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How to Set and Achieve Fulfilling Personal Financial Goals

by BlondieWrites on September 8, 2010

How to Set and Achieve Fulfilling Personal Financial Goals

One of the most important keys to living a fulfilling life is to know where you’re going. Having goals that motivate you, excite you, and push you forward can help you get the most out of yourself and experience a life that’s worth living.

This is especially true for your finances. If your financial life is in order and you’re headed toward accomplishing financial goals that support your greatest values and dreams, you’ll be happier and more self-confident as a result.

Use these tips to begin setting fulfilling personal financial goals today:

1. Brainstorm without editing. Grab a pen and paper, and sit in a room where you won’t be disturbed for about 20 to 30 minutes. As fast as you can, write down as many financial dreams and goals as you can. Allow your thoughts to flow freely onto the paper without editing or judging them. The time for that will come later.

As you brainstorm the possibilities, think about the financial difficulties that frustrate you and the financial dreams that you’ve been afraid to pursue. Think about what you’d do or dream if it were impossible for you to fail. Also think about every area of your life. Would you like to be free? Own your own home? Become financially independent? Help out a loved one that has a big financial need? Supply money for college for your children? The possibilities are endless.

2. Prioritize your list. After about 30 minutes, you should have a page or two full of possibilities for your list of financial goals. Once you do, begin to think about which of these goals is most important to you. Which ones bring you peace inside? Which ones excite you the most? Those are the ones to put at the top of your list.

3. Write down all the challenges that stand in your way. After you’ve chosen about 3 to 5 financial goals that excite you, create a new page for each one. Write the goal at the top of the page. Then, list all the reasons you think you can’t achieve this goal. Write down all the challenges that stand in your way.

Your list of obstacles will provide you with concrete next steps that will quickly banish your fear of failure. Come back to this list later and ask yourself how you can overcome each of these challenges. Who can help you? What resources do you need? What information do you lack? What next steps need to be taken?

Instead of denying that there are challenges on the road to any worthwhile goal, meet those challenges head on by thinking through them in advance. When you do, nothing will stop you from reaching the financial goals you set.

4. Create an emergency fund first. One of the simplest ways to dramatically increase your sense of excitement, peace, and joy in life is to be prepared for when things go wrong financially. An emergency fund of one month’s income frees you from much of the financial stress you’re currently feeling.

Once you save enough money for your emergency fund, commit to only using this money in the case of real emergencies. This fund ensures the train to your financial dreams stays on track. You’ll be surprised how much of your day is spent worrying about finances. This is banished with your emergency fund.

5. Focus on action steps. The end result of your exciting financial goals should drive you to keep putting one foot forward. But it can also hinder you from progress by making you feel overwhelmed. Instead, focus on one step at a time until you reach the financial destiny you were born to live.

Finances are a source of stress for many people. However, if you put these tips into practice, your financial situation will be different. Instead of chasing your tail and feeling like you’ll never get ahead, you’ll be excited about the future and about the peace of mind that comes with a healthy financial life.

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Top Strategies to Motivate Yourself to Start Saving Money

by BlondieWrites on August 31, 2010

Top Strategies to Motivate Yourself to Start Saving Money

Mustering up the motivation to start saving can take some effort, especially if you have never set up a savings plan before. In order to start saving it helps to have a specific goal in mind. You also need to have a good overview of your finances and your expenses. It can be difficult in the beginning to create a savings account, but once you start it will be easy to continue.

* Keeping a goal in mind will help motivate you to start saving. Be specific in your goals – do you want a new car in a year or a down payment on a house? By being specific when choosing your goals, you never lose sight of what the money is for. In addition to choosing a goal, be sure to figure out how much you need to save up to meet your goal as this will help to keep you on track.

* Analyze your finances and expenses. This is an important step because it will show you how much you can afford to put away each month. Eliminate any needless expenses. For example, skip eating out and bring a bag lunch to work. Bring your own coffee instead of buying. While these may seem like little sacrifices, chances are they will add up to a nice chunk of change at the end of the month. Instead of spending it, put it in the bank.

