Personal Finance Budgeting- Budgeting and Recovering
How To Manage When You Haven’t
"Out of clutter find simplicity; from discord find harmony; In the middle of difficulty lies opportunity." - Albert Einstein
Kudos to Bran McCartney and Halsbury’s Chambers for hosting their successful 2nd Annual Free Legal Fair on the weekend at SuperClub Breezes. The event featured a number of presentations on various topic including Real Estate, Mortgage Financing, Anger Management, Budgeting and Insurance.
I presented personal finance budgeting on the topic “Budgeting and Recovering: How to Manage when you haven’t” and share with you some of what was shared during that session.
So here are five of the seven things you have to do if you haven’t been managing your personal finances or budgeting.
Firstly, Forget about it!
What ever happened in the pass is gone so just forget about it. Money is described in financial circles as being a “liquid asset” which indicates that it has all the characteristics as water. As water spilled on the ground can not be gathered up again so it is with money wasted. So don’t frustrate yourself with your pass actions just forget about it.
Secondly, Start Now!
Forget about yesterday but begin today to take control of your money by having a personal finance budgeting. While you cannot change yesterday you can greatly influence tomorrow. Never forget that it’s not money that builds wealth.....it is TIME. By not starting your financial planning now you’re throwing TIME away and you can't afford to do that.
Thirdly, Get Committed!
Your financial freedom will make a significant difference in the quality of your life yet it is created not by difficult or complicated things but by doing lots of little things right over a long period of time. But doing those little things take commitment. Never forget that "all success whether in business, in relationships or in life, comes at the end of the road of commitment!"
Fourthly, Put It In Writing! If you aren't setting:
- Specific personal financial objectives
- Implementing a workable written personal financial plan
Then you are setting yourself up for financial disappointment.
Here’s a survey that was done by Harvard Business School on goal setting. They found that:
- 83% of those surveyed didn't have clearly defined goals
- 14% had goals but they weren't written down.
- Only 3% had goals in a written workable plan
30 years later they found that the 3% with written goals earned an astounding 10 times the amount of the 83% group.
- Are your financial goals in writing?
- Do you have a step-by-step action plan that will lead to your financial success?
Whether you believe it or not you are where you are today financially because of the plan you have been following. And if you think you don't have a plan, you‘ve been following the “No-Plan" plan. It's That Simple.
Your Personal Finance Plan Should Include:
- Paying Yourself First - Apart of all you earn is yours to keep
- A Monthly Spending Plan – or Personal finance Budgeting Helps You Control Your Expenses
- Investments – Helps Your Money to Grow
- Homeownership - You really can’t enjoy life without your own home.
- Retirement Funding - You need to provide now for when you’re older and cannot work
- Personal Development -You need to increase your ability to earn money!
- Protection - You and Your Family need adequate and appropriate Insurance.
- Estate Planning (Wills & Trust)-You need to control your labour
- Professional Help - You will need some help in getting it right.
Fifth, Stop over spending! The cost of your undisciplined spending as a result of not budgeting is your financial future. Your money is a resource that must be conserved (that's what personal finance budgeting does)and focused on your goals. Anything less is wasteful. You must never forget that "every dollar you spent has the potential for jeopardizing rather than enhancing your future." "Taking Control of Your Money" workbook is good resource to help you with your spending and budgeting.
To get the other two things or a full transcript of my presentation just email me for your personal finance budgeting tips.
There is nothing so comfortable as money, - but nothing so defiling if it be come by unworthily; nothing so comfortable, but nothing so noxious if the mind be allowed to dwell upon it constantly. If a man have enough, let him spend it freely. If he wants it, let him earn it honestly. - Anonymous
Copyright 2006 - 2009 - Glenn S. Ferguson
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