Christmas bonuses can be great for many things, whether practical, indulgent or a mixture of both. But regret seems to rear its ugly head when we don’t take the time to think about what we’d really like to do with the money.
I’ve read a ton of articles about easy ways to save money by taking your lunch, instead of buying it, drinking coffee at home, instead of going to Starbucks, etc. But if you’re in the “poor” mindset, these are hard habits to break, because they may seem like the only perks you can afford. So, let’s start with ways to save money, without changing anything about the way you spend money, except timing.
This budget is designed for those who are new to budgeting and looking for an easy way to keep from overspending. This should be the first step in building your financial plan, because you’ll never get ahead if you’re always spending more than you make.
Once I got used to creating and sticking to my super simple budget, things got much better! Debts started to dwindle, my credit score got better (which allowed me to get a much better interest rate when buying my car) and I started getting excited about my future!
After budgeting, this is the next step in financial planning. Really, it’s the same as trying to drive somewhere you’ve never been, without a map.
How do you expect to get there, when you don’t know where you’re going?
I’m sure you’ve heard that the definition of insanity is doing the same thing over-and-over again, expecting different results. You’ve also heard that those who don’t learn from history are destined to repeat it. Let’s learn from history and do something different – plan for a setback, instead of reacting to a calamity.
You’ve heard the phrase, “you have to spend money to make money,” but have you heard the phrase, “you have to spend money to save money”? I’m here to tell you, in some cases, it’s true - let’s explore!
Debunked - the myth that you can’t invest unless you have a lot of money! But the question is, should you be investing if you don’t have a lot of money? Of course, “a lot” is relative, but consider some other factors before you tie up your last $50 in an investment.
What is a financial foundation?
It’s built from pockets of money earmarked for things that, if left unplanned, could cause you to “shake” or “crumble.”
How many times have you said, “I can’t afford it”? If you’re like me, you lost count a long time ago. But it never occurred to me how negative this phrase was until I came across an article on forbes.com called “How to Teach Kids About Money: 10 Dos and Don’ts.”
Any tips mentioned on the CentsAble Chat Podcast can be found here. Just click on the title.