* Update your goals as necessary. It is human for us to change our minds about goals. Instead of kicking yourself when you do, just revamp your savings plan to meet that particular change. Sometimes, emergencies happen and we have to use the money we planned to save to take care of the situation. Just continue to save as usual when things return to normal.

* Save your change. It’s pesky and heavy and it’s everywhere, but it is money. Keep your change in an empty jar or buy a special jar to contain it. When the jar is full, wrap the change up and deposit it into your savings account. You will be amazed at how much money you are able to save up just by collecting your change.

It can be difficult to get motivated to save, but it does help when you have a goal in mind. Analyzing your finances and expenses will allow you to see just how much you can afford to put away each month. You can save up by eliminating unnecessary expenses and also by collecting your change and depositing it into your savings account.

Keep your goal in mind when you are saving up, but don’t kick yourself if you get deterred. Simply pick back up where you left off and reward yourself for your hard work.

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Can You Afford to Have Children

by BlondieWrites on August 22, 2010

Can You Afford to Have Children
 
Making the decision to have children is a major step in a couple’s life. Having a child will change every aspect of your life, especially when it comes to finances. Having a child is a very expensive endeavor. There are many things to think about in regards to finances. Evaluate the necessary expenses below.

Do you have insurance? Medical insurance is especially important for the pregnancy and subsequent birth. Typical pregnancies require between 12-15 visits depending on the doctor’s wishes and the development of your pregnancy. If you have a high-risk pregnancy, you will see a doctor more often, which leads to more expenses.

Without medical insurance the monthly (and later, weekly) visits will add up to a lot of out-of-pocket expenses. Medical insurance is also highly recommended for the actual birth of your child. Not only do you have to cover your hospital expenses, but the baby’s as well. Having good medical coverage will ensure that most of your costs are covered.

After the baby is born, there will be several doctor visits to ensure that the baby is developing well and on schedule. Most medical insurance companies will fully cover the well visits of children. If the visits are not covered 100% there will be small out-of-pocket co-pay. Without insurance, the visits are not covered and you are responsible for all of the procedures and vaccinations given to your child.

In addition to medical bills, children will need formula (if they are not breastfed) and diapers. These two items alone are expensive, with formula being the most. Once your baby turns into a toddler, they will begin eating table food. This means buying more than just enough for two people. This will add to the grocery bill, even more so if you buy jarred baby food.

Another added expense is clothing. Babies grow at an enormously fast rate and will require clothing as they grow. Clothing can be bought in second-hand stores to minimize the cost, but it is not unusual for children to go through three or four different sizes within the first year – sometimes more. The growing does not stop after the first year either, and clothes will get more expensive as the children get older.

Making the decision to have a child is not one to take lightly. Many people are not aware of the added expense that it will take to raise a child. In addition to food, it is also necessary to buy diapers and clothing. Clothing alone can be expensive as children will typically go through many sizes within the first year. If possible, talk to friends or family members who have small children to gain insight into the expenses that may lie ahead for you.

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Frugal Tips to Shrink Your Grocery Bill (Plus Recipes)

by BlondieWrites on August 13, 2010

Frugal Tips to Shrink Your Grocery Bill (Plus Recipes)

Frugal Tips to Shrink Your Grocery Bill (Plus Recipes!) offers helpful money saving tips that will cut your grocery bill. Who doesn’t want to and need to save money in these hard financial times? Find out how to save money on groceries with this frugal tips ebook. Also included are some delicious frugal recipes.

 

Frugal Tips to Shrink Your Grocery Bill

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Saving Money, Making Money, and Managing Money: What’s In It for You?

by BlondieWrites on July 22, 2010

Saving Money, Making Money, and Managing Money: What’s In It for You?

Do you dream about financial independence, but struggle to believe that it’s actually possible for you? Are the bills piling up in your household? Do you fear the financial obligations that come with the next thing to go wrong in your home?

Thankfully, there is hope.

According to USA Today, nearly 2/3 of Americans are in debt. Of those, nearly half have stopped paying one or more of their credit cards. Yet the situation is far from an impossible one to overcome.

You can achieve the financial independence you deserve if you know the right choices to make and you’re willing to believe that you can do it!

