Currently our only debt is our mortgage from our purchased home nearly 5 years ago, which we pay extra cash into on weekly basis. We are aiming for our unit to be paid off within another 3 years. We paid cash for our small economical car last year and never have problems paying the bills because we budget for everything. We used to spend spend spend - mainly on rent, going out, alcohol, magazines, restaurants, cigarettes, music, clothes and luxury food.
We have been frugal and careful to the point of saving a large sum to replace our windows and our own personal savings. Everything else is split down the middle except for groceries. He pays a little more as I have cut back work to care for our daughter which benefits us both.
So now has come the time to get our joint and personal finances organised. I also want to start developing myself to learn on how to create (passive) income by using my savings wisely. I am reading 1 to 2 hours per day from relevant books that will help my progress. This week I am reading Money For Nothing by Justine Davies from my public library. I'm finding it excellent with homework at the end of each chapter and budget sheets to work from. My focus this week is to rework my budget and start looking at our mortgage and see if we can get a better deal to lower our interest and Government owned portion.
I also purchased a book Ms Millionaire with my book credit for inspiration. The book has online tools and bonus at each chapter end which I am exploring. Each woman highly encourages personal and professional development as most found this was their turning point in creating changes, wealth and abundance for themselves.
It's all fun reading and motivating. I'm not a risk taker now that I'm a saver, so it's daunting to take even small steps. But as my knowledge increases and my confidence grows I will make a few financial investments that will benefit me and my family. Maybe it will take me quite some time to make that 1st step but I'm inching there. As for personal and professional development I'm making steps towards that too. I too think it can only be a good thing for me.
Do you invest time or money in your own personal and professional development? Do you invest any of your savings? I would love to hear your thoughts.
(The above books are very Australia focused - so my international readers may be inspired but may not find them as useful as a book from their own country).