In today’s vLog I talk about why it’s important to prepare a budget each month.
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It needed to be done because it was no longer a good working space. Since I work from home, this was an essential project.
I am very organized person so I tend to have everything in folders and binders, but even for me you can easily accumulate more than you need over time.
But with the summer just starting I found myself with a little time to finally tackle it. So a couple of weeks ago I spent around 4 hours just getting rid of old documents and other items that were not longer needed.
I also changed the location of my printer and my filing cabinets (optimizing space) and made some room for books that were just in a pile in a corner. Finally, I bought a new and much needed wireless keyboard.
I ended up with a much better work space. I have some more cleaning up to do, but finishing at least the first part of that project gave me a great sense of control and peace.
It also put me in a better frame of mind to work.
When we talk about managing our personal finances, clutter can also become a part of the experience.
It is possible that you have not taken a hard look about what you are doing to manage your money in a while. It is possible that this neglect has made things more complicated and perhaps less pleasant.
And you are not in a good frame of mind to work on your finances, you progress can be hindered.
With that in mind, I want to give you a few tips that I have picked up over the years to organize and operate our financial management system.
We are 15 years into the 21st century and we are in the midst of the Information Age. We can use this to our advantage.
In this Information Age, we can also take advantage of online banking. Most banks and credit unions offer this option. Here is a few of the things you can do:
One of the keys to winning with your finances is gaining control over what’s happening to your money.
You can have more influence in the outcome of your finances if you stay on top of them.
I have shared some of the tips that have helped me stay ahead of the game.
I hope they help you stay ahead of your financial management game.
Question: What steps could you take today to declutter your finances?
With the change in season, comes a change in pace. I was recently reminded of the importance of having a routine for staying on track to achieve your goals even when our schedule changes.
I am in a weight management program and at our last meeting we were reminded of the importance to keeping our routine. We could plan ahead for major events and attending as many weekly meetings as possible to remain accountable.
Our church also has a special summer emphasis on staying on track with our regular giving. As people schedules change, some of the things we normally do can get off track.
Successful financial management is also fueled by routine.
Preparing a budget every month. Paying your bills on time. Saving on a regular, systematic basis.
So if you are planning to be on vacation this summer, plan ahead. Look at your budget 2-3 months in advance.
Take advantage of on-line pay bills through your bank.
Place your savings and investment on an automated draft from your checking account.
Make sure your finances stay on the cool side in the heat of the summer!!!
This is a key question that you must answer and your response will determine your level of success with your finances.
If you are comfortable with keeping and managing your debt, you will spend your time making just the minimum payments, worried about how to increase your FICO score, and looking for options to move your debt around to the next card that offers you a “free interest balance transfer”.
You will be ok with always having a car payment and just using credit to get anything you think you need.
Debt will always be your companion.
However, if your focus is on eliminating debt, you will put your energy on how to increase your income or cut your budget so you can apply more of money to your debt snowball.
You are not simply playing with credit cards, you are ready to break up with them for good.
You will learn to be patient and save for the things you want to buy.
Debt will no longer your companion, but your enemy. The enemy of your financial prosperity. Once you are done with it, you can move on to bigger and better things.
What will it be for you? Will you keep working on managing your debt or will you put your focus and passion on eliminating your debt?