This is the 2nd of the 7 Ways To Earn Extra Money based on the best seller, The Richest Man In Babylon (G.S. Clason). Control your expenditure.
You may be forgiven for thinking that controlling your expenditure is different from earning extra money. However indulge me a while and read on.
As my Blog is about home Internet businesses it’s reasonable to assume you are hear because you are looking for ways to earn extra money. The above book was written 3 years before The Great Depression and the author could see the signs coming.
Controlling your expenditure is about living within your means. Robert Kiyosaki, a great financial educator, refused to incur unnecessary debt even when he went out of business. He lived with his wife Kim in friend’s basements, because he believed he would become successful again.
Many of us faced with say a cut in salary or one partner losing a job carry on spending at the same level, adding to existing credit card debts etc. What we forget to consider is simply re-examining our budget and living within our income.
If you are looking to earn extra money to simply service credit card debts then you will never reach financial freedom. If your expenditure is seriously out of control you will be swapping one form of boss for another, the new boss will be called THE BANK.
Yes getting extra income will help you pay off those debts or make up for a drop in income. However avoid making the situation worse. As they say, if you are in a hole and you want to get out, ‘stop digging’.
Notice I said ‘pay off’ the debts as opposed to get into more debt. The banks would love to give you more credit as long as you can service it. However as soon as there is a bad month just see how quickly they slap the charges on you! The only person who will look out for you is – you.
In conclusion consider this one saving I achieved with minimal impact on my lifestyle. I like a coffee from a well known franchise and thought nothing of the £2.50p (approx.) a day I paid. After I read this book and actually added up the annual cost I was shocked, £600 – on coffee! Now I make my own, add coffee essence, and get two mugs for 70p (as opposed to one mug before) – annual cost £138. I’ve just earned an extra £472 per year tax free. And that’s just a start!
Andrew PeelI welcome all comments as long as they add value and I also welcome different points of view.
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