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It is a fact that the more money that people receive, the more money that people will spend.

            Step 1: You will need to create an income and expenses statement, and then create a budget. Write out your monthly income minus your monthly liabilities (rent, car notes and etc.).  The balance will be your gross net income.  Write out allocated amounts of money for necessary spending like gas and groceries.  Next, you will use a small percentage of income for entertainment.  The next step will be to create a strategy to minimize your expenses.

            Step 2: You will need to be Honest with yourself about your spending habits. Why are you spending money on consumer products that you don’t need?  The point is for you to find out your reason.  For example:  A person may spend money frivolously to reward themselves for working hard.  If this is the reason, then it is imperative that you find another method of reward for your hard work.

            You will need to change your spending habits.  When you go to the grocery, bring a shopping list.  Don’t go shopping for food when you are hungry.  The cost of twenty lattes at Starbucks a month is $100.00.  Don’t stop drinking the lattes.  Instead of buying lattes at Starbucks, you will allocate the one hundred dollars to buy a latte machine.  You can start making the lattes at your house for the road.  If you want to go out for a meal, then go to restaurants with specials.  If you have children, then go out on the night that kids eat free.

            Step 3: You will need to minimize your liabilities by cutting interest rates or finding a company with a lower price. You will need to call up credit card companies and ask them to cut your interest rates.  You will need to call up insurance companies and ask for quotes on car insurance to see if you can save money.  You will need to switch to a no contract phone plans and you will save you money every month.

            Go to a banker at your local credit union to apply for a consolidation loan.  This loan will allow you to place all of your bills on one payment plan.  I saved money on my liabilities three times over the last couple of decades using this method.  You should have a specified amount of money that is being saved from your liabilities and expenses.  The money that is being saved should be split in half.  The first half should go towards your bills with the most interest.  Save the other money in a safe place to spend to learn cash flow strategies.

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