SAVINGS: For those who are spendthrift, in debt and have no savings like me, come here. People with good personal finance discipline will probably scoff. A year ago, everything went wrong when I took out a 4% interest loan to expand my business. Business did not grow as expected. I got wrapped up in high monthly rents and took out loans here and there, and finally I had nothing to buy.
Then I started looking for ways to get some books on personal finance, advice from Silver Lecturer, Enkhsanaa teacher’s training, but it was the best solution. The answer is not in my debt, not in my income, but in my mindset.
The rule of paying yourself first, no matter how much you owe, made me look at things from a different perspective. By balancing my debts and saving for myself as soon as my income came in, I got out of the vicious cycle of debt and began to turn my financial system around.
When I started saving, the following happened. He left his high-rent office and started renting offices among others. I used to worry about how to earn 1.5 million per month, but now I pay 300,000 per month for rent.
I started saving when I realized that I had believed that things that could be saved in the family’s regular monthly expenses, such as eating out, buying clothes, taking the children to the play center, and buying sweets, were necessary expenses. Household monthly expenses increased from 1 million to 300,000. Housing, phone bill + food. Tried without Internet or Univision. The fridge is empty. Atar lived for a while with bread and meat and rice. 1 problem occurs before. The first thing to think about is who to borrow from.
Now there is a problem. I don’t have money, so what now? There is a rule that unless it exists, it does not exist. Several times he took a loan and went to Russia for a seminar. But in the last six months, he did not go to training unless he was absent. Instead of taking a loan, invest in yourself by preparing in advance. I have always traveled on credit. No car. If you list the amount you spend on a car in 1 year, you will think that many people want to give up their car. Tired well.
My goal is to keep 40% of the income. It’s not easy. From the beginning, this decision was made, but in fact, in the first month, 10% of the income or 97,000 tok was transferred to the savings account. The fear of the current debt and the huge amount of interest-bearing debts did not move me more.
The next month, he saved 20% or 388,000 tok. And it’s happening. Savings have been made. Income also began to grow. The next month I saved another 20%, the next 25%, and this month 30%. The feeling now is that high-interest loans are almost over.
Emergency loans from individuals have been suppressed. The amount in savings gives a great feeling. I have a feeling that I can save 40% of the income next month. Savings are still being made.
I have a lot to share about other investments, debt settlement, and debt management, so I will write in a series. Pay yourself first, no matter what you owe. Be angry with yourself. Why don’t you pay other people and save money for me when I’m working so hard?
I blame myself for not being important. And save it. Look, everything will start to turn differently. Note: There have been violations of the rules that the previous timid Boloroo would never do, such as several months without paying the interest of the bank and several months without paying the interest of the copper card.
It was not easy to fix the broken Personal Finance system and turn it around, but I am satisfied with the result. Open for discussion on this topic. Good luck
Source: bolortuya bayaraa