Friday, 6 February 2009

Organizing your finances – getting motivated

 
For many people, the first steps towards getting your finances under control are the hardest. Whether you didn’t spend enough time learning about basic personal finance principles when you were younger, or life happened and you’re now at the bottom of a very large problem, it can be difficult to get motivated to make that change and get your finances under control.
Waiting will only make things spiral out of control faster, so it is vital to find that motivation to take that first step in controlling your finances. Here are some great tips to help you on your journey.
So,  you’ve been spending more than you’ve been earning eh?
First, it is best to create some goals for yourself.
Whether you want to have X amount saved over the next three years, or you would like to have your credit cards paid down in two years, write these goals down. Take a look ahead in your life and see where you would like to be. Then, write down how you plan to get there.
Once you have your goals in place, it’s time to determine what is keeping you from achieving them.
Take a good, hard look at your spending habits, how much you are making and what is keeping you from reaching those goals. Figure out what needs to be done to change this and write down your personal plan.
Now that you have these two things in order, it’s time to figure out what motivates you.
If you are under 30, planning for retirement seems so far in the future that it is easy to put it off. Look at your short term goals to find that motivation to keep you going.
The next step is to begin implementing the changes necessary to meet your goals.
If you want to start spending less money, work up a budget and start sticking to it. If you want to make more money to reduce your reliance on your paycheck, work on either getting a second job, opening a business or finding ways to create more than one stream of income. Become a re-seller of products that can earn you money without sapping your time. Choose products you love to use yourself so your efforts are fuelled by natural enthusiasm.
you reach that first financial goal, the rest will seem like they are much more in reach. That is the main reason that short terms goals are just as important as long term financial goals. When you see the results in a quicker amount of time, you’ll be much more likely to keep forging ahead.
Posted by comotivate at 5:44 AM in Reduce Debt Goal
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Tuesday, 30 December 2008

Taking control of your money

Getting your finances in order is one of the smartest new year's reslutions you can make. The problem is that, well, it's rather dull isn't it. Exercising actually makes you feel good - biological fact. Going through paperwork makes you feel...sleepy.

Well nobody said it was easy but these recessionary times being laid off in 2009 a distinct possibility for many of us, it makes sense to get organised. And reducing debt is really only half the story. There's a lot more you can do to feel more in control of your finances.

Here's a list of really dull things that could just keep you sane...god knows you'll need a good buddy to work with on this lot!

1) As interest rates drop, maintain your current repayments to stay ahead.

2) Roll multiple pension plans into one.

3) Get to know your local bank manager or staff member well enough to be recognised in branch or on the phone.

4) Make a budget and stick to it - dah!

5) Open a Christmas club account and save a little each week towards next year.

6) Consolidate your credit cards into one debt and shop around for the best balance transfer rate.

7) Make a will or update it if necessary.

8) Check that insurance policies provide sufficient cover.

It's all too easy to just let these things pass. But if you're in a rut, this is a useful checklist for getting back on track. Good luck.

Posted by comotivate at 6:31 AM in Reduce Debt Goal
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Saturday, 13 September 2008

Identify your savings and set an anti goal

scary stuff....


STOPSAVE
Buying one takeaway coffee a day
$2.50 x 5)		$650 a year
Your five cigarettes a day smoking habit
packet of 25, average cost $10)		$720 a year
Downloading one single daily from iTunes music store
$1.69 x 7)		$615.16 a year
Buying lunch every day
average $10/day)		$2600 a year
Your daily 3pm chocolate bar addiction
$1.20 x 5)		$312 a year
Your weekly movie session (around $14) and have a weekly DVD rental instead
around $6) — 8 x 52)		$416 a year

Posted by comotivate at 5:29 AM in Reduce Debt Goal
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