Tuesday, December 11, 2018

Take control of your finances

January 2, 2017

Ladies, it’s time for us to step up to the plate and gain control of our finances! We are smart, savvy women. So why is it so hard to get control of our money? Well, it’s easy. We don’t really want to, or we feel so completely overwhelmed by the monster pile of growing bills, we just decide not to care so much.

Well, I’m tired of not caring, and I am more tired of paying so much money in interest to people who care little about me. And, I’m really tired of living paycheck to paycheck! Most importantly, though, I want to leave a positive legacy for my children. No, I’m not talking about a grand inheritance. I’m talking about the legacy of knowledge & self control as it pertains to finances.

In Budget Boot Camp, the first step is to figure out where you are with your bills, your bank account, and your finances in general. You know that dark, creepy drawer that you call a “junk drawer” but it really holds all the bills? It’s time to let a little light into that cave, and dig out the artifacts. Go grab a piece of paper, and a pen, and write down all your bills. Write down how much is past due, what the current amount due is, and the due date. Then, add them up. Scary, huh? Not this time!

Now, I want you to go through and figure out your square. Food, Clothing, Transportation, and Housing make up the four corners of your square. Right now, we are not going to look outside the box – not until we get the necessities taken care of. What does this add up to? Can your income handle your necessities? If so, great! If not, then you seriously need to consider scaling back your lifestyle. Driving a new care is great, but not when it is near repossession. Sell the car and buy a used one. Right now, we have a paid for newer truck, and a 1985 (yes, 85!) Dynasty – do you know why? Because we can afford them!

So, what is next? Debt. There is no easy fix for the debt. You are not going to win the lottery, and most people are not going to get an inheritance from a long lost cousin! YOU have to pay the debt. We will get deeper into the subject of debt at a later time, but for right now, figure out your minimum payments. Can you make them? Great! No? Well, call the creditors and let them know that you are working on a payback plan, and right now you can only afford to send them X amount. Make sure you keep in contact with them, and when we get our plan going, make sure you let them in on your plan.

Phew! That wasn’t so bad! Well, it probably hurt, because I know I said “ouch” a couple times. This is your beginning – facing the problem head on instead of hiding. You are in control of your money. You are developing a plan that will not only get you out of debt, but allow for money in the bank, and a future. There is nothing like the confidence in knowing you are in control.

Comments

2 Responses to “Take control of your finances”
  1. Julee says:

    Due to my pregnancy I have a lot of medical bills coming in so I made a spreadsheet of who I owe, date of service, how much, and in my case the corresponding claim on my insurance. Some bills I didn’t get until 2-3 months after the service.

    So I keep track that way so if I call someone I can update my list, or if I mail out a payment I write down the date or how I paid.

    I also keep track of my all bills as far as what I owe, my minimum payment, date due.

    When the bill comes in, I also write down on a calendar the bill, the paycheck date I’m paying with and when it is actually due. That way if I forget I still have time to pop it in the mail or pay online if available. This calendar also has all of my work dates, appointments as well. Having so many dr appts right now I can forget, so I have one calendar I look at on the way out the door. I also give myself a star (sticky ones) on days I work out. It helps me keep focused on what is important.

  2. admin says:

    Great ideas, Julee! I like the idea of having everything in a spreadsheet.

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