Groton, VT (PRWEB) May 7, 2004 -
Â Saving money may sound like opening a savings account but not necessarily according to Gene Jolley, President of Kingdom Financial Principles. Going against the grain of traditional teaching, Jolley advises not to be so quick in depositing extra money in a savings account. Instead people should first concentrate on freeing themselves from debt. Jolley teaches in his seminars a key way to faster debt elimination: save money by finding ways to reduce monthly spending habits.
Jolley says, a person should Âcarry a notebook and write down all spending for two weeks.Â This is a vital step toward saving money and should not be overlooked. ÂYou will be surprisedÂ Jolley adds, Âhow much money is going to little items.Â Once this step is complete the consumer will easily recognize where every dime is being spent and will also be able to see over the course of a year just how much that spending is costing them. This knowledge empowers the consumer to realistically face the prospect of debt elimination. A record of all spending habits allows the consumer to visually track where and why their money disappears and gives them the wherewithal to make changes beneficial to their financial well-being.
How fast could an extra $300 per month pay off your debts? Besides making choices such as car pooling and raising your deductibles on car and homeowners insurance Jolley has a list of items where the consumer can save $300 or more per month. JolleyÂs list includes making coffee at home to save what otherwise could be between $50 and $100 a month from the favorite coffee stop. But it isnÂt just coffee and donuts/muffins that costs, eating out, whether itÂs the fast food stop during lunch break or the family restaurant once a week, can significantly cut into potential savings.
In the April 2004 issue of Lifetime (p.102-105) an article emphasizes housing, transportation, groceries, entertainment and travel, and telecommunications and energy as 5 spending categories where the consumer might cut back. Interestingly the article also includes a typical list of spending habits along with the yearly cost to the consumer.
Weekly dinner out for 4Â Â Â ..$2,080
Going out to lunch at work Â Â .$1,750
Wine and beer at restaurantsÂ Â $1,040
Wine and beer at homeÂ Â Â .Â $936
Bottled waterÂ Â Â Â Â Â Â ....$576
DVD rentalÂ Â Â Â Â Â Â Â ....$480
Hair color at the salonÂ Â Â Â ....$426
CigarettesÂ Â Â Â Â Â Â Â Â ...$416
One look at these figures and itÂs easy to see the potential savings Gene Jolley sees.
Converting those savings into extra payments on debt is actually an investment. In fact Jolley states Âpaying off debt creates a guaranteed return on investmentÂ adding, Âif you have a debt charging 12% and pay it off, you save 12%. If you invest in the market you are taking a risk.Â Do yourself a favor, make an inventory of your spending habits, find ways to save, and eliminate debt. Invest in your future.
Gene Jolley is the creator of the Rapid Debt Reducer PC software, helping people to achieve real financial freedom. For more information and to download a free demo of the Rapid Debt Reducer PC software, please visit http://www.solongbills.com
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