Even though the year may be half gone, it’s a good time to consider ways to make your finances easier.
If you are like the majority of people, you do not like to use your free time doing your finances and the related tasks. Money and finances are the major cause of many fights within a family.
You are probably thinking that “I work hard to get my money. Now you want me to spend more time and effort after I get it home. Spend some of my precious free time on things like budgets, debt planning, insurance, savings or controlling spending”.
Frankly, YES!
You need to be continually seeking ways to get better at doing what’s right for your family finances. I have found that they are much like a pet, needing continual care. With continual care, taking care of your money will become easier. You will create good HABITS!
1. Get Your Budget Out
You need a working budget, that you have used. If you do not have one, STOP and go to my post on budgeting. Make this year your first budgeting year.
2. Find a Quiet Place
I need you to sit down with your budget and assess how well you handled your finances in the previous year. You may not have done really well in the past year, so this might be painful. Be sure and take the time to give yourself credit for the good things that you did accomplished.
3. Look For Ways to Improve
You may find you have a weakness to spend on unplanned wants that sidetracks you from your budget. Decide how to stop thie spending or create that spending account in your budget.
You may have committed a monthly fee to something you no longer want or need. Give yourself permission to cancel or discontinue spending on that project.
4. Update Your Budget
A budget is not set in concrete.
It is a fluid thing. Make the changes to your budget that you think are necessary. If you want more entertainment then increase that amount. If you can not give up your daily Starbucks coffee, budget for that This is your budget!
5. Automate
One of my favorite tactics to ease money care-taking is to automate as much as possible. Things like having direct deposits, automatic transfers to your savings account, and automated bill payments will save you time and prevent you from missing due dates that frequently cost more with a late fee.
6. Find a Budgeting Software You Like
There are a lot of budgeting software programs out there to choose from.
Many are free.
Do a little research and find one that you like. Mint, Mvelopes, Calendar Budget, and Moneystrands are just a few to take a look at.
There are many products you can research to make your choice from. Find one that works for you and USE IT!!!.
Your Annual Budget Review
Your annual review is all about looking for process simplicity. Work to simplify your processes by implementing these suggestions. Do what needs to be done weekly and don’t let your money care-taking get behind.
Neglect of your money is like weeds. The longer you let them go the more likely they will destroy your harvest.
