Thread by @talkcentss

How I Eliminated Debt and Grew My First $6000:

• Taxed Myself
• Made Debt Visual
• Stuck to a Budget
• Recorded my Expenses
• Built an Emergency Fund

(Thread)👇🏽

•Taxing myself

My favorite hack, If governments use it as a way to increase revenue, then we can use it as a tool to boost personal savings.

Add tax onto every purchase you make, then divert the tax into a savings account.

You end up;

“Spending and Saving Simultaneously”

•Make debt visual

Although it’s not a tool to save money, it creates awareness of your debt and brings you closer to paying it off, so you can begin saving more.

If you don’t know what you need to pay, then it’s hard to track, and easy to fall back into a debt trap.

#debt

•Stick to a budget

As @thee_rufaro put it, “a budget is an agreement with yourself”

It’s your roadmap to surpluses. It disciplines you + helps build a better relationship with your money

Want to build better relationships with your 💰?

Start here👇🏽

gum.co/smartmoney

•Recording Expenses

Knowing where your money goes gives you the power to use money, rather than money using you.

I’ve said this a few times; “money is a tool for us to use, to take us to where we want to go”

You should control it, it shouldn’t control you.
#money

•Build an emergency Fund

The end goal, having a financial buffer in place to protect your lifestyle.

Probably the most important prerequisite to investing and financial security.

Above was the blueprints to how I got mine, I’d love to hear some of your tips. Please share.

•YouTube

If you are a video kinda person, then I explain in more detail in my video👇🏽

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Remember, emergencies are part of life - be prepared.

Thanks for making it to the end.