Mike
Carruthers:
Because of the holidays this is the one time of year when you're
likely to over-spend on your credit cards.
Mike Peterson:
On average we each spend about a thousand dollars for the Christmas
season. Most of us are putting that on credit cards.
Mike Peterson,
author of the book Reality
Millionaire…
If we charge
that thousand dollars on credit cards and we pay only the minimum
payments, that thousand dollars will cost us approximately three
thousand dollars to pay that back.
If you want to
get a handle on your finances, Mike says you have to track how
it is you spend your money and just try it for seven days.
And I mean track
everything, I want you to write down if you spend cash, write
down if you spend money on a check or credit card. We had an
individual who was a traveling salesman. He was sure he had
no more money. He was at the end of his rope every month. He
he did this little seven day program, we found out that he (extrapolated
over thirty days) was spending two hundred dollars a month just
on diet Cokes. He would get a diet Coke every morning - and
two hundred dollars a month is just a huge expense that he had
no idea.
And Mike says,
start saving no matter how small start saving money.
You know, as
you do that you'll find that it gets exciting and the amazing
thing is, is over the time it gets infectious and all of a sudden
people want to start putting more away - and it really kind
of perpetuates itself.
You can link
to Mike's website
from ours: somethingyoushouldknow.net
I'm Mike Carruthers and that's Something You Should Know.
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