Thoughts and Help
Compound interest coupled with time is key to building your wealth. Let's say you start saving $200 a month at the ripe old age of 30. You could amass more than $398,000 (assuming an annual return of 6 percent) by age 70. However if you wait until your 31 to start, though, and you'll have about $25,000 less. That's the power of compounding.
Do you remember the story of American Airlines removing one olive from their salads saving the company over $500,000 per year? A story that has gone down in history as simple yet incredibly effective. This is a classic example of shrinkflation and its happening EVERYWHERE.
Shrinkflation is the cheeky process of items shrinking in size or quantity while their prices remain the same
I am proud to say that on January 2nd 2015 after more than 10 years, I gave up smoking! This is a big deal, because I loved smoking, but there was one big aspect that I absolutely hated that got me to quit.
I am proud to say that on January 2nd 2015 after more than 10 years, I gave up smoking! This is a big deal, because I loved smoking, but there was one big aspect that I absolutely hated that got me to quit. The cost.
My experience in giving up this disgusting (yet greatly satisfying) habit has shown to have quite a few similarities in starting and sticking to a budget.
I am proud to say that on January 2nd 2015 after more than 10 years, I gave up smoking!
This is a big deal, because I loved smoking. I loved the time it gave me away from desk each work day, I loved the fellow smokers you meet outside at pubs, I loved how it gave me something enjoyable to do while waiting but there was one big aspect that I absolutely hated that got me to quit. The cost.
My experience in giving up this disgusting (yet greatly satisfying) habit has shown to have quite a few similarities in starting and sticking to a budget.
My experience in giving up this disgusting (yet greatly satisfying) habit has shown to have quite a few similarities in starting and sticking to a budget.
So when should we start budgeting and saving? Is it when we get our first part time job when we are at school? Is it once we've graduated and we are in our first paid salary job? Is it when we start a family? The answer is probably none of the above. Maybe we should have started when we were a kid.
For the Last three years of my working life I have been working with members of the community, helping them sort out their finances and more importantly helping them to create and stick to realistic workable budgets.
This has been very enjoyable and rewarding and I have learnt many things in this time, such as, the banks are bastards, payday lenders are worse and that there is no such thing as a quick fix (winning the lottery is probably one but at odds of 1 in 45 million I think I'll leave it out).
Everyone who has money should have a budget simple.
Whether it’s an individual, a company or even a country we all need to ensure that we have enough money to cover costs. We may think we have a budget but how effective is it really.
January resolutions to lose weight, eat healthier or get fitter are normally broken by February and then after Easter people want to try them again after eating too much chocolate over the festive holiday.
Well this year instead of just saying, try doing. Staying dedicated can be a tough job so some people may try group fitness or invest in a Personal Trainer in order to stay on track. Knowing where to start or having that commitment to start is half the battle.
It’s the same with your finances
Everyone enjoys the festive time as this means it’s a time to unwind and relax with the family. This can be a great time to have a break from the workplace, de-stress, relax and re-evaluate. However this can bring worries too as it can be a constant battle of budgeting enough funds to get through the holiday and ensure that bills are still paid and food is still on the table.
