Finance

Grasping the Reality of your finances

100 dollar bill editHaving a realistic scope of your finances is a healthy way to take a step toward a debt free life. Many years a ago, Donald Trump (before he was as successful as he is today) made the comparison between himself and a debt free homeless man. He said if he were to give the homeless man one dollar that the homeless man is technically richer than he was at the moment.  You may think that doesn’t make sense. Essentially a lot of us live a life that is in the negative when it comes to our finances. We buy our cars, homes, clothes, furniture, appliances and sometimes even our vacations on credit. And we are simply surviving by making minimum monthly payments laced with interest charges. Real money is the money that we actually have in our bank accounts that we earned. Imaginary money is our line of credit and our overdraft accounts. I have seen it time and time again in which the bank gives larger and larger overdraft limits and credit card companies increase card limits. When these increases occur, it does not mean that we now have more money. Remember that money is imaginary, again what we actually have is what is in our bank accounts (or in some old school cases, hidden in the mattress.) I am not saying that credit is a bad thing, however if we assess what we actually have, we can better access what we can afford to actually buy. We have often heard experienced financial analyst and economic geniuses like Suze Orman, tell us to live within our means. Today let’s take the time to determine what our means actually are rather than the imaginary money we believe them to be. Happy savings!!!

Finance

Fix the Funds February

Fix the Funds February

The latter part of January and the beginning of February are considered very stressful financially for many. Between the months of November and December we tend to make quite a few holiday purchases; whether it was buying gifts, paying for travel, or entertaining winter guests. Some of us have charged those expenses and are just now getting the credit card bills for them.

The current financial stress that tails us from last year can be remedied. I am declaring February as Fix the Funds February.

This month is a great opportunity to create an action plan to  begin a financial recovery process. We will explore some practical ways to cut down spending. The money that is saved can be applied to credit card debit, other debts, or savings. Many other debt counselors would have advised you to put away your credit cards and to not use them for a while. However some of us did not accumulate credit card debt but instead spent tons a cash just the same. Part of any recovery is to first let the wounded area heal. You remember when you were a child and would get wounded, you kept picking at your scab? Your parents would tell you to stop picking the wound otherwise you were delaying the healing process. Each of the Fix the Funds February task will only last for one week. Yes, I could make each task a one month long challenge, but lets be honest lots of us have issues committing and this a great way to get started .

The first Fix the Funds February task is to not make any purchases. I am a huge fan of online shopping. I will admit that there are many nights I am shopping online while in bed from my smartphone. I have gotten really good of at putting lots of items in the cart or my wish-list and determining if any of them are an actually needed. I challenge you to not purchase anything that is not absolutely necessary this week. Continue reading “Fix the Funds February”

Finance

5 Quick Way to Save Money

Coins with saving message

With shopping season upon us each of us are looking for ways in which we can pinch pennies before we scour the mall. There’s lots of things you can do right now that can save you lots of dough. You guys know that I always wanna talk about streamlining things in order to make life as comfortable, fun, and easy as possible. I know there are lots of readers that don’t start saving in January for late November and December shopping. I wanted to give a few last minute tips that can save you some dough so shopping season won’t be having you reaching for your credit card. Cash over credit eliminates January credit card bill stress, right? Ask yourself what services did you pay for that you could be doing yourself. This of course does not just apply for shopping season it applies all year long.
Continue reading “5 Quick Way to Save Money”

Finance · Fitness & Wellness

How Gym Membership could be a Waste of Money

Gym membership fees can begin to significantly add up over time. Thankfully throughout the country there are new gyms that are now more affordable, like Planet Fitness and Fitness Connection, that often offer membership for as low as $10 per month. That price is refreshing considering there are other gyms with membership fees as much… Continue reading How Gym Membership could be a Waste of Money