3 T’s of Personal Finance

by Belinda Rosenblum

As published by the American Society of Administrative Professionals at http://www.asaporg.com (member only site)

Do you find yourself more concerned about your personal finances as today’s tough times continue? Does your debt-load, low savings, or lack of a comprehensive investment and retirement plan seem more and more ominous as the job market worsens?

If you answered “yes” to either of those questions then read on. This could be the most important article you’ve ever read… and it is chock full of good news!

Namely, that your money is in your control… if you follow the 3 T’s of Personal Finance: Tracking, Taming, and Talking.

1. Tracking your finances. Most people don’t know where their money is going… and this stresses them out! The stress is based in uncertainty. So here’s something you can do today that will help you…

  • Record how much money is coming in and how much is going out each month. Are you earning more money than you are spending, or are you spending more than you are earning?
  • For an extra gasp, first write down how much you think you are spending each month and then compare it to a recent actual month. The differences are often startling.
  • Store your receipts by month or by vendor so they can be easily recalled when you need them.

2. Taming your expenses. Expenses get unruly unless you take a firm hand to keep them in line. I have looked at hundreds of financial statements from couples, families, and businesses–and time after time after time I find thousands of dollars a month in wasted spending.

Are you maximizing the “return on investment” for your personal spending?

The cure is so easy! It often means just making the phone calls that need to be made. For example, if you’re not using all the minutes on your cell phone plan, then call the company and ask them what they can do to find a better more cost-effective plan for you. This also applies to your cable, home phone, and many other recurring expenses.

3. Talking about your money. It’s time to stop pretending that money is a taboo topic. I know it was for so many of us growing up… but that was a mistake. There is no reason to keep making that same mistake over and over again.

I know a woman who didn’t find out that she had a tax lien on her house until the IRS agent showed up at her door. Her husband had been sheltering her from their financial problems, but if he had been more open, then she could have helped.

Once you start having a conversation about money, you start to realize that this is something you can gain control over. Now that this couple is communicating about their money, they have caught up two years of reimbursements due to them (over $10,000!), are nearly up to date on all of their bills, and are both so happy to have created a safe space to have conversations about money.

If one good thing comes out of this downturn, it will be that women, couples and families will start talking about money, get responsible for their finances, and finally own their money.

Follow these simple guidelines: Track your finances, tame your expenses, and talk about your money. You’ll start saving time, stress, and money… and you’ll see a difference as soon as next month!

If you’re ready to make more, save more, and stress less about your money, get your FREE report, audio, and ongoing money success tips from Belinda now at: www.OwnYourMoney.com. Belinda is the founder and chief money motivator of OwnYourMoney.com and host of Boston’s TV talk show “Money On Your Mind.”

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