A new year…
Well it is already 13 days into the new year and I am now only making the first post of 2008. I have been doing a lot of analysing and trying to determine the lesson that I should be learning through the situation I mentioned in previous posts. Let me just say that there is a bundle of lessons that I have learned. I am coming back on track with my recovering introvert status but I still have to work on some areas which are taking longer to sort out.
Anyway since this is the first post of the new year I would like to give you a few tips to handle your money bette. Everyone knows these three easy steps but very few people actually put them into action. With prices increasing all the time, saving money can be harder and harder to do.
1. BUDGET – Get one and stick with it! And set aside at least a small portion for savings while you’re at it; savings for your future, your retirement, your education, your vacation, whatever. Head to your local office supply store for planning workbooks or budget sheets to use. Or head to your favorite search engine and type in, “budget planning” for hundreds of sites with articles, free downloads, tips, ebooks and other resources to help with your budget setup and follow up.
2. PLAN AHEAD – Make sure to plan for emergencies and the unexpected, like an appliance break down or garage door malfunction. Even if you can only set aside $50 or so each monthly, place it in an account and earmark it for this “Miscellaneous” fund. Then when things go wrong, and they will – nothing’s perfect – you’ll be better prepared.
3. NON-MONTHLY ITEMS – Work out a monthly payment for items that you don’t pay monthly and set this up in your regular monthly budget. For example, for items like annual home owner or renter insurance, quarterly water bills and automobile insurance payments and annual trash bills, take the amounts and determine what they would be monthly. Then list the items on your budget log and pull these amounts aside, saving them in your account for those purposes. This way, when the bills hit, you won’t be caught off guard and have to scrounge for the payments.
What works well, instead of handling multiple savings accounts for each company owed, is to use index cards and one savings account. Create one index card for each bill. Then simply log the amount you’re setting aside on the card and deposit it into your savings account. Keep the index cards with your savings passbook to remind you what the balance covers. The total of all your index cards should equal the balance in your savings account. (Make sure to create an index card for your regular funds that you are saving each month in step one above and a card for your Miscellaneous fund in step two above).
So next time you get paid, take three giant steps forward. Grab your index cards, follow your budget and invest in yourself and your future. Get a grip on your money handling.
I am JMR and this is My Little Corner on JMRPub.com
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January 16th, 2008 at 11:06 pm
Awww… you beat me to my first post of the new year
I’ll do that sometime rethinking so many things this year 
sad to say the month has almost passed.
Anyway those are pretty good money tips and as always I’m sure someone will appreciate them!
Don’t wait till long to post the second one K?
Later JMR,
Francois.