Special Savings Series: Debt Management, Creating Income Streams, Savings

Donell Edwards, Blogger

About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

 

Know Your Money
Tuesday – May 13, 2014

Knowing Your Personal Finances
Special Savings Series:  Debt Management, Creating Income Streams, Savings
By Donell Edwards

 

In order to be able to save there must first be money available to save.  For some this is a major challenge.  If you are among those who live from paycheck-to-paycheck, or you constantly find yourself confronted with one series of unscheduled expenses after another that stresses the budget, finding money to save may be a problem.

 

That is why it is important to work to put yourself into a position where you can save, and where once you begin saving there will not be any interruptions in your saving on a regular basis.

 

To accomplish this you must first learn how to identify and eliminate wasteful spending.  Also, improve your shopping skills and learn how to plan your shopping and look for bargains and save on grocery, clothing, and other items or services you purchase.  Make sacrifices and do not give in to impulse buying.  Make credit card payments early or on time and pay more than the minimum required.  Pay down your debt.  Create an emergency fund.

 

These are ways to work to put yourself in a position to be able to save.   This is nothing new for regular readers of this blog.  We repeat these very important points over and over again because they are germane to understanding how to lay a solid foundation for personal financial success.

 

Whether you are looking for ways to accelerate your efforts to pay down your debt, or to find money to save, another very important consideration is how to increase your income.  We will discuss two ways in today’s post.

 

The first way is to earn more on your current job or in your career.  How?  One of our Must Reads for today, The Only Way to Build A Career That Generates Both Financial and Emotional Rewards, discusses how to earn more on your current job or in your career.   Writer Kathy Caprino shares her  career experience working in corporate America for 18 years, and how her views changed after starting and successfully running her own business.  This is a very powerful and enlightening article.

 

Here are some things you can do to increase your income temporarily or permanently on your current job or in your career:

 

• Read, read, read.  Read trade magazines and learn about what is going on in your industry.  Be a resource for your supervisor and management team.  Be the person that becomes known as the guru in your office.  Study the company’s internal reports, newsletters, and any other information that will educate you about the company’s goals, objectives, competition, projections, etc.
• Attend seminars related to your current position and further educate yourself or learn new skills that can be utilized in your current position or to help you to advance your career.
• Become close friends with your human resources manager.  Find out what options you have for career advancement and what you need to do to position yourself for success in pursuing those positions.
• Be open to the idea of returning to college to get additional education.
• If overtime is available, be willing to work overtime to increase your income.

 

These are just a few ideas on how you may find ways to increase your income on your current job or in your career.

 

Another option that we highly recommend is starting a home based business.  Before you go into shock, consider this comment from the U.S. Small Business Administration website:  “What do Apple Computer, Hershey’s, Mary Kay Cosmetics, and the Ford Motor Company have in common? These well-known corporations all started out as home-based businesses. In fact, more than half of all U.S. businesses are based out of an owner’s home.”

 

 

 

In addition to having an additional income stream from starting a home based business, there some very good tax advantages as well.  Obviously, everyone does not have the desire or the drive to have a home based business.  But if you have the entrepreneurial spirit, you are well organized and are good at time management, and you are willing to learn, having a home based business can provide you with many rewards.

 

We have two Must Reads for today that provide information about home based business opportunities.  The first is, 5 Steps to Starting A Home Based Business, which helps you to do some self assessment to determine if you are a good candidate for a home based business.   The second is 50+ Legitimate Work From Home Job Opportunities, which provides a list that includes a wide variety of home based business opportunities.

 

The point is to use your time and experience to find ways to bring in more money to help pay down your debt, and to begin saving.

 

 

Must Reads:

The Only Way To Build A Career That Generates Both Financial and Emotional Reward
http://tinyurl.com/kymbuildrewardingcareer

 

5 Steps to Starting A Home-Based Business
http://moneyning.com/business-idea/5-steps-to-starting-a-home-based-business/

 

50+ Legitimate Work From Home Job Opportunities
http://singlemomsincome.com/50-legitimate-work-home-job-opportunities/

 

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We Would Like To Hear From You.  Are There Any Brave Souls Out There Willing To Share?
If you would like to share with our readers how “bad” spending habits have affected you, anonymously or otherwise, for our upcoming special, “Confessions Of Spendaholics,” please send your experience to comments@knowyourmoneyglobal.com.

 

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Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

 

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