When you get your financial situation under control, the benefits you experience will touch every area of your life. Many of the daily stresses you face that seem totally unrelated to money will disappear. Your physical health will improve quickly as you regain control of your stress levels. Plus, you’ll be able to think more clearly about your goals and dreams.

Less stress means more time to enjoy your family and nurture the relationships that are most important to you. Small steps in the right financial direction can give you the freedom to enjoy your life!

Thankfully, the financial peace you seek is right around the corner. You can experience the success others only dream about when you take small steps to conquer these six areas:

1.  Budgeting. Everyone knows they need a budget. In fact, you’ve probably heard this a thousand times! The good news is that setting up a workable family budget is simpler than you think. This first step to financial freedom will motivate you to use your finances as a tool to increase your happiness and pursue your dreams.

* The key to any successful financial plan is to earn more money than you spend. The only way to do this is with a family budget. But once you know where you are and where you want to go, you’ll have a roadmap to get there and the confidence to know that anything is possible. Only a workable family budget can give you that confidence.

2.  Saving Money. Once you’ve created your roadmap to financial success, and you’re earning more than you spend, you now need the right strategies for saving money. Once you know the right steps to take, short-term and long-term savings will become a joy.

* Your savings fund your dreams. When you begin to save toward the bright future you’ve always dreamed about, you’ll be excited to wake up every day and work toward those dreams. Your family will be excited, too! Hopeful rays of sunshine will replace the dark, gray clouds of financial obligation.

* Starting a savings program will also bring you peace of mind unlike anything you’ve ever experienced before. You’ll be able to take trips to the mailbox without knots in your stomach. When the phone rings, you’ll know that the person on the other end isn’t a bill collector. Your bills will be paid and your future will be secure.

3.  Credit. A key component in your roadmap to financial success is learning to use credit wisely. Credit, kept in its proper place in your financial life, can be a tool in your financial prosperity toolbox. Misused, however, credit can destroy your financial life.

* There’s hope when you learn when to use credit, how to use it wisely, and how to effectively manage your credit score. Taking positive steps toward effective credit management can ensure that your financial tomorrow is a bright one.

4.  Getting out of debt. Once you get free, nothing can stop you from living the life you want to live. No matter how high the mountain seems at first, the only way to the top is by taking small steps. The key, though, is taking steps that lead you in the right direction. Knowledge is power when you act upon that knowledge.

* When you learn effective strategies for getting out of debt, you’ll feel the exhilaration as you move closer to becoming debt-free. You’ll begin to feel more in control of your life than you ever have before.

5.  Bringing in extra cash. One stumbling block you may encounter is finding a way to earn the income you need to survive and thrive. However, with the right strategies and a determination to succeed, this stumbling block can be turned into a stepping-stone toward your success.

* Many online and offline income strategies offer you the opportunity to realize your dreams if you’ll take the first step today.


6.  Protecting your identity. In the world we live in today, failing to protect yourself against identity theft and other financial crimes could derail even the best of financial plans you’ve made. Thankfully, protecting yourself is easier than you think. When you do, you’ll have the confidence that comes from knowing you’ve done everything required to protect your success.

Your financial prosperity is closer than you think, but the choice is yours. You can stay on the couch, like most people, paralyzed by fear and living a stressful life that falls far short of the life you crave. Or, you can take simple steps today that will lead to a bright tomorrow for you and your family.

If you create a realistic roadmap, use effective strategies to reduce your debt, use credit wisely, and save toward your dreams, you’ll experience the financial independence that most only dream about.

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Easy Household Budgeting Strategies

by BlondieWrites on July 11, 2010

Easy Household Budgeting Strategies

Most people live paycheck to paycheck, and spend what they want whenever they want. But if you keep up that pattern long enough, you’ll soon discover that the money runs out before you’ve paid all the bills, and there is never any left over for special purchases or holidays. To get control of your household spending and start saving you will need to set up a household budget.

The thought of having to stick to a budget might make you cringe. It sounds restrictive and boring. But if you are serious about creating wealth, a budget can actually give you freedom. You will have control over your finances, know where your money is going, and have a plan to reach your financial goals. Not spending on a few things that you can do without right now means you will be able to spend on larger, more important purchases in the future.

