Money Management

• Poor money management is destroying individuals, families, and society
• 85% of 65 year olds have saved less than £200 when they retire
• Average family spends 109% of its earnings
  

• Having more things brings more happiness
• Having more things will make me more important
• Having more things will make me more secure

The major reason for financial breakdown

• Always wanting more.
  

5 Foundations for Financial Freedom

• Keep good records
• Plan your spending
• Save for the future
• Enjoy what you already have
• Give back, 10% to God, 10% to yourself, 80% to pay bills

How to clear debt in 7 years

The Key Driver

• Release a little extra each month to make the system work

Suggested ways to save money

• Cut up your credit cards and operate using cash.
• Don't buy new cars, they loose their value as soon as you leave the garage.
  
• Hire less DVDs
• Get rid of your satellite TV
• Stop impulse buying
  
• Fewer MacDonalds
• Have cheaper holidays with young kids. They don't remember the expensive ones.
  
• Clothes. Do you really need all those clothes?
  
• Electricity, gas. Find the cheapest supplier
  
• Spare coins. Put them in a tin, and bank it when full.
  
• Insurance policies
• Coupons.
  
• Recreational shopping. Don't do it. Go for a walk instead.
  
• Wine/beer/cigarettes. Drink less, smoke less.
  
• Phones, mobile phones. Shop around for the best deal.
  
• Magazines. Most of the information is free on the web.
  
• Christmas. Don't spend too much on Christmas.
  

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10 ways to transform debt into wealth

• Define success in terms of what it means to you
• Commit to achieving your goal
• Start now
• Have faith & willingness
• Self-responsibility
• Focus, don't be distracted
• Self motivated
• Persevere
• Have courage
• DO IT!

This page was created on Tuesday 28 October 08 and last updated on Thursday 30 October 08