Dear hivers

I’m reading Dave Ramsey’s Total Money Makeover. And boy, it is powerful stuff! It’s challenging my views on money and questions my spending habits! (Which is very uncomfortable, but ultimately necessary!)

Dave Ramsey recommends several baby steps to finally get on track with finances. The first Baby Step isn’t about paying debts right away. Instead, he recommends setting aside $1000 (about PhP 43,000) as Emergency Fund.

While it seems counter-intuitive, it actually makes sense. This Emergency Fund can cover most emergencies like car repairs, small medical costs and other incidental expenses. It also serves as a buffer or a cushion just in case the debt payments go awry.

I really want to become debt-free! So, for the next 4 weeks, my goal is to have $1,000 quickly! Here are some ideas to help me do just that.

1. Stop using Cut the Credit Cards. Credit cards had been my bane. I was actually debt free in September of last year. But then, I suddenly “needed” a Playstation 3 Game Console, which I bought in the US. It was a bad decision. And I’m also pretty impulsive. So there’s no helping it, I need to cut the credit cards. I currently have 2 credit cards.

make $1000 quicklyI’ve already cut up my Visa card, though I haven’t closed it yet. When I finish paying it I will close the card!

2. Create a budget. And STICK to it. I just did this last night. I sat down and listed ALL our income and expenses at home. I know now that I need an extra $400 per month just to be able to save money and contribute to my Emergency Fund. I also need to cut back on some expenses so as to save money.

3. Offer your services. Take a look at your skills and identify ways to make extra income. Before I go to my plan, I was inspired by this cool case study shared by Ramit Sethi. It’s a classic case of having talent and passion, and looking for the right places to pitch her services!

What’s my expertise?

There’s youth work. I’m also a blogger, and a Social Media strategist. So I can definitely pitch that and make the $1,000 right away. In fact, I’m waiting on a potential client to finalize my contract by next month!

4. Sell stuff. I’m a sucker for a good book. I’ve actually given away my Isaac Asimov collection (a total of 12 books), which I’ve accumulated over 6 years. I’ve got plenty of books! And I think I can sell those over at Ebay or via

Not just that, I think I can also start selling some other stuff online, maybe look for some products that can be sold like hotcakes.

5. Make money blogging. I used to earn $200 per month through blogging. So it’s highly possible to earn $1000! But it takes hard work! So it’s highly possible! I’m actually beefing up the content and the SEO and Social Media strategy of this blog to earn extra money.

Conclusion

This is the first step in my 6-Month Freedom from Debt Project. I won’t move to the next step until I have come up with $1,000.

Image Credit : 1

Please Support the Project

Special Thanks to the @crypto.piotr (Founder) and the team.

PROJECT #hope An Initiative to give hope!

Original Post - projecthope-a-great-multidisciplinary-team by lanzjoseg

Credit: doze