Showing posts with label save money. Show all posts
Showing posts with label save money. Show all posts
Tuesday, August 21, 2018
Friday, August 10, 2018
AS YOU CHANGE YOUR FINANCIAL SITUATION, THIS HAPPENS!
You and your family make a decision to change your financial situation for the better. Not just subtle changes but serious changes such as doing family night at home instead of going out, deciding on using cash for the anniversary trip instead of credit cards (which you cut up and pay off), going to the grocer whose prices are much cheaper than the local store you used to go to. You also put off buying a new car because the old one runs good with minor maintenance and thrift stores have become your best friend. So as these positive changes happen and you become accepting and pleased with them, why does the peanut gallery of public opinion steps in?
You know those folks like "well-meaning friends", neighbors and yes relatives. They wonder if you have lost your mind because the person they knew would not dare penny pinch, subject their kids to thrift store clothes or miss nights out at the dinner hour. These meddlers offer charity such as money, food and advice...bad advice. You feel like using choice words but you are classier than that and tell them to stay in their lane (in other words butt out!).
When one makes decisions to change their lives, they hit nerves in other people. Whether that decision be changing their diet for the better, changing jobs or even stepping up their financial game, the apple cart gets shook. This is because you are doing something beneficial and healthy for you and your loved ones and unfortunately, those others are not. You remind them of what they could be doing and refuse to do. Raw emotions such as criticism and blaming come lashing at you. Through it all, you stay firm and keep going because you have grown sick and tired of being sick and tired. You want financial solvency and peace of mind for a change.
Let those naysayers rant like a 2 year old not getting another cookie, trust me, they will get over it. In the meantime, you focus on your goals, do all you can to improve and get some new people in your life that understand your situation. You will be better off for it.
Stay Frugal and Proud,😍
Dot
Thursday, August 9, 2018
Friday, July 13, 2018
A BUDGET? YOU HAVE GOT TO BE KIDDING!
Lots of us know people who make more money than we do yet when it comes to taking care of the necessities of life, they seem to run short. We see celebrities and other personalities in the media who have made lots of money, then in a few years file for bankruptcy while crying broke. This baffles us and we wonder how in the hell did they get themselves in that hole. What those two scenarios have in common is this: they did not have a money plan or budget as it is generally called.
I can hear those moans and groans about the 'b' word but it is very important to have one. By having a detailed budget whether done weekly or monthly, you can see where every dime of your money is going. This should be very empowering because you know what is spent on what and the priorities you have when spending.
A budget does not restrict you to not spend but helps keep your bills and other expenses on track. You can not continue to spend and spend with reckless abandon then expect to know how much you make. Before you know it, all of your money is gone and you scratch your head wondering where it went.
I personally did not grow up with this money mindset and had to learn it on my own, the hard way. No bankruptcies just downright broke. Once I changed my mindset I set out to change my life in the money area.
There are lots of books about budgeting; google budgeting to get started. You won't regret your decision and as always...
Be Frugal and Proud,
Dot
Monday, January 29, 2018
BEING RICH DOES NOT ALWAYS MEAN YOU ARE WEALTHY
By: Eugene Chan
To be truly wealthy is to have money that lasts forever. This may be a blunt statement, but suddenly coming across a large sum of money does not necessarily mean you have become a wealthy person.
To be wealthy is a state of mind. A person with a wealthy mindset may not necessarily be financially rich just yet but will be soon enough. On the other hand, a rich person without a wealthy mindset will squander the money very quickly.
This could not be more true than those who win the lottery. After a few years, these lottery winners no longer possess the millions they came across so suddenly. An amount of money that should have lasted for at least a generation has been fleeted away.
Case in point is UK lottery winner Michael Carroll who won �10 million in 2002 at the age of 19. It is reported that he had lost all his winnings 18 months later on things such as holiday homes, luxury cars, drugs, parties, jewellery and famously, a rural mansion used none other than as a dodgem car racetrack for his new friends.
What is even sadder are cases of other lottery winners that end up with greater financial debt after their windfalls dry up than they had to begin. Some have even declared bankruptcy to be back where they had started - with nothing.
From this, it is fair to say that being rich does not necessarily mean you are wealthy. A truly wealthy person would still possess the majority of the millions of dollars (if not more) because a wealthy person understands the fundamentals of how to manage their money.
It can even be said that a wealthy person has a good relationship with money. Money sticks with them rather than repel away from them. It is through this understanding of how to manage money that dictates how long you will remain rich, or how soon you will become rich.
A wealthy person knows to save their money. With the money that is saved, they firstly spend on things that earn them an income such as quality businesses, real estate and shares. In other words, the money a wealthy person retains is used to further create more money. The money they earn from their investments is then used to fund a rich lifestyle.
On the contrary, for a (temporarily) rich person that does not have a wealthy mindset, they would have chosen to firstly spend on material things and eventually have no money left.
However, nobody is born with a wealthy mindset and it certainly cannot be won. Importantly, a wealthy mindset is learnt. If Michael Carroll had a wealthy mindset when he won the lottery, he would likely still be living very nicely with most of his winnings intact.
If a wealthy individual were to lose all their money today, it is likely that within a number of years, they would be back to a relatively comfortable financial position. Individuals such as Donald Trump, Martha Stewart and Sir Richard Branson have faced financial setbacks in their lives but were able to rebuild their financial positions because each has a wealthy mindset. These individuals firstly focussed on redeveloping their businesses rather than wasting their remaining fortunes on frivolous items and lifestyle decisions. Today, they enjoy life's luxuries because of their wealthy mindset.
Michael Carroll clearly demonstrates that being rich does not always mean you are wealthy. On the other hand, having a wealthy mindset certainly gives you a greater chance at being rich because you understand how to manage and appreciate money. Each of us can learn to be wealthy. By developing this wealthy mindset, you will ultimately attract more money to you than repel it. Only then can you be rich and truly wealthy.
