Good Money In Bad Times

Maintaining in a rough economy takes planning, consistency and effort. It doesn't happen over night and it won't happen if you don't take the time to try. Last Christmas I received a wonderful gift from one of the parents at the day care where I used to work. It was a book about personal finance, how to get out of debt, save your money and generally live better. Lifting The Burdens of Debt by Lisa Cherry is a wonderful book, not only is it really informative but it's very inspirational. This is the book that kick started my life change towards living debt free and money wise, here are some of the things I learned and basically how I live my life now. It's a real simple formula.

*Make Sure Your Expenses Do Not Exceed Your Income: Obvious, but I see people who find themselves in this situation month to month.

• If you live on your own, get a roommate to split expenses.
• Renegotiate your cell phone, insurance, cable etc contracts. I call my companies periodically to check for better promotions and sometimes it works out. You never know.
• Smart shopping. Do the research before you buy anything. There always a deal or bargain out there. Take the time to look.
  

*Create Passive Income: Passive income basically is making money with little to no work. That's the best way to make money to me. Some ways to make passive income.

• Surveys, I've made a pretty good amount of money this way. I usually use the money to buy splurge items like over priced cosmetics and treat myself.
• Interest earned, this is a slower way but it's still free money. Put your money in a high interest bank account or CD and chill.
• Sell items you don't need anymore.
• Make money from your hobby. If you're good at something turn it into a side hustle.
  

*Create A Budget and Stick To It: A budget is a a tool to help you prioritize your spending and manage your money. A good budget helps you see and achieve your goals. All you need to know is how much you make, subtract your expenses, after that, see where you can cut costs. With this you can visualize where your money is going when you see it on paper, it makes it real. Don't forget you have got to be honest with yourself and your spending. After you know what you're working with budget for saving or debt reduction.

At the end of the day, your success is up to you. As long as you maintain consistency, adhere to the changes and keep pressing forward you will see positive results.