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All the Single Ladies (and guys)

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I am the eldest in my family with quite a large gap between me and the second born. This naturally put me in a position where I was the first to get married and start a family. Now I get to watch my siblings enter early to mid-adulthood and try to “warn” and guide them to financial balance.

It’s quite interesting to watch them make different financial decisions than me and each other since we all grew up with the same “teachings” and habits we saw our parents making.

One of them thinks about today and plans only for the immediate future, while the other looks further ahead and is safely putting his money away when he could easily spend it on exotic vacations and car payments. While some may think it’s shameful to be living with your parents during your mid 20’s, it is perhaps the wisest financial decision if you have a goal in mind and minimizing expenses is what you need to do for this to happen.

Obviously it’s much harder to get through to the one who has a shoe and bag addiction and doesn’t know the first thing about creating and setting a budget. But maybe one day…

I wish I knew then what I know now and had safely put some money away while I had fewer expenses then I do today. If you are single – what do you spend most of your money on that can maybe take a “budget cut”? Do you put some aside for a rainy day? If you are parents to teenagers and young adults are you doing your best to make sure your children are able to stand on their own two feet and plan ahead for whatever life holds in store?

Family Budgeting: More is…More

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When I first did my budget I discovered that not only was I spending way too much in certain areas, but that in total I was putting myself in debt more and more each month. As I already mentioned the income needs to be as much if not more than our expenses.

After reducing where I could I found that I still came up short. There was no where else to “trim” from and I needed to find a way to cover it.

What to do????

And so I was put to the task of finding “extra” income. It would not be easy and would require working MORE hours than I had energy for, but for the immediate goal I was trying to reach it needed to be done.

Finding that extra income can require some creativness. I, for instance, relied on my bi-lingual skills to do some side translation work, which didn’t make me millions but here and there provided much needed “relief” for little extra expenses that came our way.

I heard a story of a man greatly in debt, who had sleepless nights thinking about his finances, and was advised that since he wasn’t sleeping anyway, perhaps he should try delivering fresh bread and milk as a service. Not only was this a way as earning extra income, turns out it was so successful his business grew so much he ended up hiring staff for deliveries and now runs it successfully.

Perhaps you have a skill that you can put to use as a way of earning some extra money. Perhaps you can draw or write well – think about how you can use that to make some extra cash. All ideas are welcome and I would love to hear them so please comment below!

So as you can see – more money is…more income – the more you make the faster you can reduce your debt and start planning ahead.