Posted to Money Matters
by Stacy Francis on Thu, 02/25/2010 - 11:02am
Volumes have been written on how to handle your finances. We are going to try and cover it all, so fasten your seatbelts.
Set priorities
Sit down with a cup of tea and think about what it is that you want in life. Do you want to send your children to Harvard? Retire at 45? Travel the world? Open your own business? Write down all of the ideas that pop into your mind. Once you have these ideas down, prioritize them from the most important to the least important.
Track your spending
At the end of the month, do you find yourself wondering where all your money went? For a month, track every penny you spend (even the $1.00 you spend getting a drink from the soda machine) in a spending diary. At the end of the month, sort what you spent into topics like dining out, groceries, clothing, grooming, etc.
Create a budget
Review your spending diary and the amount of money you have coming in each month. Does your spending align with your priorities and values? Create a workable monthly budget that reflects your priorities and values. Your expenses should be less than your income.
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