Pay off your Bills
At Gold Smart we think that debt can be a form of slavery to the person borrowing the money. We live in a culture that promotes the idea of “Buying Now and Paying Later“, which can be a trap for many people. Interest costs and other fees can easily double or triple the actual cost of the original item. Personal debt can be a real burden that effects ones state of mind and is something almost everyone wishes they could be FREE from.
If you have debt, does it cause you worry or anxiety?
Do you have personal loans, credit cards or other debt that you want to get rid of? If you do you are not alone as statistics from the United States presents a terrifying figure of US$1.177 trillion in total credit card debt, with an average credit card debt of US$6,500 per person! A further 33% of holders carry balances up to US$10,000, 13% carry balances over US$10,000 with a shocking 21% of consumers saying they were treated unfairly by card companies.
Spending less than you earn
One simple way to live debt-free is to spend less than you earn – consider for a moment that according to the Federal Reserve 40% of Americans spend more than they earn! So how can you spend less than you earn if money is tight, bills are increasing and the economy is conspiring to make things even more difficult? Here’s our top tips for ensuring you have money left over once all your commitments are made:
- Increase earnings and incoming money
Are you being paid what you are really worth? Can you find an additional part-time job or other ways to increase your income? Review what your job is worth in the marketplace and conduct an evaluation of your skills, productivity and experience. Referring friends and family to Gold Smart will generate extra cash you can use to increase your earnings!
- Reduce expenses and costs
How can you reduce your expenses and costs to maintain a healthy budget? Can you drink instant coffee instead of espresso? Can you drive a smaller car that’s more fuel efficient? Do you really need those new shoes? Can you reduce an expensive mobile phone plan? Can you find a better rate on your mortgage? Can you reduce food and electricity expenses? Being ruthless with your expenses (even the small costs) will add up in surprising ways giving you more breathing room each month.
- Plan and stick to a budget
Yuck! Who likes planning and sticking to a budget? How can you know where your money is going if you don’t budget? A simple plan of your goals and budget will help show you where you money is going and allow you to move cash into productive areas that will reduce your debt, provide clarity around your actual financial position and provide spare capital for investment!
- Pay off all credit card debt
Perhaps the number one obstacle that stops many people getting ahead financially is those little dangerous pieces of plastic. Remember every time you use a credit card, it’s not your money you are using and the company loaning you the money will want it back plus a horrendous interest amount. Don’t be fooled into thinking you will pay off the balance quickly, the reality is that often people don’t and like a Casino – “The House ALWAYS wins”.
- Save & Invest
Saving and investment is the secret to becoming financially free and having the money to afford whatever lifestyle and freedom you wish. Saving is a discipline that gets better with practice and as you see your savings growing so will your enthusiasm. Small amounts saved regularly over time are subject to what Einstein called the “8th wonder of the world” or the Rule of 72 – 72 divided by interest rate return = # of years it takes for your money to double. So if you save and invest receiving 10% interest per year, it will only take 7.2 years for your money to double! Slow and steady wins the race!
A survey recently conducted on New Years Resolutions placed resolving debt second to losing weight and well ahead of quitting smoking. Getting into debt is a lot like putting on weight or a heavy load. One logical way to ease this burden is to sell gold jewellery that you have no use for anymore.
Selling Gold to release capital
Customers who decide to sell their gold on many occasions have done so to reduce debt or fund activities that would otherwise have put them into debt, and we commend them on doing this. It’s a positive step towards their financial future and peace of mind. As well as addressing the debt it can be closure from a past relationship or acquaintance.
One recent customer had the option of loaning money through a pawn shop against the jewellery. In this case at a monthly interest rate of 30% (annual interest rate of 360%!) and she quickly concluded that it would have been difficult to repay and easily trapped into this vicious cycle of debt.
By selling a small handful of jewellery she hadn’t worn in over ten years she had enough to pay off her credit card and buy school uniforms and equipment for her children without having to go further into debt. She felt great about it which is what the Gold Smart experience is all about.
If you are looking for some extra cash to pay-off those bills, freedom from debt or a simple way to treat yourself, then remember Gold Smart has the ideal solution to your cash-flow troubles! Selling gold for amazing prices has never been easier with our friendly and professional team of gold buyers.
Relax in our secure and private offices where you will feel comfortable and confident that you are being well looked after! We offer a personal service that pays you more.
To read more more about having more cash for holidays click here »
