A few weeks ago I started taking a long hard look at everything I had bought in the last year. Clothes, a few decorations for the house, shoes, magazines and a machine to strengthen the abdomen.
I realized that many of the things I bought weren’t as necessary as I thought. I only wore the red high heels a couple of times and the ab machine was put away after two weeks. I already had enough decorations and the magazines that come to me by subscription are still packed because I don’t have time to read them.
This situation really made me reflect on an economic crisis and realize that I had bought on impulse and not because it was necessary. The worst thing is that a large part of these products were purchased with a credit card.
Think carefully about what I explain in the previous paragraphs and you will realize what a big mistake we are making. Did any of you feel identified? I bet you did.
It is clear, I was headed towards an economic crisis but now I understand it very well. I realized that having debts is our own fault. We are responsible for our financial situation.
For this reason, I want to share with you some actions that I took that helped me improve my economic situation. I hope you apply them and they are as useful as they were for me.
If you want to delve deeper into the subject and download a template to make a personal budget completely free, read the following article: How to make a budget for your personal life.
- Where does the money go? Review all your account statements from the past months and even those from the past year, the payment vouchers, your income, your savings and your debts. You will find a lot of money leaking out of your pocket without realizing it.
- Make a list of all your expenses and add the figures.
- Make a list of all your income and add the figures. If you only have one income be careful. Relying on a single inflow of money is risky.
- Subtract your income minus your expenses and put the figure on a piece of paper. Did you overdraw? If the answer is positive, it is time to create more options. Generate more income and have the life you want. You did something great, KNOW YOUR REALITY AND TAKE THE REINS OF YOUR FINANCES.
- Set financial goals, how much would you like to earn? I suggest you think about your best year and ask yourself, how much annual income did you have? Add an additional 20% to it. THAT WOULD BE YOUR GOAL.
- Awaken your talent and think about what activities you could carry out to generate an additional 20% to your income. Remember that people have many needs, and if you have the solution to those needs, excellent, because they can pay you for it.
- Try to pay only in cash. If you follow the advice you will see that you will accumulate wealth. Remember, it is not about living a life of austerity, that is just an encouragement for you to think about generating more income and getting out of your comfort zone.
Start now!!… and tell me how it went…
If you want to generate other sources of income, we recommend reading the following articles.
51 profitable businesses easy to start.
How to earn money from home: 21 alternatives with little investment.
And remember, if you are really interested in creating your own business, you can purchase our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
