Uggg! Just the title of this topic puts me into dreamland. Bor-ing!!! However, as much as I hate to talk finances , it really IS a good time to chat it up. You can use this time to use the current market in your favor. All you need are the right resources.
Doom and Gloom is all that is reported these days, especially when referring to the economy. But it isn't always the case. Really! Where do you stand? Every month I have a monthly budget meeting to attend, organized and insisted upon my by spouse and financial penny pincher, Big Daddy. I hate it almost as much as I hate going to the dentist (no cavities , mom!) but It is always good to know your inflow and outflow of your finances, as pointed out by Big Daddy, "It's imperative to visit it monthly to get a look at where your money is going every month."
Here is some things to keep in mind:
1. Determine where you stand financially. Make and keep a spreadsheet of the inflow and outflow of your all finances each month. You cannot save if you don't know where you money is going. Have a budget. Discuss it. Keep to it.
2. Set & MEET goals constantly. Set short term goals as well as long term goals. By having short term goals to reach it allows you to see a faster payoff and will keep you motivated to stay on track. Keep saving even after your goals are met. Make new goals.
3. Save cushion money. Always. You never know where life will take you. It's those things we dont plan for that always will get you into trouble. Plan for anything. Cushion money.
4.If unemployed, do not sit at home and ride out your unemployment.
*Make contacts
*Network!
*If you are financially able, further your education to make yourself more marketable.
And remember, while It is not a great time to be selling a home, it is a great time to buy one, assuming you can get the bank to lend at a reasonable rate. Buyers are at an advantage, There are some great buys out there right now. And if you have been dreaming of that vacation home, talk to your accountant. It is not a bad idea to take advantage of this time invest in the real estate market, because of the deals to be had out there. If you are dumping a huge amount into retirment, use a portion of it now for that retirement home. Does it have the capibility to earn money by renting it out? Think investment.
If you can afford it. It's a good time.
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11 years ago
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9 comments:
Definitely not one of my strengths. I could just start with the budget part and spend the rest of my life trying to master that.
Very good advice on finances!
Leigh thanks for this post. I am horrible about my money and let PC take care of everything(except spending). I read about someone's no spend challenge and I am sort of non-officialy doing a "less-spend" challenge this summer. we will see! Too funny PC said "while I'm vacation - I want to buy a rental house".
Cushion money I say you need at least a year if not more in savings. It took my husband 8 months to get another job after he lost his and that job was a lot less in pay. It took him another 7 to get a better paying job. You can see my post about it on my blog.
Enjoying your blog.
Ally
Or my favorite financial piece of advice:
5) Pretend to be an ostrich, put you head in the sand, and IGNORE the whole thing.
Good advice, Leigh. Focusing on what we should be doing rather than complaining about the situation is the road to take.
Thanks for a timely and relavant post.
xoxo
Jane
I know what you mean Leigh. I had to create my own spreadsheet so I can see where every penny went and who spent it so I can have a realistic budget since we're a one-income fam. Great topic!
You are so kind to us :) If I didn't already have 5 properties already, I'd totally invest!!
I know my husband and I would benefit from a monthly meeting - heck we'd benefit from a yearly meeting!
Love you Leigh.
Finance is so not my strong suit but I'm getting better at it. Plus virtually everything I own is bought at yard sales, thrift stores or super sales of some kind. :-) So I do live well within my means.
This past week I took my financial bull by the horns, in some small way. I brought some of my better but virtually unworn clothing to a consignment store on Saturday (never did that before!), bagged up change (on my dining table and going to CoinStar this weekend), and started bagging up stuff for my own yard sale. All this work for a couple of hundred bucks -- if I'm LUCKY! -- but it seems like the prudent thing to do. Or something. :-)
Sounds like you have one smart financial planner! Just tracking monthly expenditures is wise. Good for you both! Happy vacation!
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