Skip to content
Menu
Personal finance approach by breaking down tasks into smaller, more attainable and viable solutions
Personal finance approach by breaking down tasks into smaller, more attainable and viable solutions

Live on less income – give yourself a voluntary paycut

Posted on 2020-11-16 by Mark A. Springer

open loans CaliforniaMy wife and I just took a large salary decrease – to the tune of about $20,000 per year after taxes. We did this voluntarily, because for us, our quality of life was more important than the money we were earning. We were able to afford this big pay cut because a year ago we gave ourselves a “voluntary pay cut.” We knew we would be earning less money within the year and we committed ourselves to spending much less than we were earning. Doing this allowed us to focus our “extra” money toward preparing for this salary decrease.

This was very similar to the situation we faced, only our boss didn’t tell us we had a reduction in pay coming, we made this decision based on our desire to spend more time together as a couple.

Some people would have a very difficult time adjusting to a 15% (or other) decrease in pay, but many would find a way to be successful. Open Loans California, Inc. asked this question to get people thinking about how much they spend vs. how much they really need to spend. Spending less than you earn is one of the best financial moves you can make.

The benefits of giving yourself a voluntary pay cut:

  • Change Your Financial Habits. If money is there, most people will spend it. Once you get in the habit of having less to spend, you will spend less. From personal experience, it is much easier to make this transition gradually instead of being forced to make this transition, but it can still be done.
  • Financial Cushion. If a decrease in pay actually occurs and becomes permanent, you will have already been living on less money. Hopefully, there will not be much of an adjustment necessary to meet your financial obligations.
  • Extra Money. At the end of the month there is something left over. You can use this money to build an emergency fund, reduce debt, invest, or save for a large purchase such as a new(er) car, a vacation, college tuition, etc. Before my wife and I took this voluntary pay cut, we used our “extra” money to get rid of all consumer debt. After the debt was gone we invested our “extra” monthly income.
  • Peace of mind. You won’t worry from month to month about whether or not you have enough money to pay the bills, or if your checks will clear. You already know the answer is yes. And that is a beautiful feeling.
  • Options. When you pay down most or all of your bills and have a sizable emergency fund, you feel less trapped in your current job. My wife and I were able to choose employment that offered us better hours and less stress because we were able to afford to do it. We weren’t forced to stay in an unpleasant work environment because we needed the money.

Sounds great doesn’t it? Now, how do you do it?

How to live on less than you earn:

  • Analyze Current Expenses: Track your expenditures for a month or two to determine where you are spending money. You might be surprised at how quickly those “inexpensive” lunches and other things add up.
  • Cut unnecessary expenses. You know where your money is going – now cut out those little things that you don’t need to spend money on. Chances are, there are many things you are spending money on that you don’t need.
  • Make a budget and stick to it. Once you know you income and expenses and have cut unnecessary expenses, you can now make a budget. To live on less than you earn, don’t use 100% of your income as your starting pay. Instead, pick another number such as 85% or 90%. Base your budget from this income, stick to it, and you will be on your way to living on less than your income.
  • Automate. Place bills and savings on automatic bill pay. Placing all your bills in one location makes it easier to organize them and see how much you are spending. This equals less worry and fewer hassles. Another benefit: you will not be tempted to spend your investment or debt repayment money on something frivolous if you never touch it.
  • Be creative. Save money by bringing your lunch to work, carpooling, making gifts instead of buying gifts, or other creative methods. There are hundreds of ways to be more frugal and save money.

Giving ourselves a voluntary pay cut was one of the best financial moves my wife and I have made as a married couple. Doing so gave us to the opportunity to spend more time together, plan for family get-togethers and holidays, and enjoy ourselves more. My wife and I were only able to do this because we gave ourselves a voluntary pay cut over a year ago and planned this reduction in income. And you know what? We don’t feel as though we have deprived ourselves in any way. In fact, we have less stress and are happier.…

Continue Reading

Mission:

Posted on 2020-11-122020-11-14 by Mark A. Springer

Hemp Expo is founded on the belief that through awareness, education, and the cooperation and coordination of citizens and public officials, many complex social issues can be solved. Objective and Purpose: To host a world class music event that provides outlets for cannabis advocates to educate the public on the many potential benefits and uses of the cannabis plant. This includes religious, medicinal, industrial, agricultural, economic, environmental, and other practical applications.

