Spiritual Rules of Money

I came across these words by Ernie Zelinski and thought I'd share it with you.  It may help understand why money is hard to keep for some and how money becomes a destructive focus.  He points out that " As a general rule, money doesn’t seem to like people who are desperate for it."

Think of the rules he lays down when endeavoring to erase debt or even just sticking to your budget. 

7 Spiritual Rules of Money

1. If money becomes your primary focus in life, then money is all that you will get.  
2. The person with no money may be poor; however, not as poor as the person who has nothing but money.  
3. Abundance isn't a matter of acquiring how much money you desire; it's a matter of being happy with how much you presently have.  
4. It's better to be out of money than out of new creative ideas on how to make money.  
5. Money-making ideas are gifts from the Universe; you must act fast on them, however, if you want to be prosperous and wealthy.  
6. Spending a lot of money - particularly money that you have not yet earned - will get you trapped into thinking you are having a good time when all you are doing is spending a lot of money that you will have a difficult time earning.  
7. Above all, the value of money lies in the creative and spiritual uses to which it can be put and not in how many possessions it can buy. 

How to Avoid Bankruptcy

Is it possible to avoid bankruptcy? Many people are not beyond help so if you have been thinking of this course of action, do not think of filing for bankruptcy until you have tried these steps.  Bankruptcy is the last action you should take as it will affect the rest of your life.   

 

Set up a budget.  When you put your financial details down on paper it is probably the first real picture of your finances that you have had.  Am I right?  A budget focuses you on your situation which can be scary but it is necessary as you need to see where you are spending your money.  Only then can you can see where you can make changes.  Are you are living beyond your means? 

 

Read here>> for tips on setting up a budget to avoid bankruptcy.

 

List your debts. This list must have the amount you owe, the payment amount, the interest rate.  List them in order of highest loan and highest interest rate.  The highest interest rate debt should be paid first.  Make sure all debts are paid on time and with the minimum payment.

 

Plan a repayment strategy using your budget and your listed debts.

 

Change your discretionary spending habits. Until you did your budget you may not have been aware of the sort of money you were spending on things like coffees, lunches or drinks after work.  If you have been considering bankruptcy you know you must make changes.

 

Meet with your lenders.  Be open and honest and show them your budget and your planned repayment strategy.  Negotiate a structured repayment program with them.  They may reduce the interest rate or the required repayment amount.  

 

Work out how to get extra cash.  Delve through your closet, search your attic, hunt in the garage.  Put all those unused items aside and sell it at a yard sale. Find a part-time job. Think outside the square.

 

To avoid bankruptcy you need to acknowledge your situation, focus on what you can do not what you can’t do and take action. 

Erase Debt –Should You Use Credit Card Consolidation?

Credit cards are one of the leading causes of debt and therefore using credit cards to consolidate your debts is not an effective debt reduction strategy. Credit cards tend to have high rates of interest, and will often lead you into deeper debt.

Debt reduction means working to decrease your bills, not to add or retain the bills you already have by using another source to pay off the debt. Rather than considering credit cards as a source of debt consolidation, you must find a way to reduce your bills and erase debt.