Author Bio
Eugene Chan is the founder of http://save-money-make-money.blogspot.com which provides practical ideas to save money everyday.
Article Source: http://www.ArticleGeek.com - Free Website Content
Tuesday, January 23, 2018
WANT MORE MONEY? TRY THE MONEY JARS SYSTEM
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| Courtesy of tharveker.com |
What is the difference one may ask? Is it because they knew the right people or being in the right place at the right time? Nevertheless, the ones who built a fortune from little knew something that those who had millions and lost it didn't. They managed what they had, budgeted and disciplined themselves.
Back in 2005, I attended a free 2-day seminar regarding the book, "Secrets of the Millionaire Mind" by
T. Harv Eker who had to learn lessons about money management himself in order to build a fortune. One part of the seminar explained a money system that if used properly and with discipline, one can build a great deal of money. There have even been people who practiced it and became millionaires. It is called the Money Jars System which one takes any amount of money and manage it in six different jars with different categories. Get Rich Slowly, the author and his wife described below the categories as follows:
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| Courtesy of getrichslowly.org |
Necessity account (NEC – 55%):
This account is for managing your everyday expenses and bills. This would include things like your rent, mortgage, utilities, bills, taxes, food, clothes, etc. Basically it includes anything that you need to live, the necessities.
Financial freedom account (FFA – 10%):
This is your golden goose. Therefore this jar is your ticket to financial freedom. The money that you put into this jar is used for investments and building your passive income streams. You never spend this money. The only time you would spend this money is once you become financially free. Even then you would only spend the returns on your investment. Never spend the principal.
Education account (EDU – 10%):
Money in this jar is meant to further your education and personal growth. Since you are your most valuable asset, an investment in yourself is a great way to use your money. I have used education money to purchase books, CDs, courses or anything else that has educational value.
Long-term saving for spending account (LTSS – 10%):
The money in this jar is for the bigger nice to have purchases. As a result, my wife and I have used the money from this account to go skiing in The Rockies in Whistler, BC. We also used this money last September for our trip to Italy and Switzerland. The only reason we’ve been able to make this happen is because we’ve accumulated a nice sum each month in our LTSS. A small monthly contribution can go a long way.
Play account (PLAY – 10%):
This is my favorite account. PLAY money is spent every month on purchases you wouldn’t normally make. The purpose of this jar is to nurture yourself. You could purchase an expensive bottle of wine at dinner, get a massage or go on a weekend getaway. Play can be anything your heart desires. My wife and I each receive our own play money, and here’s the best part. We’re not allowed to ask what the other person spends their money on.
Give Account (GIVE – 5%):
Finally, the money in this account is for giving away. Trisha and I give money every month to the Sick Kids Hospital Foundation. In addition, we use the money in this jar to give to family and friends on birthdays, special occasions and holidays. You can also give away your time as opposed to giving away money. You could house sit for a neighbor, take a friends dog for a walk or volunteer in your community.
As a result this couple created the following:
- Net worth increased by 45%.
- Bought their first home for $337,000.
- They created $800/month in passive income by renting out their one-bedroom basement apartment.
- They earned $200 in interest from their savings accounts. They use ING Direct savings accounts, which were clocking at about 3.5% interest at the time. (Ed. note: ING Direct became Capital One 360 in 2013.)
- They created more peace in their relationship because his wife and he have their own money.
You can create a financial portfolio you can be proud of! I have started mine and building slowly yet before long my accounts will be bulging which I would love to see. Comment below and tell me how you got started and your progress. I support and encourage you!💓
Many thanks to:
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@prosperous1__
Thank you and have a great week!
Tuesday, January 9, 2018
Friday, January 5, 2018
BEING SMARTER FINANCIALLY IN 2018
Lots of people have made creating smarter financial goals as a priority to work on for 2018. Trouble is, for those who have been taking the bull by the horns regarding spending, fear seems to grip them. Where does one begin when it comes to being financially smarter this year, so that it can carry for years to come? I did some research because I am working on this goal myself and what better way to share my tips with you to get you started:
1.) Write your financial picture down- this means your earnings, assets and debt (every person or company you owe, leave no stone unturned). Afterwards, read over what is before you because you can not take action unless you know where you stand. The information may make some of you cringe, get mad or just sigh. Let this go because you were brave enough to face it and to do something about it.
2.) Set up a budget plan- that word budget scares a lot of folks because the first thought that may come up is deprivation. If you budget wisely and with a great attitude, you can feel really good about it and come out ahead. Click BETTER BUDGETING FOR 2018 for more information
3.) Create a money jars system- this system was introduced to me through T. Harv Eker's book, "Secrets of the Millionaire Mind". It does not matter the amount you start with, it is the habit of doing it daily. You will be surprised how your money will build just from starting with little. For more information click here MONEY JARS SYSTEM.
4.) Pay yourself FIRST- you are the most important product and you must get paid not only from your job or business but to yourself. Get an automatic savings plan at work or have your bank deduct a specific amount from your business account that can go into your own personal savings account.
5.) Prioritize your spending- Do you really need another pair of shoes or dress? That money can help pay off your student loan or credit cards. This is what prioritizing is all about. It may seem tempting yet you will feel really good when you are debt free and your savings grows.
These tips are just a few that can help get you started on your way to financial freedom. For other tips, please go to Instagram and follow these savvy financial folks:
@citygirlsavings
@financialista
@spiritualmoneyhealing
@cjthemoneyguru
Tell them @prosperous1__ sent you and I congratulate you on reading and taking your financial picture seriously. Please comment below and I support you!💓
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I am sure you have heard the myths about money that being "the root of all evil", "people with money are evil and greed...
