Winning With Finances – Never Met a Budget You Liked?

What is important to you? What is your passion? The use or misuse of money could determine your success. Doesn’t it make sense to know where and how you want to spend and keep your money? No matter how much money you make, it’s how you “spend” it that matters. If you have your goals written and posted where you see them everyday, then you will be encouraged to stick to your plan.

Everyone’s Spending Plan is different… no two are alike. Begin by listing all of your income sources and unique expenses. Have an “Actual” side and a “Goal” side. Which spending categories can be reduced or how can income be increased to reach your personal goals?

Take action: “I will call my telephone, utilities, credit card, insurance companies, etc., to see how I can reduce my expenses.” Include amounts to save towards short and long-term goals and emergencies.


Expect the Unexpected

As you adjust your spending and saving habits, start automatically building an Emergency Fund by saving a portion of your new found “money.” Your bank can transfer an amount each month to a savings account, which will begin earning interest. The goal? $500. This can help with an “unexpected” expense that would otherwise hurt your budget, such as a car repair or medical emergency. After you reach $500, continue to save for your goals.

Where Doe$ It Go?

Many people do not know where their money goes each month. They’ve never tallied how much is spent on lattes, lunch, dry cleaning, or perhaps the biggest category of all… “MISCELLANEOUS”. How can you know where you want to go if you don’t know where you are today with your finances? Look at past statements and receipts to get an idea of your standard household expenses.

Then, track all your miscellaneous expenses for one month to really “get in the know.” Ask yourself some tough personal- finance questions: Can you get by with an older car in order to free up money for your plan? Are you willing to take your lunch to work at least a few times a week to save $5 to $7 a day? Do you need to spend money to upgrade your skills and find the job of your dreams?

Is debt weighing you down? Be bold to face the facts of your debt by knowing exactly where you stand with creditors: who, how much, interest rate, and payment. When a debt is paid in full, send a letter to close the account. Only one credit card should be used as a tool to build a good credit history and score. Pay on time and in full each month to avoid finance charges. Do you have vices that can be reduced or eliminated? If a pack of cigarettes costs $5 a day, that’s $1,825 a year. Over 20 years, that is $36,500! Instead, save $5 a day for 20 years at 10% interest… that’s $114,000! Find other cost-reduction areas and watch your money grow like Jack’s beanstalk.

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1148 West Baseline Road

Mesa, Arizona 85210

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