If you don’t like finances, but like sports think of your personal finances in terms of a sports team.
When you make money, think of it like playing offence. The offence is the part of your finance that makes you money. Your job or business would be your offence, going out into the world to bring in money.
When you save money and spend less, think of it as like playing defence. You’re doing everything you can to save money and not let any money get out of your possession. (Like holding onto the ball)
You’re playing good offence when you get an extra job, get a raise, or work more hours.
You’re playing good defence when you say no to buying something you don’t need, and by saying no to salespeople trying to play offence on your wallet!
A wise man once said, “Where your money, is there your heart shall be.” If your heart does indeed follow your money, than it makes sense that if you hide money and spending from your partner, then your heart really isn’t in the relationship. Or vice versa. Financial infidelity is extremely damaging to a relationship while on the flip side when you have the same values as a couple it can be very good for the relationship. And if you find that your partner is hiding things from you, then you have a good indication as to whether or not their heart is truly with you.
My wife and I have been very blessed in that we rarely disagree when it comes to money. We both tend to save and analyze our purchases before we buy things, and we like to be charitable so we tend not to argue much about it.
Best to discuss your finances before you get too serious and always look to where their money goes, because you’re likely to find that, that is exactly where their affections lie.
Love & Money – Part #1
They say most couples fight about Money & Sex. I’m not about to give out any sex advice just yet, but I have lots to share about money.
When my wife and I first got married we agreed that other than gas and groceries, we wouldn’t buy anything over a certain amount without consulting the other first. It forces you to discipline yourselves to work as a couple instead of making financial decisions alone.
It’s best to not buy the item if the other says no. If you disagree than you discuss it later and reassess. Our rule was that if the other said no, then the purchase would not be made. It’s not what most people want to hear, but it works if you’re willing to have integrity and work at it.
The act of saying no to yourself when you really want something is a real act of love. What’s more important the relationship or that trinket you just have to have?
Kill two birds with one stone. If you’re like me and you have some extra poundage to lose, go on a diet. In doing so, you will lose weight and save money at the same time. Last month my wife and I saved an extra $260 from our grocery budget on top of what we saved by budgeting less than we spent on groceries last year. Since I’ve been eating less I’ve been buying much less food.
My strategy for staying full longer has been to eat oatmeal in the morning for breakfast. At Costco you can buy about 1 to 2 months of instant oatmeal for around $12.00. That’s $6 for a whole month! I eat 1 cup of oatmeal in the morning mixed with 1tsp of honey and 1tsp of either natural almond butter or natural peanut butter.
The result is less pounds and more money! $260.00 saved! I’m not sure how many pounds I’ve lost yet, because I haven’t weighed in since Jan 1, but my pants and my wallet feel great!
Have you ever heard of the debt snowball?
If you have multiple debts or credit cards, it’s a great method to get out of debt.
Here’s how it works.
1 – Start budgeting, and spend less than you make.
2 – Make the minimum payment amounts on your cards except for the debt with the lowest balance. That one, you pay off as fast as you can.
3 – Once you pay off the smallest debt, start using the amount you were paying on the smallest debt to the next smallest debt.
4 – Once you pay off the first two, use both monthly payment amounts to tackle the next. (Snowball)
5 – Keep doing this until all your debts are paid off.
By paying off the smaller debts first you get a boost of motivation that will wear off if you tackle the largest debt first.
Paying off debt is more about behaviour than math. Change your behaviour, change your results!
January 4, 2017
This time of year is often known for New Year’s Resolutions. I love New Years Resolutions. I often try a couple each year. I don’t always meet my goals, but I do move ahead in certain areas of my life. I take the “Shoot for the Stars and you just might land on the Moon” approach. (which may be quoted backwards, but it works for me)
Try to set a big goal and if you move in the right direction at least you’re bettering yourself.
Here’s a suggestion of a strategy to accomplish a financial goal.
Get a 2017 calendar and give yourself an X on the calendar every time you go a whole day without spending money. Then challenge yourself to get a certain amount of X’s per month. After a couple months, provided you don’t binge shop, you’ll probably find that you are in a much better financial situation.
December 21, 2016
Have a Merry Christmas!
Don’t spend all your money. Read a book from the library or watch a bunch of made for TV Christmas movies.
Rogue One, the new Star Wars movie was pretty awesome so you may want to spend a little on that. That’s got Randy’s finance approval. 🙂 Just don’t buy the Pop and Popcorn. It’s crazy expensive, and if you buy too large of a pop you’ll miss an action scene to go to the bathroom because you drank too much of the pop.
December 7, 2016
Don’t feel you have to buy everyone a present this Christmas. On YouTube, there are tonnes of great videos about how to make things for gifts. If you’re the crafty type, try making something instead. It has more meaning and doesn’t cost as much. A couple of years ago I learned on YouTube how to crochet. Since then I’ve made about 7-8 blankets for various gifts, and they only cost about $25-$40 each depending on the cost of the yarn. It I would have been even cheaper if I would have looked harder for deals on yarn.
Also, you may be able to find a Christmas craft that you can make while watching TV, and then your TV time becomes productive present making time!
December 5, 2016
I heard a good finance tip the other day so I thought I would pass it
along. We often hear the term “Going on a spending spree” especially on
days today like Black Friday. Instead of going on a spending spree, go on
a Savings Spree. Change your thinking to change your financial future.
Go on a Savings Spree!
November 14, 2016
If I was to go back in time to when I was in my twenties I would have worked more during the summer to do my best to not have a student loan. In my first year after school during the summer I spent most of time golfing and goofing around.
Looking back I realize that I really set myself back financially as I used student loans to live on instead of working harder at finding a full time summer job opposed to my part-time summer work.
Working hard at one’s job no matter what it is, is a great way to keep the debt man away. It also lays down a good foundation for good work habits in the future.
Also If I didn’t have that student loan back then, I’d have a nicer car or more of my mortgage paid down now.