Personal Finance – A Penny Saved

Posted by: web_admin in Real Estate

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One of the most important ways to prevent foreclosures in Chicago is by preparing a personal finance plan.  Having even the most basic personal finance plan will shrink money problems and lower stress.   It is known that even by only outlining a basic personal finance plan, you will reduce the odds of foreclosure on your house. 

 

To begin, it is important to realize that saving money and not spending on frivolous items is much easier to implement, immediately, than looking for ways to increase income.  There are many simple ways to cut spending, a few options being: limiting the number of times of eating out, limiting or eliminating expensive outings, buying in bulk, staycations, and buying just the basic necessities.  This is a simple enough plan that anyone willing to exercise some willpower can follow.

 

Realize that each dollar saved represents fewer hours to work in the future, more freedom, and greater security.  Saving only 10% of income, every week, places one in the financial elite in America, compared to the majority currently in debt, and opens up opportunities that are not available to those who are overwhelmed with debt. 

 

There will never be enough money in a paycheck, and realizing this simple truth will make regular saving more conceivable. It may seem impossible to reduce spending by 10%, but, in reality, this is a minor adjustment in daily life.

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