Archives for April 2013

Do you shop on the web? Do always go to the same website without comparing the price elsewhere?

You might want to think about price shopping for the lowest price. I know that this can take up your precious time. The website www.Billeo.com offers a way to search, and even notify you, of discount coupons.

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Will you do the paperwork?

Each year I purchase my antivirus software just after Thanksgiving. Not only is it on sale, but I usually get a three-user pack for less than $10 with the rebates.

I make sure to do the paperwork the day of purchase while I still have everything I need. When the rebate comes, it’s like FREE money.

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I never use change when making a purchase. I always get coins back.

At the end of the day, that change goes into a bank in my home. At the end of the month, I bring it to the bank (mine has a free coin counting machine) and deposit it to my savings account.

I average about $20 per month. You might be thinking what’s $20, but for me, $240 a year is a car payment. Learn to think with the bigger number and it will feel worthwhile to you.

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Now comes the day to add up your numbers to see where you stand. Use my budget tracker to make it easier.  Which side is bigger? Is there more money coming in than going out? Or is it the other way around? That is all I am asking you to figure out here.

You need to determine what the next step is for you. If you are like most people, you will need to get your expenses down or generate more income. Don’t panic! In the coming months, I will discuss raising your income and reducing your debt. You may want to pick up my book to read the “Reduce or Eliminate Expenses” chapter in Thrive in Five (where these micro-tips come from).

For the rest of this month, I will talk about ways to save more. Again, these are suggestions that you can chose to do… or not. Only implement ways that seem right to you now. Then go back at a later date and try others.

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This is Day 5 of our month long Financial Literacy Month project. You can continue using my budget or spending plan worksheet for this.

Now for those variable expenses – groceries, eating out, entertainment, gifts, travel etc. I find this the hardest category to come up with a number. The easiest way is to check your bank and credit card statements for the costs to come up with a number. Try looking at three to six months and taking an average to see what you “normally” spend on these kinds of expenses.

Don’t forget to include the things that are paid for in cash – tips, babysitting, coffee, newspapers, lottery (you get the idea).

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This is Day 3 of our month long Financial Literacy Month project. You can continue using my budget or spending plan worksheet for this.

Now, let’s look at your fixed expenses – mortgage or rent, insurance premiums (home, auto, health, disability, long term etc), utilities (if possible, take an average of the last year), and any other fixed recurring payments that apply to your situation

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To take charge of your finances you have to know where you stand. I know that some people will want to shut the book at this point, but don’t. It’s not going to be that hard for you to do this. This is not a one day project, so don’t panic. You have a week to do this for yourself. No one is going to look at this, but you will need this as a starting point. Take the time to do this.

Start with my budget or spending plan worksheet. If you’ve already prepared your taxes, you will have this information readily available. For your income, look at your W-2 forms and divide by 12. This will give you a monthly figure. If you have 1099’s then you can do the same. Or take your pay stub and multiply by the number of pay periods in the year. Remember to add any other income – pensions, rental income, investments etc to get a clear picture.

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