Event Description: Need money to visit the Event ? Here is some simple trick: find some loan company and go to three day music festival and educational hemp exposition featuring speakers and hemp industry advocates, 30+ regional and national musical acts on two stages, camping, vendors, food, artists, music, and more.
…

Continue Reading

Speakers Forum

Posted on 2020-11-062020-11-14 by Mark A. Springer

Anthony Taylor of Compassionate Oregon will be presenting speaker panels addressing the coming changes to Oregon’s marijuana laws Friday and Saturday from 2:30-4:30pm. …

Continue Reading

Hemp Expo 2014 Artists

Posted on 2020-11-022020-11-14 by Mark A. Springer

David Grisman Bluegrass Experience, Vince Herman of Leftover Salmon, State Of Jefferson, Frankie Hernandez, The Cultivators, Synrgy, 100 Watt Mind, Sol Seed, Only Natural, Oneironauts, Luv Dub, Jack Falls-Rock, Melody Guy, Roses and Whiskey, New Groove, Willy and The Poor Boys, Turner Moore Band, Antonucci Collective, Unsung Heroz, Indigitized, 541 Syndicate, The Rodeo Clowns, Strive Roots *****AND SO MUCH MORE********

Jefferson State Music Festival is coming back to southern Oregon and the State of Jefferson for the 5th annual Hemp Expo.

Scroll down the page to see who’s performed at past at Hemp Expo’s and other Jefferson State Music Festival events. Some notable performers include David Grisman, Les Claypool, Pato Banton, Blackalicious, Craig Chaquico, Poor Man’s Whiskey, and Curtis Salgado.…

Continue Reading

Repayment of a business cash advance

Posted on 2020-10-272020-11-14 by Mark A. Springer

Business cash advances are repaid through credit card sales as they are processed through your merchant account. Other payments received through cash, check or other means are not used for repayment. There are no fixed payment schedules, and no due dates the cash advance gets repaid automatically! Working together with our merchant account system we will automatically deduct a small percentage of your monthly credit card sales – No late fees, no stamps, no hassles! Express Funding Group knows the best method to reduce risk is to give your business what it needs, and then stay out of the way. This allows you to focus on what you do best – your business – and eventually the debt disappears.…

Continue Reading

Obtaining a business cash advance

Posted on 2020-10-072020-11-14 by Mark A. Springer

In order to obtain a business cash advance from Express Funding Group your business will need to accept credit cards as a mode of payment. The business applicant will also need to process a minimum of $1,500.00 in credit card sales per month, and the business will need to have been running for at least 1 year. Express Funding Group is one of the few institutions prestigious enough to accept American Express receipts in addition to Visa, Master Card and Discover as the basis on which your Business Cash Advance is calculated. Seasonal businesses must provide 12 months of sales records; 3 months for non-seasonal businesses. Provided these easy conditions are met business owners can get money in as little as 10 days. There are no fixed payments, no upfront costs and no closing costs. Funding services will be made available throughout the life of the business to ensure it receives the funding it needs to grow and excel at every stage until the business is thriving profitably on its own and beyond.…

Continue Reading

Compare the business cash advance to a traditional bank loan

Posted on 2020-09-072020-11-14 by Mark A. Springer

The approval rate for a business cash advance is almost 10 times higher than the approval rate for a traditional bank loan. This is due to the many barriers and the lengthy application process banks foster upon the applicant. Express Funding Group does not require your business to disclose all of its assets as with a traditional small business loan application.

With a traditional small business loan the lender may define a variety of events that will constitute a default on the loan, including failure to make any payment on time, bankruptcy, insolvency and breaches of any obligations in the loan documents. The common business bank loan will also likely insist on a clause that says in the event of any failure to pay on the loan, the borrower will reimburse the lender’s fees and costs in enforcing or collecting on the loan.

Business cash advances are particularly useful to fund working capital requirements and are a good alternative to traditional bank loans for working capital, but should be considered for other capital needs, such as for purchases of land, plant or equipment, building renovation, advertising / marketing, expanding an existing business to another location, or developing an area or new idea within an existing business.…

Continue Reading

Business cash advance

Posted on 2020-08-112020-11-14 by Mark A. Springer

The Business Cash Advance is similar to a small business loan in that your company will receive funding to use for various business needs and the cash will need to be repaid. However the differences are substantial. The Business Cash Advance is unsecured. You will not need to subject yourself or your company to the same scrutiny or investigation. You will not have to prove yourself or your plan. Cash advance businesses also do not demand an equity ownership share in the company and the company is free to use the cash advance in any they see fit unlike venture capital investment firms. The amount of money which can be advanced to your company will be based upon the cash flow from your monthly credit card sales charges.…

Continue Reading

Recent Posts

  • Live on less income – give yourself a voluntary paycut
  • Mission:
  • Speakers Forum
  • Hemp Expo 2014 Artists
  • Repayment of a business cash advance

Archives

  • November 2020
  • October 2020
  • September 2020
  • August 2020
©2023 Personal finance approach by breaking down tasks into smaller, more attainable and viable solutions | Theme: Wordly by SuperbThemes