Help with Personal Finance
Personal Finance
There are the three things you need to do to manage your personal finances.
1) Budget
2) Plan
3) Execute
Let’s start with budget. I like to call this “Know Your Nut”. I use the term to refer to your monthly cost to live the life that you currently are living. This only includes the basics; food, housing, and current debt. This can include for example; rent, gas, electric, auto payment, insurance, minimum credit card payments or anything else that you have to pay to keep your credit. Then add food per week and any other items that come up that are not for pleasure and entertainment. Now when you get up off the floor from seeing that number, take a look at what you need to survive. Hopefully it is not more than you currently make as an income. If it is, then step 2 and 3 are extremely important.
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Step two is, think and plan. Now that you know what you need to live, it is time to think about what you want. Take some time to think about the future. Short and long term goals are important when making a plan. You make enough money to pay the bills and go out to dinner once a week, maybe a vacation or you make barely enough to cover the bills.
It doesn’t matter, in this exercise it is about where you want to go and how you can get there. Think real hard about what you can do to improve your finances. Get a part time job, start a web site, work overtime, utilize a talent that you have been sitting on for a while. Write it down! Now put a plan together on how you can begin the process.
Step three is next. It is time to execute the plan. This is sometimes the hardest part but if you really thought about it in step two, it won’t be that hard. The most important thing that I have found is to write it down and carry it around with you. You have to believe in the plan to make it work. You need to find the passion that will give you the drive. When you do begin to execute your plan, it will keep you motivated and the momentum will build as you reap the benefits of your enthusiasm.
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It sounds simple and it really is! We all just need reminders to keep us on track and drive us to reach our own potential. Try it!
Written by
Jonathan Bergman
Getmethroughtheweek.com
