6 Spending Mistakes That Can Cost You Your Financial Freedom

Can’t seem to get ahead financially? Debts piling up? Maybe you’re making some of these mistake unknowingly. These mistakes listed below will help you understand where you may be going wrong and how to get back on track quickly. You can be debt free.

Living Beyond Your Means

This is the real cause of your worry and stress. If you are spending more than you are earning, whose money are you spending? It’s the credit card provider’s or the bank’s. The cost of this money is interest.

The way out – Make a Commitment to yourself only to spend within your income limits. Maybe you could increase your income (or cash in) by applying for more skilled positions, selling some of your unused articles or assets. Is the second car really a necessity? What about working out ways to make your hobby pay for itself?

Why not find ways to reduce your spending? How much would you save each year if you decided not to have the daily coffee shop coffee? Why not make your work lunch each day rather than buying it? Commit to only buying the necessities.

Paying Off Less Than the Full Credit Card Balance Each Month

Get this debt under control and your life will be much easier. If you are like many others and only pay the minimum balance each month, the interest on the interest makes those purchases oh so expensive.

The way out – Find ways to put aside more money to apply to the credit cards. It will take time to reach this goal. However, if you don’t make a start now you may never pay them off. This situation did not occur overnight and neither will the solution. But, by diligence and commitment you’ll get there.

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Black Women in the Global Village

Elaine in Puerta del Sol area of Madrid

Living & Working Abroad

Teaching abroad offers you the opportunity to experience a new culture gain valuable work experience. You get to see the world and make money at the same time. Teaching abroad allows you to become a global citizen.  You will be faced with the challenges of living and working in a foreign country, but you will come out of it a more independent and adaptable person.

Elaine, or Afromorena as she is known on her blog,  became enamored with international travel while in middle school where she took her first Spanish course. Given her humble background, she never thought it was possible to go abroad. Ten years later, after feeling the effects of the recent recession, she decided to throw caution to the wind and pursue a position she discovered as an undergrad. Afromorena became a bilingual teacher assistant in Spain and was able to live in the heart of Madrid for several months.

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