Here are some easy household budgeting strategies you can use to get started.

1. Find out how much you earn.

The way you’re paid can determine how you budget your money each month. If you’re paid on a weekly basis, you can calculate your budget based on four paychecks a month. That means you’ll have four extra checks throughout the year to help with extra expenses. If you’re paid bi-weekly, you can calculate your budget based on two paychecks a month, and have two extra checks throughout the year. If you’re paid monthly, calculate your budget based on the monthly amount. You won’t have extra checks throughout the year, so you’ll need to be careful in budgeting for the extras. For those who aren’t paid regularly, figure out your annual income and divide it by 12 to determine your monthly income.

2. Track your expenses.

Your fixed expenses will be easy to figure out. These are the items that stay the same from month to month, such as your mortgage, car payment, and the like. Your other expenses can be trickier to calculate. To find out how much you really spend in a month, carry a notebook with you and write down everything you spend for the next 30 days. This will tell you how much money you’re spending, and where it is all going.

3. Figure out the difference.

Now, find out the difference between what you spend and what you earn each month. If you have a surplus, a portion of that should be budgeted for investments or savings. If you have a shortage, you have one of two choices to solve your budget woes: lower your expenses or increase your income. You may even want to do both.

4. Lower your expenses.

Lowering your expenses is the most obvious way to solve a discrepancy between your income and your spending. Simple changes made over time, such as renting a video instead of going to the movie theatre, can add up to big dollars in your bank account. Others may be lifestyle changes, such as giving up one car and taking public transportation instead.

Taking control of your finances by setting up a household budget is an important first step to creating wealth. As you begin to make wise decisions about where your money goes, over time you will find opportunities to spend less and have more money to invest.

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Get Control of Your Finances – Steps You Can Take Today

by BlondieWrites on July 11, 2010

Get Control of Your Finances – Steps You Can Take Today

Your finances determine many important things in your life such as where you live, how you live, and what you’re able to do. So, it is very important that you get control of your finances. Here are some steps you can take today to start taking back control of your money and get on the path to creating wealth.

Start tracking your spending. The first step you need to take when taking control of your money is find out how you’re managing your finances right now. Where does your money come from and where does it go? You may be surprised to learn that how you think it’s being spent is often different than how it is actually spent.

To find out where your money is going, begin tracking it right now. Your tracking system can be as simple as a notebook page with columns, or you may want to set up a software program to help. Then write down all the money you spend as soon as you spend it. Don’t let guilt keep you from making entries. This step is meant to help you find out the truth about where your money goes, not judge your spending.

Set up a budget. If you don’t think you can follow a budget, think of it as a spending plan instead. To get your finances on track and start saving, you will need to spend less than you make. Write down where your money is coming from and on what dates you are paid. Then figure out how much of that money is spent on bills and other necessities. Write down how you will spend the remainder.

This is where you may realize you need to cut out some expenses so you can stay within your budget. Remember to plan ahead and put money aside for large purchases. Your needs will likely change every few months, so review your budget or spending plan regularly.

Start saving. The wealthy save a portion of their income so they can invest it and watch it grow. However, most of us aren’t accustomed to saving. We spend our money as quickly as we get it. To begin saving money today, contact your bank about arranging a regular automatic transfer from your account. Saving 10% of each paycheck is a good goal to strive for. While you’re getting used to the idea of saving, you may want to start out by saving 5% of each paycheck and build your way up.

Put away your credit cards. If you have your credit cards with you when you go shopping, you will probably use them. Eliminate your credit cards as an option by putting them away or even hiding them. If you remove them as a temptation, you will force yourself to live within your means by spending only the money in your bank account.

Ask your credit card companies for lower fees. Pick up the telephone and ask your credit card companies if they can work out a lower rate for your credit cards. Usually they will try to help you because it hurts both you and the credit card company if your debt goes to collectors. A lower rate means it will cost you less to carry the balance while you pay it off.

You can gain a lot more control over every aspect of your life once you control your finances. By following the above steps, you will be on the way to getting that control.

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