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Identify the holes in your pocket to become debt free

Date: Tue, 10/30/2007 - 02:14

Submitted by iamblogaholic
on Tue, 10/30/2007 - 02:14

Posts: 4 Credits: [Donate]

Total Replies: 20


I just read the article Top 10 Money Drains. They made some valid points there. Somehow I feel all these things are correlated. If you do not have any savings, chances are you will become indebted soon because savings help us fight unprecedented situations like accidents, health problems etc. And if you are already in debt, savings would help you become debt free sooner.

Now, if you cannot identify the holes in your pocket, how can you go about repairing them? The article that I mentioned in the top is a way to recognize those holes. The top 10 money drains as written there may not be true for all, but at least we can instantiate a search to find the factors that are eating up our hard earned money.

Once you know our main sources of expenses, apart from those which are indispensable, half the battle is won. The money saved per month will add to our savings and savings help us fight situations like health problem, unemployment, sudden relocation and all. Savings also bring out confidence in us. Hence SAVINGS is very important.

Now, can you identify the limitation of the article? Though it is very informative, but it fails to show the ways to stop money drain. No worry, that's why we are here, aren't we? Let's find out the best solutions for these money holes. Please post your comments here.


I too am addicted to good,(expensive) coffee. I know it makes no sense to troll credit forums looking for ways to save a few cents at a time, and then spend $ on a cup of coffee, but oh, it is so good! I have a friend who is a professor of finance, and I am almost embarrassed when I talk with him and I mention ALL the wholes in my pocket(elijah, elijah, there's a whole in my pocket, elijah, elijah)


lrhall41

Submitted by antiplastic48 on Wed, 10/31/2007 - 06:05

( Posts: 23 | Credits: )


Huh. Wonder what my problem is? I don't drink expensive coffee, I don't eat lunch out, I eat soup for supper, I don't go out. Man, I'm boring and poor!


lrhall41

Submitted by cannr on Thu, 11/01/2007 - 21:11

( Posts: 9317 | Credits: )


thanks to my grandmother, a weakness for shoes is trait that my sisters, sons, and nephews all inherited from her. my sister has shoes under her bed, on the floor of her closet, on shoe racks, everywhere. we are always in the shoe department in stores and we don't buy shoes because they match anything in our closet, we just buy them because we like them. my favorite are 4 inch heels.


lrhall41

Submitted by granny on Thu, 11/01/2007 - 21:24

( Posts: 450 | Credits: )


Crap! :shock: Thank you guys (ang!) for "calling me out" on the smoking! Never even crossed my mind as I was chain smoking on here thinking "Gee, where does my money go?" LOL! Takes others to open your eyes! Do you know how much money that is??? Oh, Lord. . . . Yup. That's where my "extra" money goes. What an idiot. Spend my money on something that's going to kill me anyway! Smart! :wink:


lrhall41

Submitted by cannr on Fri, 11/02/2007 - 05:00

( Posts: 9317 | Credits: )