People all over the United States love the idea of becoming debt free. Of course to so many it is just and idea not really a concept they feel they can achieve.
Hispanics carry that same mentality in so many areas of life. Statements like, i’ll always have a house payment, i’ll always have a car payment, or I don’t have money for college so why go. When it comes to financial decisions Hispanics do not make wise decisions and so Hispanic debt reduction never occurs.
The easiest way to reduce debt is to stop buying junk, period. People are creatures of habit so take a look at your previous 3 months of expenses and look for the patterns of spending. My wife and I did this and noticed that we were eating out regularly and decided we were going to start writing down where we eat and now we eat meals at home and save a lot of money. But for a while we were starting to get in the habit of eating out just because we were tired from work so we decided to take action. We now come home for dinner and then go walking for thirty minutes after our meals. We are saving money and fitting in exercise.
If you are looking to reduce debts that you have, the secret is in your habits. People who have a habit of bringing lunch to work, save a few dollars a day by doing so. If you have a habit of eating lunch at restaurants, you will spend a few dollars more than the person bringing lunch. The wealthy will tell you that in order to gain traction with money you must pay yourself first.
Money Saving Tip: Calculate the amount of money you would spend on lunch, $5, $7, $10. Then bring your lunch the next day. After lunch log on to your bank account and transfer the money you would have spent on lunch from your checking into your Orange Savings Account.
In one month you would have paid yourself the following depending on how much you spend on lunch:
$5 x 5 days x month = $100 (5 day work week)
$7 x 5 days x month = $140 (5 day work week)
$10 x 5 days x month = $200 (5 day work week)
What can you do with an extra $100-$200 a month? What if your spouse did the same thing?
