5 Money Hacks To Get Out Of Financial Trouble and Live Debt Free
5 Money Hacks To Get Out Of Financial Trouble and Live Debt-Free Skip to primary navigation Skip to main content Skip to primary sidebar Gathering Dreams Live your dream life doing what you loveMenu
Is there anything specific you need help with? You can start a blog from anywhere. If you want to know anything specific let me know! Reply Jonnie says April 6, 2018 Love your website! I was wondering if you could tell me where you make your pins specifically the ones with the bright backgrounds and the young women at the bottom. Are those stock photos and how do you get them to appear in the background? Reply Sara @ Gathering Dreams says April 6, 2018 Hi Jonnie,
I use stock photos from websites like Adobe Stock or Deposit Photos. I then extend the background to create a longer image for Pinterest. You can use software like Canva or Photoshop to do that. I hope this helps! Reply John Mulindi says March 4, 2018 Paying yourself first, is one that stands out for me, I think most people overlook it, by trying to settle bills before they save what is “left” and many fail because nothing is left behind but if you pay yourself first you will always find ways to pay your bills even if there isn’t money left for it. Great post. Reply Sara @ Gathering Dreams says March 4, 2018 I completely agree, John! Thanks for stopping by Reply
6 Money Hacks To Get Out Of Financial Trouble and Live Debt-Free
Updated: August 13, 2021 This article may contain links from our partners. We may receive a small commission if you make a purchase through a link. Please read our disclosure and how we make money. A step-by-step guide to solve your money problems and live debt-free! Money seems to be one of the things we worry about the most. We never seem to have enough, and we always want to make more. But you should never forget that managing your money is one of the most important steps to live a debt-free life. How much time do you actually spend managing your money every week? And I don't mean stressing about it, worrying about not having enough, or wanting more. I am talking about understanding exactly where your money goes, how much you are spending, and own much you own. Isn't it odd that we spend so much time earning money and so little time learning more about it? What would happen if you invested a bit more time understanding how to use money as a tool and make it work for you? Instead of working for money? Do this:6 Money Hacks To Live Debt-Free
1 Take control
Take 30 minutes a week to take control of your financial life: think about what you want to achieve with your money. Set savings goals, track your expenses and your net worth.2 Calculate your income
It's a pretty obvious step, but you need to make sure you know exactly how much you bring home, after all, deductions and contributions, like a 401(k). If you are self-employed or run your own business, calculate how much you earned on average in the last three to six months.3 Identify your goal
Do you want to save for the holiday of your dreams? Or repay your student loan? Identify your goal. It needs to be clear and achievable. Clear and achievable goals Save $3,000 ($250 a month) in 12 months for a wonderful overseas holiday Repay a $60,000 student loan in 10 years ($6,000 a year, $500 a month – we are ignoring interest here for simplicity) Save 30% of my net income Vague goals Save some money to go on holiday Repay my student loan as quickly as possible Save a bit of money every month You can see how clear and achievable goals will put you in a much stronger position and become more manageable.4 Make a budget
Creating a budget is really going to help you manage your finance! Calculate your fixed expenses (mortgage or rent, bills, car payment, insurance). These are all the expenses you can't easily control or reduce. Calculate your variable expenses (groceries, travel costs, phone bills, cable, entertainment, clothes, holidays, and cappuccinos in the morning!). These are the expenses you can really reduce and better manage by finding good deals or cut them out altogether. Analyze your spending in the past three to six months and set goals for your variable expenses. Determine how much your spending will be in each category and start tracking your expenses from now on. This will really help you to stay out of financial trouble. You can use a simple excel spreadsheet, apps that connect to your bank account and help you categorize each transaction, like Mint or use Personal Capital, free software that allows you to manage your entire financial life in one place. You can track your net worth, create a budget, manage your investments, plan for retirement, and reach your goals faster! CHECK OUT MY MONEY-SAVING CHALLENGE: SAVE $5,000 IN 52 WEEKS 5. Pay yourself first Once you have identified your goal and know your expenses every month, set aside the money you need to reach your goal first! As soon as the paycheck is in, pay your loan, move your money to your investment account, or move it into a separate savings account and forget about it. Then go on, live your life, and spend the rest!6 Stick to your goals
What's the point of spending time and effort making a plan if you don't stick with it? Make sure you review your spending regularly, you adjust your budget, and you keep aiming at your goals! If you have trouble sticking to your budget every month, analyze your spending again. You have to make sure your goals are real and achievable, or you will feel like you are failing every month. It's about building habits, not about depriving yourself of everything you love. Start with small steps and grow into it!Ready to live a debt-free life
Follow these simple steps to learn how to manage your money, stay on top of your finances, and make sure your financial future is in your hands! These easy-to-follow tips will help you to become debt-free and stop worrying about money. You'll be one step closer to financial freedom in no time.MORE THINGS TO READ TO HELP YOU BECOME DEBT FREE
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Your email address will not be published. Required fields are marked * This site uses Akismet to reduce spam. Learn how your comment data is processed. Sara says January 29, 2021 I love what you said about how much time we spend earning money, yet we spend so little time learning about it! That was my experience for a long time. Reply Sara @ Gathering Dreams says February 10, 2021 Yes, it was mine too! I think no one really teaches us how to manage our money, and we need to take it upon ourselves to learn as much as possible about how to make money work for us! Reply Michelle Lady says March 23, 2019 Love your website and content! Thanks for sharing the information on blogging, I am in the middle of starting one now. Reply Sara @ Gathering Dreams says March 23, 2019 Thank you so much, Michelle Reply Dyana says March 15, 2019 Setting goals was a game changer for me. When I knew exactly what I wanted to accomplish I was able to make a plan and became a lot more intentional with my spending! Reply Sara @ Gathering Dreams says March 16, 2019 Completely! Knowing what you are saving for makes a massive difference! Reply Fredy meijer says March 12, 2019 I am from Indonesia, I do need this, could you please guide me until success? There is a lot of things that I want to share, thank you, Ma’am. I want to start it as soon as possible, please… Reply Sara @ Gathering Dreams says March 12, 2019 Hey Fredy,Is there anything specific you need help with? You can start a blog from anywhere. If you want to know anything specific let me know! Reply Jonnie says April 6, 2018 Love your website! I was wondering if you could tell me where you make your pins specifically the ones with the bright backgrounds and the young women at the bottom. Are those stock photos and how do you get them to appear in the background? Reply Sara @ Gathering Dreams says April 6, 2018 Hi Jonnie,
I use stock photos from websites like Adobe Stock or Deposit Photos. I then extend the background to create a longer image for Pinterest. You can use software like Canva or Photoshop to do that. I hope this helps! Reply John Mulindi says March 4, 2018 Paying yourself first, is one that stands out for me, I think most people overlook it, by trying to settle bills before they save what is “left” and many fail because nothing is left behind but if you pay yourself first you will always find ways to pay your bills even if there isn’t money left for it. Great post. Reply Sara @ Gathering Dreams says March 4, 2018 I completely agree, John! Thanks for stopping by Reply