Poor health Symptoms -

$ You only ever make minimum payments on your credit card.

$ You have two or more credit cards, all at or near their limit.

$ You are unaware of the amounts you owe on all your cards.

$ You spend more than you earn.

Diagnosis….. If you have two or more of the above symptoms, you should take steps to manage your credit card more wisely.

Cure…

$ Avoid store cards and get a low rate credit card to lower your interest payments.

$ Set up an auto pay to your credit card to ensure regular repayments.

$ Don’t just make the minimum payment - aim to pay off debt in 2-3 months.

$ Set up a surplus fund for emergencies, ideally one quarter of your annual income.

Emergency alert!!!

Symptoms…

$ You take out cash advances on your credit card to pay other bills.

$ Your  cheques bounce.

$ You get calls from debt collectors.

$ You lie to your family and friends about your spending or hide credit card statements.

Diagnosis… If you have two or more of these symptoms, your problem is more serious and will require more drastic steps.

Cure…

$ Add up the credit card debt you pay off each month. If it comes to more than 20 per cent of your take home income, seek professional advice.

$ Financial counsellors are generally free of charge and can help organise your financial situation and set up repayment arrangements.

$ Contact your financial institution to see if it can help consolidate your debt.

This is why having a budget is extremely important. It helps you structure your money and gives you a  clear outline of where your money is going. Always remember that a Budget is your number one tool to achieving your financial goals.

Look, setting up a budget is not easy! But with a little perserverance and effort it can change your life around.

 Think about it, no more sleepless nights worrying about money or the lack of it. Set your goals and stick to them but don’t forget to give yourself some little rewards along the way as you work toward achieving your major goals.

 There is no need to live like the proverbial church mouse or stop doing everything just to cut down your expenditure! Make sure that you still get to do things that you like ie. the movies, dining out, but do it in such a way that it’s a reward for all the hard work and sacrifices you have been making.

Don’t forget, budgets are not about going without, they are about reassessing what you have (income), to achieve what you really want (goals).

Like anything we do in life we need to apply a certain amount of discipline to the task at hand. Creating a budget is no different. Whether it’s recording on a daily basis what we spend or entering our spending into the ihatebudgets software programme it all requires some discipline. That’s why we have included a section on setting goals in the ihatebudgets training modules, to help you achieve what it is you really want. 

By working through your goals you will begin to develop the discipline to create your budget. The next step is to continue to fine tune it to the point where it is no longer a chore, and becomes a welcomed task, because you are now in control of your finances rather than your finances controlling you.

When setting up your family’s budget make sure they all know what you are doing and why. Look, this is critical to the success of your budget!

 By working with your partner on what you both want to achieve and setting mutual goals that you can both work towards, will go a long way to ensure the success of your budget. Let your children know that you are creating a budget and why, obviously this will be dependant on their age and ability to understand.

Teach them that the reason you are creating your budget is to achieve the financial goals you have set and they will very quickly become part of the overall process. Ask them what they would like to see in the budget, be it a holiday, new car or whatever.

 I know from personal experience that I no longer take my youngest daughter to Bunnings with me anymore. Bree would ask me when was I looking at some power tool, ” Dad do we really need it or is it just a want?” but the best one is ” Dad is it in the budget?” and the absolute killer ” Does mum know about this?” You guessed it, I’ve created a monster.

When it comes to reading articles on money, I really want it to be simple to understand.  The “5 Easy Steps To Taking Charge Of Your Finances” from Greg Bell is such a booklet. It aims at making the what, why and how to budget easier to grasp.

It is Greg’s belief that a budget must be simple so that you will enjoy setting up a budget and sticking to it.  If you have to spend your valuable time in doing a budget, put your efforts in and make it worthwhile.  From Greg’s experience, those who take the time to plan properly will have the confidence of getting a better lifestyle and will have fewer stresses when dealing with the surprises of everyday life.  In short, the following are the steps.

1.  Review your financial situation.
“Some couples go over their budget very carefully every month; others just go over them” – Sally Poplin

2. Create a cashflow sheet and prioritise your bills.
“I have enough money to last me the rest of my life, unless I buy something” – Jackie Mason

3. Break the problem down.
“My problems lies in reconciling my gross habits with my net income” – Errol Flynn

4. Setting Your Goals
“A budget should reflect your priorities and Values” – Gregory Bell

5. Get into action – do your income and expenses analysis.
“Momemtun turns dreams and plans into reality” – Aaron Bell

A picture is worth a thousand words, so this “5 Easy Steps To Taking Charge Of Your Finances” is using lots of graphics to get the points across to you. Click on the booklet to sign up for a copy.

Get Your Copy Now or Sign Up for a AUD$1 30 Days Trial.

 
Our next upcoming issue is “5 Easy Steps For Teenagers To Taking Control Of Their Expenses ”.  You will automatically get a copy if you are registered for the first issue of “5 Easy Steps”.

If you subscribe this is what you will have access to.

(1) ihatebudgets Budgeting Software;    

(2) ihatebudgets Programme Training Manual;

(3) ihatebudgets Software Training Manual

Please Login or Register to read the rest of this content.

Look, let’s face it, budgeting is really boring! It’s the end benefit of when we take control of our finances rather than our finances controlling us that is the exciting thing. We are constantly told that budgets will restrict us and take the “fun” out of life. On the contrary, a properly constructed budget will give you the financial freedom that you so want and deserve. This module will discuss the “negative myths” that surround budgeting and give you an understanding of why we feel this way. 

Please Login or Register to read the rest of this content.

Is it because these people are more gifted? They are more patient than others? Or is it that they are just boring people that prefer counting their money rather than having fun? This module explains why some do it better than others and how we can learn from them!

Please Login or Register to read the rest of this content.

How do we feel about money? Do you know the difference between “good debt” and “bad debt”? Simply you can earn interest on your money but you have to pay interest if it is borrowed money.  Know the importance of this difference????

Please Login or Register to read the rest of this content.

Let Greg tell you more about how Marketers work and how not to get caught. Again only go to a “sale” with a list of what you really need! Sale items bought with a credit card, with no plan to pay the card off ASAP, could end up costing you more than the pre-sale price.

Please Login or Register to read the rest of this content.