Today’s post is written by guest blogger Sherry Martin.
Several years ago, jobs seemed plentiful, and the housing market was skyrocketing. With the stock market growing, most families seemed to have a secure lifestyle. Now with the serious economic storm of the last few years, many families have faced severe financial hardships.
I believe it is time for alternatives to the “old way of thinking” about finances and money.
Here are a few suggestions I’ve discovered over the past few years:
1. Stay out of debt. Follow a plan to get completely out of debt. Dave Ramsey has a book that I recommend: The Total Money Makeover.
2. In his book The Total Money Makeover, Dave Ramsey gives us a step-by-step plan called The Debt Snowball. If you follow his plan, you’ll begin to get a grip on your debt and even begin eliminating debt in a manageable way.
3. Live within your means. There is an old saying, “Use it up. Wear it out. Make do. Do without.”
4. Evaluate your spending habits. Follow a monthly budget, and know
where your money is going. Decide if something you want to purchase is a Need or a Want. Many times, a want can wait until the money is saved for the purchase.
5. Have a Solid Plan B in place. Always be on the lookout for a way to make extra income for your family. Market a talent, skill, or look for a reliable, ethical business and learn all you can about it. You might consider developing multiple streams of income for now and into the future.
Nothing is more important to your financial security than getting completely debt free. This will bring peace of mind, and time freedom for your family. I hope you enjoyed the suggestions.
© Copyright 2012 Sherry Martin – All Rights Reserved