LIVING BELOW YOUR MEANS AND LOVING IT

Are you the kind of person that gets it and spend it all? Well, you may have it in abundance now but how do you live below your means today to prepare for the lean season?

Whiles others instinctively seem to know how to get what they want, even on a limited income, some need help in managing their finances to get what they need and want. Research shows that people worry more about money than any other problem.The joy of having coins dancing in ones pocket brings much fulfillment and  greatly desired to be spent on instant gratification.However, it is very important to learn how to live below your means to fulfill some desires in later years. In this post, I intend sharing with you some great techniques to help you live below your means whilst loving it. If you are a spendthrift, then this post was created with you in mind. Read on to find out. If you desire to cultivate the habit of living below your means, then do the following:

• ·         Create a financial Plan

You would have difficulties living below your means if you don’t have a financial plan. A financial plan is a written record of your goals, how you intend to fulfill them, as well as which are more important to you and which are less important to you. Establish a plan for earning, saving, and spending money

• ·         Estimate your monthly Expenditure

Write down an estimate of your basic expenses using your previous experience. Begin by listing your fixed expenses such as rent/ mortgage, loan payments etc.Then take notice of your flexible expenses like food, transportation, cell phone charges ( one of the major drain of finances) and the like.This would give you a rough idea of  how much you spend each month.

• ·         Track your cash flow

 You will have a hard time living below your means if you don’t know what you are spending your money on. Question where every penny in your pocket goes. It may be obvious that you are spending money on what does not really fit into your financial plan. Do you buy stuffs on impulse or you buy what you really need? Your tracking method doesn’t have to be fancy – just make sure the method you choose is something you’ll use consistently, a small note pad and pen is just right.

WHAT NEXT?

Everybody can live below their means, and even save 10% of their income, make sure you understand the difference between what you need to live and what you want to have to be comfortable. What do you think

Emmanuel Kumah:Setting financial Goals

Money has become one of the most used but the least learn t about resources in the world.So many people dream of having huge money without knowing what the money would be use for.Financial goals are important for any one who would love to leave a life free of debt and are daring to enjoy financial freedom in later years.
I met a young man in Accra, Ghana, who had made the decision to make his future bright by dimming his desires today. And he shared with me some realistic and financial goals about money I do not mind letting you know.
The five decision he shared with me was from Robert Allen’s book Multiple stream of Income
Are you ready to set some financial goals? Do you want to live a life free of worry about money? Then let's get going.

The five decision to make about your money seeds

1. Target: How much total money would you like to accumulate? It is not enough to say you want money, how much money would fulfill your needs. If you believe $1 million would help you reach your goal put it down on paper.

2. Amount:Because your target is to accumulate $1 million, you need to put aside some amount of money every week ,or month to enable you get your target, this comes with habit of squeezing some few money out of your life to reach the target, you need to deny your self those instant gratification ,so as to put aside some amount of money.You should also learn the habit of budgeting in order to direct some of the money to achieve your financial objective.

3. Rate: What interest rate can you earn on your invested dollars? You need to put those accumulated money in a high yielding investment package so that you would  reach the target you have set for your self. Remember you are loaning  your hard earned money  to someone to use and so you should get a return higher than the money you parted with .If 20% interest rate would enable you reach the target, select an investment package that would help you achieve the goal.Make sure you do a due diligence on the type of investment before parting with the money .ok!

4. Time: When would like to reach your financial goal, 29 ,15 or 30 years? The earlier  you know the time to reach the financial goal,you would begin to start put money aside to reach the goal,the sooner you start, the richer you will get.
5. Purpose: I have already said that money without  a purpose leads to a curse.Why do you really want this money? What is the ultimate purpose?  Is it to further your education, marry , support the family or start another business.Your moneymaking will be much more successful and meaningful if you have a clear purpose.If it is just to “make a lot of money” you may find yourself oneday with a lot of money , but not knowing what to do with it.

Let me end by giving you this financial target work sheet.

• What is my target investment goal?......................
• How much can I invest per week?......................

• How long am I willing to invest?.........................

• What is my target interest rate?...........................

• And finally, why is it important to me to achieve this goal?

What Next? IT is your TURN

 I hope i have helped you know how to reach those goals, drop me a comment on what you have learnt and feel free to share this on facebook and other social media. Now that you have set a financial goal, work on it daily and you would suppressed by the amount of wealth you will accumulate. Thank You

Turning Desires into GOLD

Think and Grow Rich, how many times have you heard this saying? Is there really power in thinking, not to mention converting it to monetary equivalent? Undoubtedly, Napoleon Hills “Think and Grow Rich” is one of the most influential books of all time, that would help you in your personal achievement and a sure road to financial independence.
It is true, we are what we think of most of the time,our habits is a reflection of our thoughts much more than our growth, we can really think and grow rich.Since everything begins and ends with your mind, you should be able to set your mind in a way as to create wealth. I feel more pressured today, to share with you an excerpt of his book, “Think and Grow Rich” and we would focus on how to turn desires into money.Are you ready to think and grow Rich?
Money is good, because when it falls in the hand of a good person it would do more good to the world, and would give you freedom and time to share your life with people you value most. It may seem incredible and unbelievable but if you only believe, what you are about to read would transform your life and finance a great deal.
Five ways to turn Desires into Gold.
1. Fix in your mind the exact amount of money you desire: Most often I here people say,”I want plenty money” However, it is not enough to say that, but you must fix in your mind the amount of money that would make you happy and help fulfill your needs,money without purpose would not be a fulfillment in life and would be a curse instead of a blessing. Let me repeat it again “ How much money do you want?”

2. Determine exactly what you need to give in return for the money you desire: there is no free lunch, if you need money you need to give something in exchange for the money, there is no such reality as something for nothing.What do you want to give in return for the money? It may be a service you can render or a product you can sell to someone in exchange for the money that person has. If your desire is to have $20,000 by the end of the year ,what service can you give to someone for him or her to pay you that amount you need.Think about it?

3. Establish the definite date when you intend to posses the money you desire: As you fix in your mind a date to have that money, you would be motivated to work hard in having the money on the set date, establishing a definite date helps you to set goals and as the date draws nearer you feel more confident and accomplished in life. When do you want that money you desire,? 2020,2011 or 22nd December, 2012 which is more specific?

4. Create a definite plan for carrying out your desire: Think and grow rich, when you begin formulating a plan you would be convinced you are getting that money, remember I talked about goal setting in my previous work, plans or goals are more definite approach to the dream of achieving financial success.Create a plan for yourself. How am I going to get this money by this said date, write the plans down no matter how silly it may be first and then begin to act on it now.I always say that the best time to begin an important journey is Now, so act on your plans today.

5. Verbalize: read aloud the written statement in your quest of wealth acquisition, say it to yourself and feel the possession of the money in your hand.As you read your written wealth acquisition plan and you begin to think about it, you become convinced in your heart and then you feel the money in your hands.
Napoleon Hills was not joking , believe me it works ,there is really magic in thinking and growing rich , remember the end results is not to think but to do what you think of and the riches would be yours.

What Next?
Thank you for your investment in my article, feel free to share this with your friends on other social media and don’t forget to drop me a comment ,it keeps me going.