downloading it once it is out... promise its free :)

Ways to be debt-free

                                source: http://antipinoy.com/

This is a follow up on my previous blog "What it means to be debt-free" if you haven't read it yet click here to read it.

So you decided to be free from your debt but your wondering how in the world can I do  that? So this topic will be  in parts since it covers a lot of things.

Let's discuss the very first step. Step one is accepting that you are buried in debt.

                                              source:http://interacc.typepad.com/synthesis/

I know you are lost why to be debt free one should accept that one is buried in debt. Just like any other addictions, the first step towards freedom from it is to acknowledge that one is addicted to it. Accept the fact that you are in debt. Most people will have a hard time doing this because of pride. They would say "no I'm not buried in debt, I'm just behind my payments don't worry money is coming".

It is sad that most Pinoys would just say that. They don't want to accept their situation thus they are always in denial mode. And so doing in order to cheer themselves they buy. They go shopping and go malling and when they see something they've always wanted they buy it and charge it to their credit card.

                                               source: http://blog.beliefnet.com/onecity/

Or if they are upset they escape by going somewhere else like going to a resort or watching movies just to forget that they are buried in debt. I remember my brother's comment about how so many people have the guts to get a loan to pay up another loan just to have money to spend, he says "Basta at least sumaya sila sa inutang nila."

So the very first thing is really to accept that you are buried in debt. It creates that realization inside of you that you have to do something about it.  That one must be responsible for it and not escape and show the world that everything is okay because it is not okay.

                                            source: http://www.selfishprogramming.com

Ever seen movie scenarios where the Dad or Mom secretly works in a night shift low paying job to support their family after losing their job while their children are acting like rich kids getting this and buying that. That is so pitiful and yet the parents keeps on denying it but in the end everything is ruin.

So remember step one: ACCEPT THAT YOU ARE BURIED IN DEBT.

 vv

Ways to be debt-free

                                source: http://antipinoy.com/

This is a follow up on my previous blog "What it means to be debt-free" if you haven't read it yet click here to read it.

So you decided to be free from your debt but your wondering how in the world can I do  that? So this topic will be  in parts since it covers a lot of things.

Let's discuss the very first step. Step one is accepting that you are buried in debt.

                                              source:http://interacc.typepad.com/synthesis/

I know you are lost why to be debt free one should accept that one is buried in debt. Just like any other addictions, the first step towards freedom from it is to acknowledge that one is addicted to it. Accept the fact that you are in debt. Most people will have a hard time doing this because of pride. They would say "no I'm not buried in debt, I'm just behind my payments don't worry money is coming".

It is sad that most Pinoys would just say that. They don't want to accept their situation thus they are always in denial mode. And so doing in order to cheer themselves they buy. They go shopping and go malling and when they see something they've always wanted they buy it and charge it to their credit card.

                                               source: http://blog.beliefnet.com/onecity/

Or if they are upset they escape by going somewhere else like going to a resort or watching movies just to forget that they are buried in debt. I remember my brother's comment about how so many people have the guts to get a loan to pay up another loan just to have money to spend, he says "Basta at least sumaya sila sa inutang nila."

So the very first thing is really to accept that you are buried in debt. It creates that realization inside of you that you have to do something about it.  That one must be responsible for it and not escape and show the world that everything is okay because it is not okay.

                                            source: http://www.selfishprogramming.com

Ever seen movie scenarios where the Dad or Mom secretly works in a night shift low paying job to support their family after losing their job while their children are acting like rich kids getting this and buying that. That is so pitiful and yet the parents keeps on denying it but in the end everything is ruin.

So remember step one: ACCEPT THAT YOU ARE BURIED IN DEBT.

 vv

What it means to be debt free?

source: http://mamacanon.blogspot.com

We have been discussing stocks for quite sometime now and I would like to step back and talk about some issues that a normal person would like to tackle.

I was reading the blog Simple Mom regarding how she and her husband finally able to say to themselves that they are debt free. It came to me that most Pinoys are becoming like most Americans and that is living in debt. And with that I wonder if the same mortgage crisis happen in the Philippines when most Filipino families will become homeless because they are not able to pay their mortgage on their house.

One rule that me and some of my stock investor friends have always reiterated is to invest only totally free cash. There was one comment in one of my post asking how can one have extra money for investing when upon receiving her paycheck nothing is left. The thing is to be financially free or for this case debt-free is to have a discipline not only to master but also live on a day to day basis.

That is why I recommend Bo Sanchez's book Simplify and Live a Good Life. Being debt free is a goal which needs a plan. So right now sit down and look at your current financial situation. How many debts do you have? It could be a car loan, home loan, credit card debt, school loan, or any other loan you made out of emergency needs. List them down in the order of which is burdensome that is which one has a higher interest rate. As much as possible pay up first loans with higher interest and just give some to those that has a lower interest. This will save you from the dreaded charges that loan companies charge you.

                                     source:http://thedebtfreeusa.com
 

Start small steps towards your debt free life. And soon you'll realize the value of not owing anyone. There will be no more deadlines to catch. There will be no more allocations to be made for creditors now you can put those extra cash for investments that would generate more money for you till it comes that the money they generate will be more than your wages thus giving you passive income.

There are so many benefits from becoming debt free. How about you what do you do to become debt free and what are the benefits you enjoy now that you are now debt free. Share your thoughts.

What it means to be debt free?

source: http://mamacanon.blogspot.com

We have been discussing stocks for quite sometime now and I would like to step back and talk about some issues that a normal person would like to tackle.

I was reading the blog Simple Mom regarding how she and her husband finally able to say to themselves that they are debt free. It came to me that most Pinoys are becoming like most Americans and that is living in debt. And with that I wonder if the same mortgage crisis happen in the Philippines when most Filipino families will become homeless because they are not able to pay their mortgage on their house.

One rule that me and some of my stock investor friends have always reiterated is to invest only totally free cash. There was one comment in one of my post asking how can one have extra money for investing when upon receiving her paycheck nothing is left. The thing is to be financially free or for this case debt-free is to have a discipline not only to master but also live on a day to day basis.

That is why I recommend Bo Sanchez's book Simplify and Live a Good Life. Being debt free is a goal which needs a plan. So right now sit down and look at your current financial situation. How many debts do you have? It could be a car loan, home loan, credit card debt, school loan, or any other loan you made out of emergency needs. List them down in the order of which is burdensome that is which one has a higher interest rate. As much as possible pay up first loans with higher interest and just give some to those that has a lower interest. This will save you from the dreaded charges that loan companies charge you.

                                     source:http://thedebtfreeusa.com
 

Start small steps towards your debt free life. And soon you'll realize the value of not owing anyone. There will be no more deadlines to catch. There will be no more allocations to be made for creditors now you can put those extra cash for investments that would generate more money for you till it comes that the money they generate will be more than your wages thus giving you passive income.

There are so many benefits from becoming debt free. How about you what do you do to become debt free and what are the benefits you enjoy now that you are now debt free. Share your thoughts.