Take the Boo Factor Out of Your Finances

October 31, 2008 Blog No Comments

With Halloween here it reminds me of something that truly scares many of my clients - looking at their finances. Creating a spending and savings plan can seem so overwhelming that it can actually cause anxiety. 

 Well, just like good things come in small packages, so does taking care of your finances. Break this daunting task it into bite sized pieces by committing yourself to spending just 15 minutes a day working on this and it won’t seem so scary anymore. 
 
Begin with listing your source (or hopefully, sources) of income. This is usually the easy part, but figuring out what’s really going out can be a little bit trickier. 
 
Start with something as simple as collecting your receipts for every, and I do mean every, purchase, right on down to the coffee you start your day with. Do this for one month and then you will have an idea where your money really goes.
 
If you’ve got gaps between what’s coming in and what’s going out, this exercise will help you find places to tighten up that you might not have been aware of. Something as simple as packing your own coffee and lunch could potentially save you hundreds of dollars a month!
 
With that extra money, invest in yourself first, by setting up an emergency savings fund and then a long-term investment strategy when you are ready.   Then go treat yourself to a special, little something as a reward for a job well done!