Give Yourself a 20% Raise
This one isn’t rocket science. (Most money management isn’t.) Just put yourself on a budget. Seriously. Allow yourself just X dollars a week in spending money. When it’s gone, it’s gone.
Here are the rules:
1. Set up a spending plan (that’s the modern term for a budget). If you hate the idea of budgets, try this pain-free: Rather than mapping out a total budget, simply decide how much money you will spend each week. Let’s say it’s $250. (Pick your own number; this one is just for illustration purposes.) That includes groceries, gas for the car, fun money out, etc.
2. Squeeze yourself just a tad. If you estimate that you generally spend about $300 a week, this will require you to think through some decisions. That’s the whole point – making spending decisions, deciding if you really, really want to buy this or that.
3. Put away the credit cards. No cheating. Go on a cash budget.
4. Make one trip to the bank or credit union each week. Take out the entire week’s budget at that time. And no sneaking back for an extra $20 here, $10 there. That can really add up over time.
5. Start your budget week on a Wednesday. That way, if you’re tapped out by Sunday night, big deal. You can get by until Wednesday.
Do this and you will actually spend about 20% less than you do today. So, let’s say you spend $300 a week right now. Follow these five steps and you are can easily save $60 a week.
Big deal? You bet. That can add up to $3,720 in a year.
Want to learn more about how to manage your money and your life? Check out The Back to Basics Book of Money! A Couple’s Guide to Financial Peace. The book contains 10 valuable Couple Money Skills. Plus, the Back to Basics Book of Money Workbook (which dovetails with the main text) offers 31 practical, hands-on Wealth Builder activities that can help you and your partner build financial and domestic stability. Both the book and workbook, which retail for $31.98 plus S & H, are available at the Family Finances Conference Center website for $27.99 total.
The Family Finances Conference Center tailors programs to the unique and individual needs of client organizations and their members and employees, based on the principles of the book and workbook set, The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.
For more information, contact me at the Family Finances Conference Center by email (john@b2bbookofmoney.com) or my direct phone line (920-559-3722).
John Ingrisano
Director
Family Finances Conference Center
204 Lakeview Drive
Algoma, WI 54201
(920) 559-3722
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