CUT DOWN YOUR EXPENSES!
So last time I can recall renting a little space in your curious minds with my thoughts was in February (approximately 4 months ago) with VOLUME # 1 of "THE SECRETS TO FINANCIAL INCREASE. Here I introduced the series by giving you some background information regarding why you can trust me as a credible source to advice you on financial matters and wealth building and giving you 4 secrets to securing your financial bag. Please allow me to refresh your memory on what those 4 secrets were in my last discussion.
We live in an era where the more expenses that you accumulate qualifies you for acquiring assets. On the contrary, when I grew up in the Caribbean island of Saint Vincent and the Grenadines I was cultured to avoid too many expenses as much as possible if I had any chances at all at building wealth. When I moved to Canada I struggled enormously to grasp how this blessed country uses credit to fuel its wealth. I rebelled against it. Well I got a rude awakening back in 2012 when one of my utility bills ended up at the Credit Bureau here because I was too sick to get out of bed to pay it on time. This first little slip up kept me locked into credit jail for almost 4 painful years. With the help of Jehovah God I was able to learn how to get back into the financial graces of the banks and creditors who have trusted me again with their money. Suffice it to say CREDIT IN CANADA IS A MUST!
That said, it is our financial responsibility to ensure that we use that credit wisely if not you and I will live long enough to deal with the consequences of our actions. The difference between the amount of money that you earn and your expenses equals your wealth! The less expenses you incur is the more money you can have at your disposal to enjoy the quality of life that you truly deserve. Let us explore a few points on how to reduce your expenses so that you can build wealth.
1. Be an expert at negotiating!
You and I should always be ready to bargain with our service providers what we think is a fair amount for us to pay. From experience I've come to realize that they quote that price to us because they do not think in their wildest dreams that we will challenge it. Are you kidding me! It is our responsibility to strike a deal with them so that we get as much for our money's worth. Instead of jumping from creditors to creditors that provide the same service in search for a lower rate how about giving your loyalty to one for an extensive period of time to earn GUARANTEED CUSTOMER STATUS then start making your demands? This may sound foolish to some of you but trust me it does work for me. For instance I've been with my internet and cable provider since 2006 almost the length of time I have been in Canada. Last year I transferred my cellphone with them also making it a total of 3 services. Last week I called up customer service and argued that I was paying too much for those 3 services and I deserve a significant reduction since I've been with them since 12 YEARS! The customer agent immediately agreed with me and sliced my bill down by 25%. No price it final until a negotiation takes place. So the next time you get your phone bill just remember this! I could not have been more elated. This example substantiates my point of the need for you to be be an efficient negotiator. In order for you to succeed at it you must lay down a good foundation with years of trust building of course!
2. Budgeting
I cannot stress this enough. Promise me that one month before your next income that you will draw up a REALISTIC BUDGET! Only include the expenses that are necessary. Be sure to make a distinction between your needs and wants and prioritize the former. Try not to spend outside of your target for a good 3 months and you will be amazed at how much wealth you would have accumulated. Control your money do not let it control you!
3. Do not let your emotions control your wallet!
I've listened to many interviews where persons have confessed on numerous occasions that the reason why they became addicted to spending was because they were depress, lost a loved one, or something traumatic has happened at a certain crucial time of their lives. Shopping for such persons are indeed a drug and like any addict they must seek professional clinical help to curb this pain so that it stops bleeding on their finances. The good news is that as long as persons are able to identify the roots of their spending habits they are on well on their way to finding a solution. Quoting from Dr. Phil, "you cannot change what you do not acknowledge."
4. Live within your means!
In this age where an increasing number of persons love to be seen and heard there is pressure to impress in order to keep up with the Jones. If only you and I can see the DEBTS that these Jones put themselves into to make us think that they are truly living from their accumulated wealth we will learn to be satisfied with what God has blessed us with and wait on our turn to be blessed in the right way. As the old adage says, "Rome was not built in one day." Keep trusting God and applying the information that are out there and you will surely reach your financial destination.
Make the choices that your future will thank you for later even if they are painful! No one owes you a good life you and I have to build it from scratch!!!
It was certainly a pleasure engaging you again and I do hope that you found this article informative. Stay tuned for VOLUME #3. Thanks for reading and may God richly bless you to be able to make better financial choices.
Clairon
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