The Credit Crunch: Why Saving Alone isn't The Answer For Families says The Money Gym

(PRWEB) June 13, 2008

In the midst of heavy media attention on the Credit Crunch and the high cost of living that seems to be shooting up at the moment, more and more emphasis is being put on making every day savings to survive. Morning television programme GMTV has announced that it will be following two families over the next two months, seeing exactly how they are coping with the doom and gloom that we are told is all about us.

But whilst saving is extremely important, wealth coach and founder of http://www.themoneygym.com Nicola Cairncross feels that's what's missing is an emphasis on how to make money as well as save it. It's something that will be covered in the up and coming Money Gym Workshop "Lets Talk Money" on Saturday 12th July.

The Money Gym's premise is that if you learn how to make money, over and above your job, the sky is the limit on your earnings, and you barely notice small hikes in the cost of living. And if you have surplus cash then you can invest that surplus in "income creating assets" which add to your income even more. It's what the Money Gym calls a "Virtuous Wealth Circle" rather than a "Vicious Money Cycle".

Going back to the GMTV familes, family one is a young couple with a baby. They want a second child, but can barely afford to live as it is. Family Two is a middle aged couple, with two teenagers, one of whom wants to go to college but who is scared to run up student loans and incur debt for living expenses.

Whilst Nicola considers GMTV expert Martin Lewis of MoneySavingExpert.com to be doing a fantastic job of educating people on how to get the best rates, cut costs and save money, there are also ways that the families could be increasing their income.

• Do either of the couples or their teenagers have a hobby or interest they could start a little part time business around? One of the Money Gym clients was a badminton coach and he started to buy boxes of 100 shuttlecocks and packaged them up in smaller batches of 10 or 20 and sold them to his students via the local badminton clubs.
• Alternatively, they could start a part time business that the whole family could work in, dividing the labour, and providing one of the always-in-demand services like cleaning, babysitting, or dog-walking. They don't even have to do the work themselves, but can organise teams of part-timers to do the work, while our families handle the organisation and simple marketing such as delivering leaflets locally.
• A part time business can be a source of income AND tax savings. You can often then legitimately write off against your new profits some of the expenses you incur on a day to day basis anyway, such as your mobile phone bill.
• If you don't want to start from scratch, working with an established party plan company such as Avon, Tupperware or Neways can be a great part-time business for a stay-at-home mum, and create a whole new social life locally as well!
• Starting a business online can be a very low cost way to start, is easily fitted in around the children and can be learned from books. There are many free websites online to help you get started and this is something that many Money Gym clients have embraced successfully.
• Yes, the property market is in crisis but ironically, there has never been a better time to make money from property, with bargains all around. And there are several ways of making money from property, without even having to buy anything. One option for the families is to educate themselves on how to recognise a good property deal and then pass this onto another investor for a finders fee.

These are just a small selection of ideas for increasing income that Money Gym participants are taught and coached upon. For more details on the Lets Talk Money workshop on Saturday 12th July please visit:

http://www.themoneygym.com/LetsTalkMoney/

Note to Editors: The Money Gym has helped hundreds of people along the road to financial independence (and created some millionaires along the way). It is a powerful programme that teaches participants a solid and proven way of creating wealth, with a choice of ways to suit your personality. These could be a choice of, or a combination of high risk, high return investment, solid bricks and mortar, or building a business that you can sell or use to set you up for life.    

For more information please contact Paula Gardner on 0208 504 4557 or visit http://www.themoneygym.com

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