We come to the final installment of our three-part series where we have been talking about getting (& hopefully keeping!) your finances in shape. There are several reasons to address this topic now; including the bills for Christmas shopping must be paid, as well as the taxman cometh.
Your personal finances are one of those subjects that can be pushed to the side but they will not be ignored forever. Remember our example couple that, despite having good jobs, a nice house, etc., one day found themselves unable to afford groceries. This painful and embarrassing experience was their wake-up call. And, like them, the energy, peace of mind and freedom you will gain from getting your financial house in order will have a ripple effect on all other areas of your life.
Although I have written about this for three weeks (you can read week one and week two here,) helping you with technical details of your budgeting is not a coaching expertise of mind. If you need assistance please reach out and I can connect you with experts that can help you.
Here is a recap of the first 6 steps:
1) Write down your goals
2) Determine your spending priorities
3) Assess your current spending habits (important to track before making a budget!)
4) Keep your budget simple
5) Plan for the Unexpected
6) Avoid Temptation
And here are the final 3 steps:
7) Find creative ways to save – sort your expenses (from #3 above) into fixed and variable categories. You may initially think, “there’s nothing to be done with the fixed expenses, they are what they are.” Don your sleuth cap and investigate – there is usually a way to cut corners, without cramping your style. Examples include, cancelling credit cards with an annual fee, or better, operate on a cash basis. Explore discounts through your insurance companies, and look for opportunities to bundle services and save.
8) Increase your income – change jobs, just like that, you ask? Not necessarily. But, if you are working to pay off debt, taking a part-time job, selling possessions that simply take up space, or various odd jobs have a definite role to play.
9) Share your goals – like most things in life, they are easier and more fun when we have community around us who are interested in what we are doing, supporting us, and even sharing the same objective. The more comfortable you are “telling your story” about your budget the more successful you will be.
As always, I welcome your thoughts and ideas.
Read Part 2: How Are Your Finances? Here