Note: For the first couple of weeks I’m posting Sara’s (Single Mom’s Ask Sara) journey through the Balance Up program. I will be including some additional posts during this time too and then later in January you will see a little more topical structure with my posts. Enjoy!
Days 7 and 8…Tracking the Bucks
Only 42% of people track their spending.
This means, as Bryan points out, 58% of people do not track their spending. I do track my bucks. I might not track for a week or two, but I always balance up (no pun intended) when I sit down to pay my monthly bills. I was surprised to learn that so many people do not track their spending.
Bryan reminds us to think about how much money we actually have to spend over our lifetimes. Think about how much money you make a year (the net amount) and write down your number. Now multiply the number by 10. This is the amount of money (discounting raises) that you have to manage over a ten year period. Now multiply by 20 years, and then by 30 years. You likely have much more to manage than you ever realized.
Looking at that grand total, it is much easier to see how you can become debt free and use your money to fulfill your dreams.
Not feeling it? Still having that sick feeling in the pit of your stomach? Bryan says this is when you should pull together $10 or $20 and give it to someone else. Suze Orman echos this sentiment explaining that her clients who had the most money were the ones who gave away the most money, and Wayne Dyer tells us to give away the very thing we want to receive. Someone is always worse off than you. By giving, you shift your focus away from yourself and your issues, and you do something wonderful for someone else.
Monthly payments rob you of your future wealth.
I hate those monthly payments. It’s one thing to be paying something off and knowing those payments will someday disappear…but the phone, the electric, the gas…I hate paying those every month…forever and ever.
But what about those payments you don’t think about. What about that $1 coffee everyday? That is $30 a month, or $13,000 over 20 years. What about that $25 or $50 mani-pedi payment? That every other month haircut? Etc.
By breaking your spending down to a per month basis it is much easier to track your spending. The process can cause a few butterflies, but ultimately, knowledge is power. You can’t manage it if you don’t about it.
Almost caught up! Ready for Day 9!
Interested in learning more about Balance Up? 32 online lessons taken over a 42 day period for only $29.99.
Let’s hear your comments…1) Do you track your spending? 2) What are 1 or 2 items you can eliminate that will give you cash to apply to your debts?
Related Articles – (Note from Bryan – Along with some of my articles below I also included some articles from folks who I read on a regular basis…enjoy!)
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