Financially Fearless...How to Create a Spending Plan
Posted on October 01, 2012 by Keisha M Green, One of Thousands of Life Coaches on Noomii.
This information will help you create a financial spending plan that makes sense and WORKS.
Have you ever heard the saying, “Living large on a shoestring budget?” Well, I created that saying. Okay, not at all the case; however, I am mastering it. If there’s one thing I’ve learned from my experiences as a single mother is, “No one cares that there’s only one income source in the household.” And if there is one person out there, they aren’t concerned enough to re-write policy and let you slide on paying your bills.
“What a shame”, you say! No, not at all. It’s actually the total opposite of a shame, it’s REWARDING; an HONOR. Although, it’s only rewarding if you have the proper tools and resources necessary to create an effective personal budget…AND YOU DO NOW! I’m going to provide you with the necessary steps to live financially fearless.
Now, there are a lot of things to take in to consideration when totally revamping your financial situation; this is the first area of concentration in accomplishing that. This information will help you create a spending plan that makes sense and WORKS.
1.Goal Identification: Financial goals are specific to you, and you only. Whether you are saving to buy a home, pay off credit card debt, send your children to college, or retire, you must have a clear understanding of what your goals are. Once you’ve identified them, write them down. This will help with tracking and accountability. 2.Goal Organization: Organize your goals into terms. Short-term is considered less than 1 year. Mid-term generally consists of 1 to 4 years, and long-term would include anything over 5 years. 3.Self Education: Make sure that you are educating yourself on how to grow and manage your money. This could include classes, seminars, books, and periodicals. With little time or effort, you can make educated decisions that could increase your net worth. Then take measurable steps to achieve your goals and put your financial vision into action. REMEMBER: Vision without action is just a dream. 4.Progress Evaluation: Be sure to review your progress consistently; monthly, quarterly, and yearly. This ensures that you are still on pace to accomplish your goals. If you do see that you are not making the necessary progress to reach your goals, take a deep breath (this eliminates frustrations and clears your head), re-evaluate your approach and make the necessary changes.“Beware of little expenses; a small leak will sink a great ship.” Benjamin Franklin
