Home
>
Personal Finance
>
How To Free-Up 10% to 15% of Your Income

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15% of your current income? Just imagine what you could do with this money. You could pay down your debts, increase your savings, or work toward that next important purchase that you have in mind. Wouldn't it be exciting to actually have money left over at the end of the month?

I know what you are thinking: "That would be nice, but not if I have to budget every dollar". What if I told you it could be done without budgeting? What if you could accomplish this in a week's time without too much effort? Would you take a few steps in order to improve your finances?

If you answered "yes", let's go through the simple steps required to make this possible.

Step #1: For a total of 7 days we need to track every single expense. This includes credit card, check, and cash purchases. For this program to really work you will have to track everything (even pocket change). The easiest way I have found to accomplish this is to use a blank check register and write down every transaction that you make for the next 7 days. And I mean every expense, even if you give your child a quarter for a gumball, track that expense. We need to collect the date the purchase was made, and the item that was purchased (this part of the exercise is actually most of the work, and really isn't all that time consuming ? especially when we keep in mind the possible benefits).

Step #2: Once we have tracked every expense for the last 7 days, we then need to go through each of those expenses and evaluate them. What we are looking for is which expenses fall into the "wants" category, and which expenses fall into the "needs" category. As you try to identify these, let me give you some coaching? Is that Diet Coke habit every morning really a "need", or is it actually a "want" that could be cut back in order to improve not only your finances, but also your health? The idea is not to identify how many things that you enjoy that will need to be sacrificed, but to identify the items that you really could do without ? and not suffer?

Once you have identified the "wants" that you don't really "need" in order to be happy, add these expenses up for the week. If you are the typical American you will find that these unnecessary "wants" will add up to approximately 10% to 15% of your take home income. In fact most people who do this program, are shocked to find that they really do waste a lot of money on things that they had no idea would affect their finances so dramatically.

Step #3: Commit to saving. This is probably the hardest part of the program, and within reason you have the freedom to choose your "wants" for the day or to choose your "needs". Now I know that some days that "Diet Coke" (or fill in your own vice here____) is an absolute "need". When you are having that kind of day, go ahead and reward yourself for being so good the rest of the week. But make sure that you keep your objectives in mind for the long run and commit to saving that money for the next day.

Now before you give up on putting these steps into place, lets realize the fact that the benefits of this program really do add up. In fact the average American making the average wages will find that they are able to free up $200 to $300 each month. You are probably thinking "sure, but that won't work for me". In all of our experience in teaching this program we have not yet (knock on wood) found anyone that was not able to identify and free-up a portion of their take home income.

This newfound savings can go a long way in making your financial picture much brighter. It can help you extinguish debt in a fraction of the time, put money away for a better retirement, and get you out of the month to month budget crunch that so many of us deal with all of our lives.

And remember this: If you save only $1 per day and invest it at 10% interest ? in 56 years it will grow to $1 million. Every dollar counts. Make sure you get the most value out of every dollar you earn, by focusing on your financial goals instead of the wasted "wants" of life that put most of us in financial bondage.

? 2005 DebtGuru.com?. Michael G. Peterson is the Vice President of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit http://www.debtguru.com

This article may be freely distributed as long as the signature file and active link are included.

Brookfield limo Midway .. Lockport Chicago limo O’Hare

In The News:

Creating an email alias can help clean up your inbox by organizing emails based on purpose, like creating different aliases for shopping, newsletters and work.

A multipurpose robotic system promises to transform how items are stacked onto pallets, aiming to maximize space utilization and reduce shipping costs.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The number of people affected by a UnitedHealth data breach in February 2024 was actually higher than previously reported and was the largest medical data breach in U.S. history.

A phishing campaign uses Google Calendar to schedule fake meeting invitations that appear legitimate, redirecting targets to phishing sites.

Toll road text scam: Fake messages claim unpaid fees, seek payment via fraudulent links. Kurt “CyberGuy" Knutsson says this scam is becoming increasingly sophisticated and widespread.

Kurt “CyberGuy" Knutsson says these steps ensure that your friends and family get to the exact moment you want them to see. Try it out and streamline your sharing experience.

Tech expert Kurt “CyberGuy" Knutsson offers tips on how to protect your identity: Be vigilant, monitor accounts, use smart security, know theft response.

Tech expert Kurt “CyberGuy" Knutsson says cybercriminals are exploiting iMessage phishing protection, tricking users to reactivate links.

It's hard to imagine life without in-flight Wi-Fi these days – but sky-high web surfing comes with its own set of privacy concerns. Here's how to protect yourself.

Over 400,000 cases of credit card fraud were reported in 2024 to the Federal Trade Commission. The CyberGuy explains how to protect against becoming another victim.

A nondescript metal box transforms into a fully functional electric motorcycle that blurs the line between vehicle and urban infrastructure.

Many apps unrelated to location still ask users for tracking permission, and Texas Attorney General Ken Paxton has filed a lawsuit seeking to end this alleged practice by Allstate.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Melody, the artificial intelligence-powered robot, is life-sized and represents a move toward creating robots that resemble people in appearance and interaction.

Here are five easy smartphone rules from the National Security Agency that you can follow to better protect your mobile device from hackers and scammers.

A U.S. robotics company has developed "Jennie," a robotic pet powered by artificial intelligence that's designed to comfort those facing mental health challenges.

Healthcare records for more than 184 million Americans were breached in 2024, but you can take steps to minimize that risk. Kurt the CyberGuy explains.

The Skyrider X1 from Rictor claims to be the "first amphibious flying passenger motorcycle," and it combines land and air travel in one sleek design.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Home inventory and restoration apps help itemize and track every item in your home in the event you have to make an insurance claim after a natural disaster.

The White House launched a new cybersecurity safety label, the U.S. Cyber Trust Mark, intended to help consumers make informed decisions on smart device safety.

Today's tech can help make life so much easier — if you know how to use it. Here are a few tips on the quickest and best ways to make your phone, laptop and other devices work for you.

Tech expert Kurt “CyberGuy" Knutsson offers Windows 11 restart fixes: Update drivers, run system scans and check hardware.

Sony and Honda's Afeela 1 EV launches with advanced tech and entertainment for $89,900. Tech expert Kurt “CyberGuy" Knutsson gives his takeaways.

How To Free-Up 10% to 15% of Your Income

Personal Finance