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Personal Finance

Cutting Costs - Where Is Your Money Going?

1st June 2007

Most of the times I talk to people about money there's always a question that comes up. Usually I'd ask so what are you investing in? The answer is usually an excuse like right now I cannot invest my money because I first need to pay off all my debts then I should invest in the next year. Truth about doing it next year is that the longer you wait the more you cut your chances of earning more money. The earlier you start to use your money wisely the earlier you will achieve your financial success. So what is it that hinders people from using their money in attaining their financial goals like saving for retirement, gaining home equity, trust fund for the children's education and so on.

Personal Finance Alas, all is not grim. You can start investing your money in the things you want a little faster than you think provided ofcourse you are willing to follow advice. The first place to start to control your money is cutting costs. If you've noticed the business trends in the past decade, the major corporations seem to have been downsizing and streamlining their business for sustainability. In essence they were cutting costs and trying to reduce expenditure or expenses.

You can also apply the downsizing strategy in your personal finance. How? By cutting costs. Yes it means no more compulsive buying on the unnecessary items for now. Below are some tips to cut your costs.

I have learnt from experience that your banker will not always tell you the options available to you if you do not ask. They'd rather keep you in the dark because that way they make more money out of you. Knowledge is your best friend. Always learn for more ways to keep your money for yourself. It is what the rich do so why not start doing what they do and be rich too!

"A penny saved is a penny earned ." - Benjamin Franklin

Comments (10):

Irene Says: The small savings add up that is true. I've decided a while back to start using no brand detergents. To date I have made a saving of $139 and counting | 06.1.2007 |

Elmay Says: I agree with today's quote. A penny saved is a penny earned if you're not giving it away then you're keeping it. Good one Kevin | 06.1.2007 |

Patrice Says: I'm learning to be poundwise so thanks for the information | 06.1.2007 |

Dalton Says: It is hard to cut down on expenses especially when you don't want to lose your prized possesions like a car. By the way Kev I had to sell my BMW X3 recently. It's painful but I understand what you are saying when you talk about later reward | 06.1.2007 |

Andrew Says: The reason most people never get rich is because they are not williing to wait for gratification. I've seen it happen too many times | 06.1.2007 |

Will Says: I agree Andrew. But you see the logic is I can get the loan for a BMW so why should I settle for a cheaper, smaller less fancy car? Sad but true | 06.1.2007 |

Dylan Says: So Kev, after selling your merc what wheels did you get? | 06.1.2007 |

Jamie Says: I'm curious too if you don't mind Kev | 06.1.2007 |

Kevin Says: Well guys, I don't mind and I don't have wheels yet. I am still saving to buy a new car. I instead invested in stocks that are giving me a healthy dividend quaterly | 06.1.2007 |

Michael Says: Nice move Kevin. Good luck for getting your new car | 06.1.2007 |

 

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