 |
«A website where you can find the lowest interest rates on home loans with absolutely free quotes from multiple lenders» |
| • Home Equity Loan • Home Refinance Loan • Home Purchase Loan • Second Mortgage Loan • Debt Consolidation Loan | ||
|
 | |
| |
| Home Equity Loan Store :: Personal Finance | |
|
|
|
5 Steps to Healthy Spending Habits
Next to our physical health most of us are primarily concerned with our financial health, and with good reason. Although our intentions are usually great our follow-through and discipline generally isn't. Mere mention of the word budget or cutback sends us into fits. Healthy spending habits need not be synonymous with deprivation - a bad word in our "you deserve it/you've earned it culture." Those interested in cultivating more healthy spending habits will be happy to know that rehabilitation is painless. Step 1. Start with a spending log. Yes, you have heard this advice before. This exercise is eye-opening if you do it diligently. If you have been unable to keep such a log because it is tedious or difficult to remember, consider using your debit card for every purchase. You can find the Visa/Mastercard logo nearly everywhere you shop or buy, including many fast food spots. With online banking you will have access to a visual record of all your spending. This is a great way to begin to spot patterns and decide where you can cut back. Step 2. Analyze your online account statement (four weeks is ideal) to help you determine where your money is going. Most credit unions offer to the minute transaction information. Review your log without judgment. What you have done, in terms of your spending, does not matter - at least not yet. What does matter is that you get a firm hold on your expenses. For example, how much money do you spend on coffee each week? Dry cleaning? Take out? Movies? You get the idea. Step 3. Next, write down all sources of income. With a list of your income and expenses in hand determine your priorities. Begin your budgeting process here. Obviously housing and other fixed costs will figure prominently on your priority list. Now, take a look at the conveniences that represent variable expenses. This is likely where you will find room to make changes. For example, if you subscribe to a video service can you get the two DVD plan instead of the three or eight DVD plan. If you buy coffee each day, can you bring it from home a time or two each week? Or would you be willing to purchase a smaller or otherwise less expensive cup? Can you clip coupons or eat out a little less? Step 4. Write a budget in pencil. Writing in pencil will help you remember that your budget is a fluid document. As you live with it you will probably need to make changes. That's okay. You may even want to include a little mad money each month. It is far better to blow a budgeted $20.00 than it is to impulsively fritter away $200.00. Step 5 Set a savings goal and make it something specific and important. A meaningful savings goal keeps feelings of deprivation away while providing the motivation you will need to stay on track. Be patient with yourself if you do get off track. If it helps, try writing your goals down and posting them or maybe even carrying a picture that represents your goal. Refer to these as often as you need. It may also be useful to try to determine what emotional need your spending fills for you and look for another way to get your needs met. Remember, developing a new habit takes practice. In time you may even learn to love your new healthy spending habits. It is liberating to be in control of your finances. So, go ahead, clip those coupons. Write your budget and honor your savings goal. That (insert your goal here) can be in your future if you decide to make it happen. Nicole Soltau is the President and Founder of http://CreditUnionRate.com.
MORE RESOURCES:
Personal-Finance - Google News |
|
|
|
RELATED ARTICLES
Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income? Finding a stable and secure income that will come year in, year out, no matter what happens on the farm, will give you real peace of mind. By investing off farm, you are not only providing a secure income now, but also preparing for retirement. Save Money Off Your Home Utility Bills Many don't realize that our basic utility bills provide the perfect money saving opportunity for practically every household!Especially with today's energy crisis so prevalent throughout many of the states, you've probably heard this term - conservation.Guess what, conservation really means "using less". 10 Steps To Improve Your Financial Situation Here are ten steps you can follow to help improve your personal financial situation and inevitably save more money:1. Pay Yourself WeeklyThis may seem a bit odd, but this is an excellent way to start building a substantial savings. Vesting and Your 401(k) Do you have a 401(k) retirement account? Are you vested yet? Before you move on to your next job, it is critical for you to find out if you are fully vested in your retirement account before you make the move. If you are not, you could lose hundreds if not thousands of dollars in employer contributions. Budgeting your Savings - Did You Let Your Piggy Bank Get Away? I think most of us have at some point in our lives. Some how we forget to feed the little piggy. Portfolio Planning can Lead to Irreconcilable Differences The judge had to ask the question, and we had to answer it in order to get our divorce finalized. It was all supposed to be pro-forma. How Check 21 Affects You The Check 21 Law is the new federal law for financial institutions and has taken effect last October 28, 2004.Before the Check 21 law was enacted, your paper check had to be physically transported from where the check was paid out before it could be deposited to the financial institution. Credit Card Debt - Watch Your Credit Report and Your Bill Most consumers are aware of the importance of their credit report. This document, offered to consumers and lenders by the three major credit bureaus, offers a fairly complete list of financial transactions and debts incurred by a consumer. Chex Systems - Why Every American Needs To Guard His Checking Account With His Life Most Americans have been brought up to be concerned about a good personal credit rating, because of the role a positive rating can play in your long term plans; purchasing a home, buying a car, getting a business loan, etc. They have also been made to understand that the premier organizations that pretty much hold the key to their financial futures are Equifax, TransUnion and Experian. Expenses A - What Are They And What Can We Do About Them It is crucial as an individual who is striving for financial freedom to be able to recognize the different type of expenses in our lives. It is a proven theory that it is easier to cut your expense than trying to earn more income. First Checking Account - When is it Time? We all know that money doesn't grow on trees, but we all need it to survive. The use of cash will only go so far in life, as you can't send it through the mail. Ways to Save Energy and Slash Electricity Bills 1. Lighting & Light Bulbs Install low energy light bulbs in rooms you use regularly - they last up to 15 times longer than a normal light bulb and provide the same lighting for a quarter of the running cost. Strategies for Success Holy Shenanigans! More STUFF?Loosing one's business due to lack of personal control is a sad thing. I've watched many people do just exactly that. Take Control and Master Your Kitchen Those who keep a watchful eye on where their money is spent, have long conquered the kitchen woes. No last minute panic trips to the market. Learning the Basics of Handling Money With prices increasing all the time, saving money can be harder and harder to do. Here are some solutions for saving a little so that you can still meet your needs and still find ways to trim off a little for the future. Know Thy Finances The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. Are You Ready To Be Fired? Your boss has just informed you that your department is being reduced by two and you are fired. After he leaves, what are you going to do? This is not about finding a job it's about being prepared for financial change. Government Grants - Beware of Scams As the saying goes: "Buyer Beware". If you see ads claiming you qualify to receive a "free grant" for education, to start a home business or to payoff unpaid bills, be wary. Budgeting Your Way to Financial Freedom Financial freedom cannot be achieved without budgeting. Budgeting involves tracking your sources of income and more importantly tracking your expenses. The Magic Of Compound Interest Christians are called to be good stewards of God's resources. A steward can be described as someone who manages the resources of another.
|
