Day 16 Are You a Ms. Later?
My son’s favorite word was “later”. He did not feel he had a grand need to do very many things in a timely manner. If you have this problem, Bryan is here to help. Today’s Balance UP! is all about procrastination. Bryan does a great job of exploring all the reasons we procrastinate, and what we can do to improve. Take a moment here. Do you procrastinate? Of course you do. Why? When? Does procrastination come to visit often, or are visits circumstantial? Bryan gives us some reasons that we may be visited by Ms. Later:
1. Perfectionism. We want to wait until we can be perfect, so we do nothing.
2. Indecision. We don’t know which thing to do, so we do nothing.
3. We only want to do what is fun.
4. We don’t feel well. Isn’t it a stuggle to get your stuff done when you are too tired or sick to move?
5. We confuse activity with accomplishment. This is huge! How many times have you worked your tail off, but done nothing that really needed to be done?
How is procrastination negatively impacting your life? Pause here. What do you want to do with your life? How would you like your life to be? Think about how you would like day each to feel? So what is in the way?
Let us get back to money. How does your money feel? Money feels? You are probably thinking, Sara, that makes no sense. Humor me here. If you were the money in your life, how would you feel? Would you feel like “Hey, I am happy! I am doing great things, I am multiplying, I am paying Sara’s bills, I am empowering her to live her desired life. I am awesome!”
Are you cowering in the corner afraid to come into the light? Do you think, “Oh my gosh! She is coming! She is reaching in to pull some of us out. I hope she doesn’t take all of us! But what if she has to take all of us, because we are not worth much? No one will be left!”
This analogy immediately cleared so much up for me. You have to address Ms. Later to empower your money work for you!
So what do you do? In Balance UP! Bryan offers many positive, doable solutions so you can banish Ms. Later forever!
Day 17–Are you living on the edge?
Having been unemployed a multitude of times, I have certainly had my fair share of edge-walking. Bryan reminds us that one unexpected event can cause a financial disaster. I can personally verify that this is true!
OK, so what do we do?
Bryan recommends that we have an emergency fund of $1500, and that we stop paying for emergencies with our credit cards. Now I have the emergency fund…but I am afraid to spend it, so I am more inclined to use the credit card. Hmmm…I guess that’s not right…
So when do you use the emergency fund? Bryan says that you should define what an emergency is before one arrives. Great advice! And if you are in a relationship, you both need to create this definition of emergency together. Now here’s the trick. You have to stick to your definition. Really, really wanting a pizza is not an emergency.
Short the $1500? Not a problem. Bryan has some great ideas to get your fund started.
~Sell some things you aren’t using.
~Eliminate one or 2 items that you have in your budget for a few months.
~Go on a clothing or restaurant fast for a few months.
~Spend less in general.
~Pick up some extra work…but only for a short time.
Where should you put your new cash? Consider a savings account, or a money market for a higher interest rate. Will your employer make automatic savings account deposits directly from your paycheck? Those deposits add up quickly.
Once you have some emergency cash you can breathe a little easier, and step back from the edge. It is a very good feeling!
Day 18…the four letter “D” word
No…it’s not “damn”, it’s “debt“. Quite frankly I’d rather hear damn 100 times over.
Today Bryan asks the million dollar question:
How would you feel if you didn’t have any debt?
Let that sink in a bit. If you had NO debt. I tell you what, I’d be working a few hours a week and focusing my time on my kids and my passions. Debt locks us into jobs we don’t like, limits our vacations, and keeps us up at night. Think about how much good you could do in the world with your money if you weren’t paying MasterCard or some other interest spouting monster. I am recommitting to being free of those ties!
OK. So how?
Bryan gives some great tips:
~Pay cash. We spend 12-18% less when we use cash than when we use credit.(Dun and Bradstreet)
~Don’t co-sign for anyone. Even if they are making payments this loan appears on your credit report. If they don’t pay, you’ll have to do it.
~Don’t use Pay Day Loans. I cannot stress this enough. I have seen people bury themselves fast with these.
~Don’t rent to own. I have had neighbors who have the same set of furniture in and out of their houses 10 times. Buy something used and save for the good stuff.
~Skip the 90 days same as cash. Seventy-five percent of these loans turn into monthly payments with interest.
The faster you want to get out of debt, the greater you will need to sacrifice.
Ugly, but oh so true!
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