Welcome to CYB| Chea-Yee's Blog.

This blog captures the musings and anecdotes of the daily life of a Malaysian who is now living in Melbourne, Australia.


How to get out of debt

Ok, I am sure you clicked on this post because you were curious about how to reduce your debt, didn't you?

In the past one month since I picked up Pape's book, The Barefoot Investor, I have followed up on that information by searching on Google, reading up, and watching videos after videos on Youtube on how people saved their dollars, prepare their budgets, and up their income. 

The Barefoot Investor was like an epiphany! 

It was all about renewing the mind, being prepared to do things in a more economically effective way. It started me on a journey to look at how I was using my money, and how I was spending my money without a proper budget. 

Being more mindful and conscious of my spending: 
You have to be willing to confront your own spending habits in order that change could happen. 
Putting down to pen and paper and have a breakdown of my overall spending every fortnight has been the most eye awakening experience. 

This made me more conscious about having take outs, eating out, spending unnecessarily on things I need, and ordering that extra cafe takeaway coffee. 

Side Hustles:
One of the things that was brought up by all the financial advice books was to get increase your income, or hustle on the side. There are the short term side hustles, and the long term hustles that make passive income with a higher ROI (return on investment).  

Selling things on Ebay: 
I looked through my house looking for things to sell on Ebay. Things like a children's safety gate, a brand new Infasecure booster seat still in its box that has been sitting in the garage for ages. I'm trying to get rid of a ZARA winter coat, but I doubt anyone would want it now that winter is over. 

Google Adsense: I found out that I had a whopping $76 in my Google Adsense account from the blogs for the past one year. Unfortunately, I can't cash it out as it was not the minimum $100 to be credited out yet. I decided to monetize the blog properly.  

Uber: I have tried signing up for UBER early last year, but never really got around to doing it. Finally I had all my ducks in a row, apart from waiting for one last document from the insurance company to send me a copy of the insurance. 

AirBNB, and Flatmates: This is one thing I have yet to convert the house to, considering that I have empty rooms in my house that now could be monetized to help me pay off the bills.  

Affiliate Marketing: I decided to join Amazon Australia's Associate program. Similar to its American counterpart, it works on the similar concept on getting a certain commission from sales of products driven from its links. Since I enjoy reading books, I might as well put my book reviews to good monetary use. 

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