Personal Finance and Free to Give

When talking about the financial state of US citizens, David Stirling, Founding Executive, CEO and President of doTERRA says, “Our consumer debt today has exceeded what it was prior to the 2008 crash. We didn’t learn a lot from our last recession, it appears. When I say consumer debt, I mean debt outside of mortgages or even car loans. It’s credit card debt, or debt for things that aren’t necessary like expensive furniture that add lots of little payments to bills each month.” Considering that credit card debt in the US alone amounted to $712 billion in 2015, the importance of managing your finances and being aware of how you spend your money has never been more pressing if you want a secure financial future.

Debt might seem insurmountable if you’re stuck with mounting bills, but it is a circumstance that you can change given some time and know-how.

You must first learn how to track your expenses to discover exactly where your money is going. This will take the most time: tracking your expenses for at least three months will help you get the full picture. Once you have three months of financial records in front of you, you must then ask yourself two questions. Look at each expense and ask:
 

1. Does this purchase actually make my life better?
2. Is there a more cost-effective alternative that provides the same benefit?

You likely will find ways that you can improve your financial situation, just by changing a few of your habits. Perhaps you need to make some bigger changes, like a car that has better fuel economy, or to figure out what you can take out of your grocery bills. Or, maybe make a lifestyle change to eat out less and make more homemade meals.

You will quickly discover that maybe you didn’t need as much money as you thought to have the life you want. Putting money in savings could be just as big of a thrill as purchasing that new entertainment system.

If you truly want to make a change but need some help, Free to Give, a doTERRA-sponsored incentive program, could be that extra push that you need. Click on the link provided to find out more and enroll. You will also find helpful resources on the site, such as a free monthly budget, an expense tracker, and a debt payment tracker. Other resources offered in partnership with the 4 Laws of Financial Prosperity include the book, The 4 Laws of Financial Prosperity ($11.99) and The Debt Down Tool ($14 for one year).