The secret to getting rich is to live below your means.
It is a very unexciting fact but it is as simple as that really.
If you are currently not living within your means, what can you do to either cut your expenses or increase your earnings?
Working with people on their budgets (I prefer to call them Money Maps) there are many occasions where my clients seem to come to a dead end. The money won’t stretch to meet the expenses required to keep the household going the way that it is used to.
We go through the money options:
- cut expenses – yes you may have to go without
- increase earnings – get a second job/increase hours/learn something new that you can earn money from etc
- go into debt
Making a money map or budget work is a challenge at times – and for those who have situations dumped on them that is no fault of their own, it is doubly hard.
But there are so many people who choose to continue to spend on unnecessary stuff when there is simply not enough money coming in. They choose to go into debt. Debt is expensive and if you haven’t got enough money coming in any way – having to pay debt interest on top of everything else is just going to make things a whole heap worse.
People in the UK pay £137 million per day in credit card and personal loan interest. That is FIFTY BILLION FIVE MILLION pounds per year.
I have a Facebook group called the Money Mastery Club. We are a group of people who simply want to get better with our money. We want to master it on a practical level but also on an emotional level too. Come and join us.
As an experienced Money Coach, I know that there are many emotions that come up the minute money is mentioned. The most common ones that come up are fear, anger, guilt, and shame. These emotions are deep routed. They really need to be shifted by becoming aware of where they came from and why. If your relationship with money is holding you back from managing your finances, do not believe that it is permanent and that that is just the way that it is. It can be changed, it must change, but it is down to you to kick-start that change.
I can help you with this. The first thing you can do is the Money Type Quiz on my website. It is brilliant. There are 8 Money Archetypes – a bunch of characters who all have different behaviour around money. You will decide which words on the screen apply to you when it comes to money and tick them. You get your score right away, (on the screen and by email) telling you which of the archetypes are running your money show. This is the place to start. I will be doing lots of archetype work in the group so understanding who they are will really help you.
So if any of this article resonates with you, please take some action today. Just something – however small. Come and join the Money Mastery Club could be it!